FCA guidance on the regulation of advice and personal recommendations – OUT-LAW.com

Posted October 8th, 2014 in financial regulation, news by sally

‘Financial regulator the Financial Conduct Authority (FCA) is consulting on guidance that provides clarity on how different kinds of advice are treated, but companies should be particularly careful when offering advice electronically.’

Full story

OUT-LAW.com, 7th October 2014

Source: www.out-law.com

Tesco to be probed by Financial Conduct Authority – BBC News

Posted October 1st, 2014 in accountants, accounts, company directors, financial regulation, markets, news by tracey

‘Tesco says it has been notified by the Financial Conduct Authority (FCA) that it is under investigation following its admission last week that it overstated its half-year profit guidance by £250m.’

Full story

BBC News, 1st October 2014

Source: www.bbc.co.uk

Attorney General’s keynote address to the 32nd Cambridge International Symposium on Economic Crime on Tuesday 2 September 2014 – Attorney General’s Office

Posted September 5th, 2014 in banking, financial regulation, fraud, interest, speeches by tracey

‘A speech given by the Attorney General to the 32nd Cambridge International Symposium on Economic Crime – delivered on 1st September 2014 at Jesus College Cambridge.’

Full speech

Attorney General’s Office, 5th September 2014

Source: www.gov.uk/ago

RBS failed in mortgage business basics and is lucky the fine was just £14.5m – The Guardian

Posted August 29th, 2014 in banking, financial advice, financial regulation, fines, mortgages, news by tracey

‘Bank hit with its sixth penalty in four years, showing it is still far from being in proper shape to return to the private sector.’

Full story

The Guardian, 27th August 2014

Source: www.guardian.co.uk

Keyword advertising must not cause financial promotions to fall foul of compliance standards, warns FCA – OUT-LAW.com

Posted August 14th, 2014 in advertising, financial regulation, internet, news by sally

‘Financial services companies have been warned to review their use of online keyword advertising after the City regulator said it can lead to financial promotions being deemed to be misleading.’

Full story

OUT-LAW.com, 13th August 2014

Source: www.out-law.com

UK government to assess whether virtual currencies should be regulated – OUT-LAW.com

‘The UK government is to review the trade in virtual currencies to investigate whether it should regulated.’

Full story

OUT-LAW.com, 6th August 2014

Source: www.out-law.com

CoCos go pop – RPC Commercial Disputes Blog

Posted August 6th, 2014 in financial regulation, interest, loans, news by sally

‘In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives. Today, it has used – for the first time – one if its shiny new tools; the FCA has issued a Temporary Product Intervention Rule (TPIR).’

Full story

RPC Commercial Disputes Blog, 5th August 2014

Source: www.rpc.co.uk

The new conduct and remuneration regime for bankers: “Making individual accountability a reality” – Employment Law Blog

Posted August 1st, 2014 in banking, financial regulation, news, remuneration by sally

‘On Wednesday 30 July 2014, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) released consultation papers relating to individual accountability and remuneration in the banking industry. The changes apply, broadly speaking, to banks, building societies, credit unions and the nine investment firms designated by the PRA.’

Full story

Employment Law Blog, 30th July 2014

Source: www.employment11kbw.com

Banking sector faces wide-ranging review by finance watchdog – The Guardian

Posted July 18th, 2014 in banking, competition, financial regulation, news by tracey

‘Britain’s big four high street banks could be forced to break themselves up after the competition watchdog signalled its intention to launch a sweeping investigation into the £10bn-a-year sector.’

Full story

The Guardian, 18th July 2014

Source: www.guardian.co.uk

FCA imposes cap on payday loans – The Guardian

Posted July 15th, 2014 in consumer credit, financial regulation, interest, news by tracey

‘The cap proposed by the Financial Conduct Authority means that if someone borrows £100 from a payday lender and pays it back within the agreed 30 days, they would pay a maximum of £24 in charges. Fees for late payment would be capped at £15, with a total price cap of 100% of the original loan to stop default charges spiralling out of control.’

Full story

The Guardian, 15th july 2014

Source: www.guardian.co.uk

In re MF Global UK Ltd (in special administration) (No 5) – WLR Daily

In re MF Global UK Ltd (in special administration) (No 5): [2014] EWHC 2222 (Ch); [2014] WLR (D) 294

‘There was nothing in the rules contained in Chapters 7 and 7A of the Client Assets Sourcebook (“CASS 7 and 7A”), which formed part of the Financial Services Authority Handbook, which expressly excluded the statutory power of compromise contained in section 15 of the Trustee Act 1925.’

