financial regulation – Page 16 – Current Awareness

Chat Rooms and 21st Century Insider Dealing – Six Pump Court

Posted February 14th, 2014 in banking, financial regulation, insider dealing, internet, news by sally

‘Just when the bankers and financiers of the world thought it was safe to begin trading again in the shark infested waters of high finance after showing their contrition with the payment of multi-billion dollar fines to various regulators worldwide following the debacle of the Libor Scandal, a further scandal is looming which has the potential to dwarf Libor and lead to further collateral investigations into other asset classes across the board – welcome to the year of the Forex!’

Six Pump Court, 12th February 2014

Source: www.6pumpcourt.co.uk

Is a cheque book better than a defence statement? – Six Pump Court

Posted January 29th, 2014 in criminal justice, financial regulation, fines, news, penalties, prosecutions, public interest by sally

‘There has recently been a subtle movement away from the traditional approach deployed by the State to tackle economic crime and its consequences. Whilst the criminal justice system is wheeled out and deployed in the more serious or headline capturing cases, there appears to have been a concerted attempt by the government to impose economic penalties and fines upon individuals and companies involved in financial misfeasance through the civil or regulatory route and thus sidestepping the more traditional criminal one.’

Full story (Word)

Six Pump Court, 29th January 2014

Source: www.6pumpcourt.co.uk

United Kingdom v European Parliament and another – WLR Daily

Posted January 23rd, 2014 in EC law, financial regulation, law reports, regulations by sally

United Kingdom v European Parliament and another (Case C-270/12); [2014] WLR (D) 17

‘The powers available to ESMA under article 28 of Parliament and Council Regulation (EU) No 236/2012 of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ 2012 L86, p 1) were precisely delineated and amenable to judicial review in the light of the objectives established by the delegating authority. Accordingly, those powers did not imply that ESMA was vested with a “very large measure of discretion” that was incompatible with the FEU Treaty.’

WLR Daily, 22nd January 2014

Source: www.iclr.co.uk

Rise in financial services whistleblowing could result in more prosecutions, expert says – OUT-LAW.com

Posted January 21st, 2014 in financial regulation, news, whistleblowers by sally

‘An 88% rise in the number of workers in the financial services sector ‘blowing the whistle’ on white collar crime could lead to an increase in prosecutions in 2014, an expert has said.’

OUT-LAW.com, 20th January 2014

Source: www.out-law.com

UK firm fined £25,000 for failure to monitor, supervise and manage its appointed representatives – OUT-LAW.com

Posted January 10th, 2014 in financial regulation, fines, insurance, news, unfair commercial practices by tracey

‘A firm has been fined £25,000 by the Financial Conduct Authority (FCA) for the misconduct of two of its sales staff acting as its ‘appointed representatives’ (ARs). Amongst other cases of misconduct, the ARs were found to have used “high-pressure sales tactics and misleading information” to push vulnerable customers into buying insurance policies.’

OUT-LAW.com, 8th January 2014

Source: www.out-law.com

Banking reforms become law after getting Royal Assent – BBC News

Posted December 19th, 2013 in banking, bills, crime, financial regulation, news by tracey

‘Reforms to the UK banking sector aimed at making it more resilient after the 2008 financial crisis have become law. The Financial Services Bill was given Royal Assent on Wednesday after being approved by Parliament earlier.’

BBC News, 19th December 2013

Source: www.bbc.co.uk

Government to legislate to cap the cost of payday loans – OUT-LAW.com

Posted November 27th, 2013 in banking, bills, consumer credit, consumer protection, fees, financial regulation, interest, loans, news, penalties by tracey

‘The Government will introduce legislation to cap the cost of payday loans to borrowers, the Chancellor of the Exchequer has announced.’

OUT-LAW.com, 27th November 2013

Source: www.out-law.com

FCA consults on “fairer and more transparent” rules on use of client commissions by investment managers – OUT-LAW.com

Posted November 27th, 2013 in consultations, financial regulation, financial services ombudsman, news by tracey

‘Stricter rules on what costs of trade-related services can be passed on to clients of investment managers in the form of commission payments have been proposed by the Financial Conduct Authority (FCA).’

OUT-LAW.com, 27th November 2013

Source: www.out-law.com

Ministers defeated in Lords over licences for bankers – BBC News

Posted November 27th, 2013 in banking, bills, codes of practice, financial regulation, licensing, news, parliament, standards by tracey

‘The government has been defeated in the House of Lords over its plans for reforming the banking system. A Labour amendment to the Financial Services Bill, which would introduce a licensing system for senior bankers, was passed by five votes.’

