UK firms cleared of gas price manipulation – BBC News
“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
Category: financial regulation
FCA outlines plans to tighten regulation in asset management industry – OUT-LAW.com
“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
“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
“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
“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
“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
“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
“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
Hobbs v Financial Conduct Authority (formerly Financial Services Authority) – WLR Daily
“A decision by the Financial Services Authority to take no further action against the addressee of a warning notice or decision notice did not become irrevocable or take effect as a discontinuance of proceedings unless it had been communicated to that individual by a notice in accordance with section 389 of the Financial Services and Markets Act 2000.”
WLR Daily, 29th July 2013
Source: www.iclr.co.uk
Journey to the FCA, without leaving the office – Dyers Chambers
“Gurprit Mattu gives an overview of the newly formed FCA and the workings of the Enforcement and Financial Crime Division. During her time at the FSA/FCA she has been able to see the transition from the old to the new regulator at first hand.”
Full story (PDF)
Dyers Chambers, 11th July 2013
Source: www.dyerschambers.com
LIBOR Update – who will be next? – Dyers Chambers
On 20th June 2013, Tom Hayes, a former trader with UBS, appeared before Westminster Magistrates Court charged with eight counts of fraud. He is the first individual to be prosecuted as a result of the SFO’s investigation into the LIBOR scandal. Peter Caldwell reviews the background to the investigation and examines the challenges that lie ahead for the Serious Fraud Office.
Full story (PDF)
Dyers Chambers, 11th July 2013
Source: www.dyerschambers.com
OFT forces payday lenders out of market – The Guardian
“Almost a third of the payday lenders ordered to clean up their practices have opted to withdraw from the industry, the Office of Fair Trading has revealed, as the deadline for firms to respond passed.”
The Guardian, 30th July 2013
Source: www.guardian.co.uk
RBS hit with £5.6m fine over reporting failures – Daily Telegraph
“Royal Bank of Scotland has been fined £5.6m by British regulators after it was found to have incorrectly reported or altogether forgotten to disclose details of more than a third of the trades handled by its investment banking arm.”
Daily Telegraph, 24th July 2013
Source: www.telegraph.co.uk
Regulator sees case against iSoft collapse over missing file – The Guardian
“The city regulator has suffered a huge blow to its reputation after one of its biggest financial crime cases, against four former company directors of iSoft, collapsed over a missing file.”
The Guardian, 22nd July 2013
Source: www.guardian.co.uk
Corporate Crime Review – Dyers Chambers
“Members of Dyers Chambers review developments across the spectrum of corporate crime and financial regulation, including updates on LIBOR, Sanctions, DPAs and Fraud Sentencing.”
Full story (PDF)
Dyers Chambers, 11th July 2013
Source: www.dyerschambers.com
Tax general anti-abuse rule now in force as Finance Act receives Royal Assent – OUT-LAW.com
“The new general anti-abuse rule (GAAR) is now in force, preventing artificial and abusive tax avoidance schemes that fail to pass a ‘double reasonableness’ test.”
OUT-LAW.com, 18th July 2013
Source: www.out-law.com
Insurer fined over £7m for mis-selling monthly add-on policies – OUT-LAW.com
“High Street insurer Swinton has been fined over £7 million for its ‘aggressive’ mis-selling of monthly add-on insurance policies to telephone customers, the Financial Conduct Authority (FCA) has announced.”
OUT-LAW.com, 18th July 2013
Source: www.out-law.com
Mobile phone insurance complaints firm fined by FCA – BBC News
“A firm which deals with complaints for Phones 4U has been fined £2.8m for wide-ranging failures in dealing with gripes about mobile insurance policies.”
BBC News, 3rd July 2013
Source: www.bbc.co.uk
Government not planning to create single defined contribution pensions regulator – OUT-LAW.com
“The Government is not planning to combine the roles of the Pensions Regulator and the Financial Conduct Authority (FCA) to create a single regulator of workplace defined contribution (DC) pension schemes, it has confirmed.”
OUT-LAW.com, 2nd July 2013
Source: www.out-law.com
HMRC “to de-register 500 pension providers” as part of pension liberation crackdown – OUT-LAW.com
HM Revenue and Customs (HMRC) is preparing to de-register up to 500 pension providers as part of its ‘pension liberation’ compliance efforts, according to press reports.
OUT-LAW.com, 2nd July 2013
Source: www.out-law.com