WLR Daily, 4th July 2014

Source: www.iclr.co.uk

Currency market rigging could become criminal offence – The Guardian

Posted June 12th, 2014 in crime, financial regulation, news by sally

‘Rigging the foreign exchange, bond and commodity markets could become a criminal offence, the government will warn the City on Thursday as part of its latest effort to clean up the financial markets after a wave of scandals and allegations relating to key benchmarks.’

Full story

The Guardian, 11th June 2014

Source: www.guardian.co.uk

FCA review of insurance brokers’ conflict handling shows that “more proactive approach” is needed, says expert – OUT-LAW.com

‘The Financial Conduct Authority (FCA) found that some of the largest brokers that serve small businesses did not have proper processes in place to manage the “inherent conflicts” that arise as part of their work.’

Full story

OUT-LAW.com, 29th May 2014

Source: www.out-law.com

FCA succeeds in reversing stay in Operation Cotton trial – The Lawyer

Posted May 22nd, 2014 in appeals, financial regulation, fraud, news, stay of proceedings, trials by sally

‘The Financial Conduct Authority (FCA) has won its appeal against the stay in the high-cost fraud trial known as Operation Cotton, with the Court of Appeal (CoA) ruling that proceedings should resume.’

Full story

The Lawyer, 21st May 2014

Source: www.thelawyer.com

Fraud lawyers not underpaid despite legal aid cuts, says justice minister – The Guardian

Posted May 6th, 2014 in barristers, financial regulation, legal aid, news, remuneration, trials by tracey

‘Lawyers in complex fraud trials are not underpaid and the government is taking steps to prevent cases collapsing, the justice minister, Simon Hughes, has said. The Liberal Democrat, a critic of the legal aid cuts before entering government, said the row over very high cost cases (VHCCs) did not involve “hard-up” lawyers at the start of their careers.’

Full story

The Guardian, 4th May 2014

Source: www.guardian.co.uk

Greenclose Ltd v National Westminster Bank plc – WLR Daily

Greenclose Ltd v National Westminster Bank plc: [2014] EWHC 1156 (Ch);   [2014] WLR (D)  173

‘The terms of section 12(a) of the International Swaps and Derivatives Association (“ISDA”) Master Agreement (Multi Currency-Cross Border Form) (1992 ed) were mandatory and any notice purportedly served pursuant to those provisions had to have been given by the means therein prescribed, and by reference to and in accordance with the contact information provided in part 4 of the schedule to the agreement, subject to any amendment properly notified pursuant to section 12(b). If the schedule did not provide certain information necessary for service by a prescribed method, the contract was to be construed as limiting the prescribed methods to those expressly permitted by the schedule unless and until the missing information was notified under section 12(b) or the contract was formally amended.’

WLR Daily, 14th April 2014

Source: www.iclr.co.uk

4finance UAB v Valstybinė vartotojų teisių apsaugos tarnyba and another – WLR Daily

4finance UAB v Valstybinė vartotojų teisių apsaugos tarnyba and another (Case C-515/12); [2014] WLR (D) 156

‘Annex I, point 14, of Parliament and Council Directive 2005/29/EC meant that a pyramid promotional scheme constituted an unfair commercial practice only where such a scheme required the consumer to give financial consideration, regardless of its amount, for the opportunity to receive compensation that was derived primarily from the introduction of other consumers into the scheme rather than from the sale or consumption of products.’

WLR Daily, 3rd April 2014

Source: www.iclr.co.uk

Credit card companies face FCA competition inquiry – The Guardian

Posted April 4th, 2014 in consumer credit, financial regulation, inquiries, news by sally

‘Credit card providers will come under the spotlight of the City regulator, amid concerns that vulnerable customers are being offered “payday loans with plastic” and paying high interest rates which subsidise wealthier borrowers.’

Full story

The Guardian, 3rd April 2014

Source: www.guardian.co.uk

Bank of England calls in leading QC to investigate forex-rigging claims – The Guardian

Posted March 13th, 2014 in banking, barristers, financial regulation, inquiries, insider dealing, news by tracey

‘The Bank of England has called in one of the most respected figures in the legal world, Anthony Grabiner QC, to investigate allegations that some of its staff may have been involved in manipulating the £3 trillion-a-day foreign exchange markets for almost 10 years.’

Full story

The Guardian, 12th March 2014

Source: www.guardian.co.uk

The Mis-Selling of Interest Rate Swaps – A Discussion – No. 5 Chambers

Posted February 24th, 2014 in banking, financial regulation, interest, limitations, news by sally

‘As many will be aware, the recent RBS swaps cases have thrown up interesting issues, including the proper characterization of legal duties owed by banks and other regulated firms, standard form limitation/exclusion terms, and Limitation Act problems. These issues are further complicated by the LIBOR manipulation points raised in Graisely Properties v Barclays.’

Full story

No. 5 Chambers, 24th February 2014

Source: www.no5.com