BBC News, 26th November 2013

Source: www.bbc.co.uk

Proposals to amend the Conduct of Authorised Persons Rules: The Financial Services Perspective – Mnistry of Justice

Posted November 22nd, 2013 in claims management, codes of practice, consultations, financial regulation by tracey

‘The Claims Management Regulator proposes to make changes to the Conduct of Authorised Persons Rules that authorised claims management companies need to follow when submitting claims on behalf of consumers. The changes aim to address issues identifed by stakeholders that have reported poor behaviour such as claims management companies making speculative claims, failing to substantiate claims and not undertaking robust pre-complaint checks.’

Full press release

Ministry of Justice, 21st November 2013

Source: www.gov.uk/government/organisations/ministry-of-justice

Justice Committee calls for “more meaningful” penalties for companies convicted of financial crime – OUT-LAW.com

Posted November 14th, 2013 in bribery, company law, financial regulation, fines, fraud, money laundering, news, penalties, select committees, sentencing by tracey

“Fines handed to companies convicted of fraud or other financial crimes should be calculated as a percentage of turnover, rather than with reference to the amount of financial harm caused, a committee of MPs has said.”

OUT-LAW.com, 13th November 2013

Source: www.out-law.com

Rogue PPI claim companies targeted by fines and toughened regulations – Ministry of Justice

Posted November 12th, 2013 in claims management, financial regulation, fines, insurance, press releases by tracey

“Claims firms which use information gathered by unsolicited calls and texts or who provide poor quality services will face large fines under law changes announced by the Government today.”

Full press release

Ministry of Justice, 12th November 2013

Source: www.gov.uk/government/organisations/ministry-of-justice

UK firms cleared of gas price manipulation – BBC News

Posted November 7th, 2013 in competition, energy, financial regulation, news, price fixing, select committees by tracey

“Regulators have found no evidence of price manipulation in the UK wholesale gas market after an investigation.”

BBC News, 7th November 2013

Source: www.bbc.co.uk

FCA outlines plans to tighten regulation in asset management industry – OUT-LAW.com

Posted November 1st, 2013 in conflict of interest, consultations, financial regulation, news, speeches by sally

“The Financial Conduct Authority (FCA) is to conduct a review into the asset management industry in an effort to understand whether payment arrangements between asset managers and brokers give rise to conflicts of interest in the market.”

OUT-LAW.com, 31st October 2013

Source: www.out-law.com

Payday lenders: FCA proposes tougher controls on adverts and rollovers – The Guardian

Posted October 4th, 2013 in advertising, consumer credit, consumer protection, debts, financial regulation, news by sally

“Payday lenders will be forced to make tougher affordability checks under a crackdown by the City regulator that could stop borrowers being given loans within minutes of applying.”

The Guardian, 3rd October 2013

Source: www.guardian.co.uk

Payday lenders face new curbs – The Guardian

Posted October 3rd, 2013 in consumer credit, financial regulation, news by sally

“The City regulator is expected to announce a crackdown on advertising by payday lenders and the way the firms collect and extend loans when it announces new rules for the sector on Thursday morning.”

The Guardian, 2nd October 2013

Source: www.guardian.co.uk

Regulator to review banks’ complaint handling processes as ombudsman complaints reach record levels – OUT-LAW.com

Posted September 5th, 2013 in banking, complaints, financial regulation, financial services ombudsman, news by sally

“The financial industry regulator is to conduct a review of the way in which customer complaints to banks and building societies are handled, one of its directors has confirmed.”

OUT-LAW.com, 4th September 2013

Source: www.out-law.com

Flexibility in financial control rules mean record football transfer spend could be broken, says expert – OUT-LAW.com

Posted September 4th, 2013 in company law, financial regulation, news, sport by sally

“English Premier League football clubs could set new records for spending on player transfers in the years to come despite being subject to new financial controls, an expert has said.”

OUT-LAW.com, 4th September 2013

Source: www.out-law.com

Credit card protection compensation package set to total £1.3bn – The Guardian

Posted August 22nd, 2013 in banking, compensation, consumer credit, financial regulation, insurance, news by sally

“Around 7 million people are set to share up to £1.3bn in compensation after 13 high street banks and credit card companies agreed to offer redress for mis-sold credit card and identity theft protection.”

The Guardian, 22nd August 2013

Source: www.guardian.co.uk

Rise in customers winning compensation from banks that mis-sold paid-for accounts – Daily Telegraph

Posted August 8th, 2013 in banking, compensation, financial regulation, news, ombudsmen by sally

“Two in three customers who complain to the Financial Ombudsman about the mis-selling of paid-for bank accounts are successfully winning money back or compensation, figures show.”

Daily Telegraph, 7th August 2013

Source: www.telegraph.co.uk

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