Category: financial regulation
Cyber security – articulating the details – OUT-LAW.com
“Businesses and governments are continuing to wrestle with the question of what can and cannot be considered ‘adequate’ IT security in compliance with regulations including data protection laws.”
OUT-LAW.com, 25th February 2013
Source: www.out-law.com
Supreme Court upholds FSA’s power to regulate extended warranties – OUT-LAW.com
“The Financial Services Authority (FSA) was within it rights to close down two unauthorised extended warranty schemes, regardless of whether the cover involved the payment of money to customers, the Supreme Court has confirmed.”
OUT-LAW.com, 15th February 2013
Source: www.out-law.com
Advice restricted to ‘passive investments’ cannot be called independent, says FSA – OUT-LAW.com
“Financial advisers cannot be said to be ‘independent’ if they offer retail investment advice to clients based solely on their assessment of ‘passive investments’, the Financial Services Authority (FSA) has said.”
OUT-LAW.com, 13th February 2013
Source: www.out-law.com
FSA conducting cyber security review of 30 major firms – OUT-LAW.com
“The Financial Services Authority (FSA) is assessing the cyber security plans of 30 major financial firms.”
OUT-LAW.com, 13th February 2013
Source: www.out-law.com
In the matter of Digital Satellite Warranty Cover Limited and another (Appellants) v Financial Services Authority (Respondent) – Supreme Court
Supreme Court, 13th February 2013
Financial Services Authority v Asset L I Inc (trading as Asset Land Investment Inc) and others – WLR Daily
“Arrangements amounting to collective investment schemes within the meaning of section 235 of the Financial Services and Markets Act 2000, or more generally, were not inchoate or imperfect contracts that were displaced if their parties entered into a form of understanding or contract.”
WLR Daily, 8th February 2013
Source: www.iclr.co.uk
Speech by the Chancellor of the Exchequer, Rt Hon George Osborne MP, on the Reform of Banking – HM Treasury
“Speech by the Chancellor of the Exchequer, Rt Hon George Osborne MP, on the Reform of Banking, 4th Februaruy 2013.”
Banking reform: a new structure for stability and growth, Cm 8545
HM Treasury, 4th Februaury 2013
Source: www.hm-treasury.gov.uk
Regulator begins investigation into annuity market – OUT-LAW.com
“The Financial Services Authority (FSA) is investigating whether consumers are
getting a ‘fair dea’ when purchasing annuities, it has announced.”
OUT-LAW.com, 4th February 2013
Source: www.out-law.com
Banks to pay for ‘swap’ mis-selling, FSA demands – BBC News
“Four banks will now compensate tens of thousands of small businesses who were mis-sold complex insurance deals, says the Financial Services Authority.”
BBC News, 31st January 2013
Source: www.bbc.co.uk
In re MF Global UK Ltd (in special administration) Heis and others v Attestor Value Master Fund LP and another – WLR Daily
“The hindsight principle was not applicable to the determination of claims to client money for the purposes of a distribution under Chapter 7A of the Client Assets Sourcebook (‘CASS 7A’) issued by the Financial Services Authority in accordance with its powers under Part X of the Financial Services and Markets Act 2000.”
WLR Daily, 29th January 2013
Source: www.iclr.co.uk
A balanced approach to the challenges of economic crime – Attorney General’s Office
“Attorney General, Dominic Grieve QC MP outlined steps taken to prosecute economic crime at the Cityforum round table. Originally given at City of London Guildhall. This is the text of the speech as drafted, which may differ slightly from the delivered version.”
Attorney General’s Office, 21st January 2013
Source: www.gov.uk/ago
Peer-to-peer lenders to be regulated – Daily Telegraph
“Peer-to-peer lenders such as Zopa, RateSetter and Funding Circle will be regulated by the new Financial Conduct Authority.”
Daily Telegraph, 7th December 2012
Source: www.telegraph.co.uk
LIBOR administrators will be required to corroborate submissions under FSA proposals – OUT-LAW.com
“Clear, unambiguous rules on the administration of, and submitting to, the London Interbank Offered Rate (LIBOR) and other benchmarks will be included in the regulatory handbook, the Financial Services Authority (FSA) has said.”
OUT-LAW.com, 6th December 2012
Source: www.out-law.com
FCA’s temporary product ban powers “approval by another name”, says expert – OUT-LAW.com
“The Financial Services Authority (FSA) is consulting on a new power that will enable regulators to ban financial products without consultation in certain circumstances.”
OUT-LAW.com, 5th December 2012
Source: www.out-law.com
Government publishes consultation on regulation of LIBOR – HM Treasury
“The Government launched its public consultation on the regulation of the London Interbank Offered Rate (LIBOR) today.”
HM Treasury, 28th November 2012
Source: www.hm-treasury.gov.uk
UBS fined £30m over rogue trader – The Guardian
“UBS has been fined £30m by the UK’s Financial Services Authority – and could see its investment banking activities hampered by the Swiss regulator – after the former trader Kweku Adoboli was jailed for fraud.”
The Guardian, 26th November 2012
Source: www.guardian.co.uk
Government threatens to legislate if voluntary consumer data access standards are not adhered to by mobile, energy and financial services firms – OUT-LAW.com
“Financial services, mobile telecoms and energy companies will be compelled by law to provide consumers with data they hold about their transactions or consumption in an ‘electronic, machine readable’ format, upon request, if they do not do so voluntarily, the Government has said.”
OUT-LAW.com, 20th November 2012
Source: www.out-law.com
