Regulator begins investigation into annuity market – OUT-LAW.com

Posted February 5th, 2013 in financial regulation, insurance, news, pensions by tracey

“The Financial Services Authority (FSA) is investigating whether consumers are
getting a ‘fair dea’ when purchasing annuities, it has announced.”

Full story

OUT-LAW.com, 4th February 2013

Source: www.out-law.com

Banks to pay for ‘swap’ mis-selling, FSA demands – BBC News

Posted February 1st, 2013 in banking, compensation, financial advice, financial regulation, news by tracey

“Four banks will now compensate tens of thousands of small businesses who were mis-sold complex insurance deals, says the Financial Services Authority.”

Full story

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

Posted January 31st, 2013 in administration orders, financial regulation, insolvency, law reports by sally

In re MF Global UK Ltd (in special administration); Heis and others v Attestor Value Master Fund LP and another [2013] EWHC 92 (Ch); [2013] WLR (D) 30

“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.”

Full speech

Attorney General’s Office, 21st January 2013

Source: www.gov.uk/ago

Bar Council’s BARCO Service open for business as FSA grants approval – The Bar Council

Posted January 10th, 2013 in barristers, financial regulation, news by sally

“The Bar Council, which represents barristers in England and Wales, has announced that the Financial Services Authority (FSA) has granted regulatory approval under the Payment Services Regulations for its unique new service, BARCO.”

Full story

The Bar Council, 10th January 2013

Source: www.barcouncil.org.uk

Line-up of chambers to trial Bar client money initiative after FSA backing – Legal Week

Posted January 10th, 2013 in barristers, financial regulation, news by sally

“The Bar Council’s BARCO initiative, which will allow barristers to handle all client money for the first time, has been given the green light by the Financial Services Authority (FSA).”

Full story

Legal Week, 10th January 2013

Source: www.legalweek.com

Peer-to-peer lenders to be regulated – Daily Telegraph

Posted December 10th, 2012 in banking, financial regulation, loans, news by sally

“Peer-to-peer lenders such as Zopa, RateSetter and Funding Circle will be regulated by the new Financial Conduct Authority.”

Full story

Daily Telegraph, 7th December 2012

Source: www.telegraph.co.uk

LIBOR administrators will be required to corroborate submissions under FSA proposals – OUT-LAW.com

Posted December 7th, 2012 in banking, consultations, financial regulation, interest, news by sally

“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.”

Full story

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

Posted December 5th, 2012 in banking, consumer protection, financial regulation, news by sally

“The Financial Services Authority (FSA) is consulting on a new power that will enable regulators to ban financial products without consultation in certain circumstances.”

Full story

OUT-LAW.com, 5th December 2012

Source: www.out-law.com

Government publishes consultation on regulation of LIBOR – HM Treasury

Posted November 28th, 2012 in banking, consultations, financial regulation, news by sally

“The Government launched its public consultation on the regulation of the London Interbank Offered Rate (LIBOR) today.”

Full story

HM Treasury, 28th November 2012

Source: www.hm-treasury.gov.uk

UBS fined £30m over rogue trader – The Guardian

Posted November 26th, 2012 in banking, financial regulation, fines, fraud, news, sentencing by sally

“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.”

Full story

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.”

Full story

OUT-LAW.com, 20th November 2012

Source: www.out-law.com

CPP faces £33.4m bill for fines and compensation after FSA investigation – The Guardian

Posted November 15th, 2012 in compensation, financial regulation, fines, insurance, news by sally

“The identity theft and credit card insurance company CPP faces a £33.4m bill to pay fines and compensation to customers following the conclusion of a long-running investigation by the Financial Services Authority.”

Full story

The Guardian, 15th November 2012

Source: www.guardian.co.uk

Lenders banned from discriminating against ‘mortgage prisoners’, watchdog says – Daily Telegraph

Posted October 26th, 2012 in consumer protection, financial regulation, mortgages, news by tracey

“Lenders are to be banned from discriminating against ‘mortgage prisoners’ who are unable to get new loans because of negative equity.”

Full story

Daily Telegraph, 25th October 2012

Source: www.telegraph.co.uk

Bank of Scotland fined £4m over compensation blunders – The Guardian

Posted October 19th, 2012 in banking, compensation, financial regulation, fines, news by sally

“The Bank of Scotland has been fined £4m by the City regulator after a series of blunders meant it paid more than £20m in compensation to the wrong customers.”

Full story

The Guardian, 19th October 2012

Source: www.guardian.co.uk

LIBOR to be regulated as Government accepts Wheatley’s recommendations “in full” – OUT-LAW.com

Posted October 18th, 2012 in banking, bills, crime, financial regulation, interest, news by sally

“Administering and contributing to the London Interbank Offered Rate (LIBOR) will become a regulated activity, while criminal sanctions will be introduced for ‘misleading statements’ in relation to the benchmark, the Government has confirmed.”

Full story

OUT-LAW.com, 18th October 2012

Source: www.out-law.com

Can you legislate for responsible capitalism? Yes, here’s how – The Guardian

Posted October 3rd, 2012 in banking, company law, financial regulation, legislation, news, shareholders by sally

“The Companies Act 2006 was a step, but we urgently need a commission on responsible capitalism.”

Full story

The Guardian, 2nd October 2012

Source: www.guardian.co.uk

Mis-sold Mortgages – The Next Big Claim In The Financial Sector – Hardwicke Chambers

“Type in ‘mis-sold mortgages’ on a Google search and you will discover literally hundreds of internet businesses vying for the opportunity to pursue a claim to the Financial Services Authority (FSA). If you thought PPI was big, you ain’t seen nothing yet; with millions already having been put aside to meet the thousands of potential claims that arise from possible mis-selling of mortgages during the boom years of 2004 to 2009.”

Full story

Hardwicke Chambers, 27th September 2012

Source: www.hardwicke.co.uk

Rules governing transparent financial advice already being bent, says FSA – The Guardian

“New rules abolishing the payment of commission on pensions and investments have not yet come into force, but financial advisers and product providers have already found ways to get around the ban, according to the Financial Services Authority (FSA).”

Full story

The Guardian, 1st October 2012

Source: www.guardian.co.uk

Libor review: key points – The Guardian

Posted September 28th, 2012 in banking, financial regulation, interest, news by tracey

“Martin Wheatley’s 10-point plan includes stripping the BBA of its role and making Libor manipulation a criminal offence.”

Full story

The Guardian, 28th September 2012

Source: www.guardian.co.uk