Farepak victims to get compensation of £8m – The Guardian
“Savers who lost money when the hamper firm Farepak collapsed are to receive compensation totalling £8m from Lloyds Banking Group.”
The Guardian, 6th July 2012
Source: www.guardian.co.uk
“Savers who lost money when the hamper firm Farepak collapsed are to receive compensation totalling £8m from Lloyds Banking Group.”
The Guardian, 6th July 2012
Source: www.guardian.co.uk
“Britain’s most senior law officer has appeared to undermine the government’s own argument that any inquiry into the current banking scandal needed to happen as quickly as possible.”
The Guardian, 5th July 2012
Source: www.guardian.co.uk
“The Financial Services Authority says banks mis-sold specialist insurance known as interest rate swaps tied to thousands of small businesses.”
BBC News, 29th June 2012
Source: www.bbc.co.uk
“The Jimmy Carr tax avoidance case has thrown the spotlight on Jersey and Guernsey, where the days of aggressive tax loopholes may be numbered.”
The Guardian, 26th June 2012
Source: www.guardian.co.uk
“Financial services regulators may breach data protection laws if they are forced to publish the details of individuals who breach proposed new EU rules affecting credit institutions, a privacy watchdog has said.”
OUT-LAW.com, 21st June 2012
Source: www.out-law.com
“Key defences relied on by banks in interest rate swap (IRS) mis-selling claims are set to be tested in court this October when the claim of business-owner Sara Pearson against Barclays comes to trial.”
Law Society’s Gazette, 21st June 2012
Source: www.lawgazette.co.uk
“The regulatory risk inherent in High Court proceedings has always (rightly) been firmly on the radar of all litigators in financial services sector. For clients in this sector – be they Lloyds brokers, IDBs, or investment banks – any litigation which impugns their integrity or that of their executives may prove toxic. Fortunately it is relatively rare that these regulatory risks eventuate. This may be the result of careful strategic management, a (fortuitous) lack of regulatory interest, or because the FSA disposes of the concerns with a private warning.”
Full story (PDF)
11 KBW, 1st June 2012
Source: www.11kbw.com
“Owner occupiers unable to afford their mortgages have sometimes entered into sale and rent back arrangements (‘SRBs’). Under a SRB, the house is sold, often at a discount, but the vendor remains in occupation under a lease granted by the purchaser. According to a 2008 OFT study, even though SRBs were a relatively new phenomenon there had been about 50,000 of them. At that time the SRB market was unregulated. The FSA began to regulate it in 2009. According to a recent FSA press release, ‘the entire SRB market is temporarily shut’. Nevertheless, it is apparent that many tens of thousands of SRBs must have taken place by now.”
Hardwicke Chambers, 24th May 2012
Source: www.hardwicke.co.uk
“The first point to note about the Verrier prohibition is that it was based squarely on findings made in litigation which was not criminal proceedings nor related directly to regulated activities. This may have been a ‘first’ for the FSA; it is not unprecedented in other regulated sectors. The FSA’s interest was perhaps predictable on the extreme facts of the Tullett litigation. This talk considers the risks from civil litigation more generally for FSA-regulated firms and persons and how their legal advisers can help to identify and manage those risks.”
Full story (PDF)
11 KBW, 1st June 2012
Source: www.11kbw.com
“The FSA issued the Verrier Prohibition under its powers under section 56 of the Financial Services and Markets Act 2000 (the ‘FSMA’). Section 56 confers power, when ‘it appears to the [FSA] that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by an authorised person’ to: ‘…make an order (“a prohibition order”) prohibiting the individual from performing a specified function, any function falling within a specified description or any function’.”
Full story (PDF)
11 KBW, 1st June 2012
Source: www.11kbw.com
“The Financial Services Authority (FSA) has today published a decision notice indicating that it has decided to fine Alberto Micalizzi £3 million and ban him from performing any role in regulated financial services for not being fit and proper. This is the FSA’s largest fine for an individual in a non market abuse case.”
Financial Services Authority, 29th May 2012
Source: www.fsa.gov.uk
“All banks, building societies and credit unions will have to ‘prominently display’ notices explaining what compensation arrangements apply to customer deposits, banking regulator the Financial Services Authority (FSA) has announced.”
OUT-LAW.com, 29th May 2012
Source: www.out-law.com
The FSA’s Approved Persons Regime and the Disciplinary and Dismissal Flashpoints (PDF)
11 KBW, 22nd May 2012
Source: www.11kbw.com
Bootes and others v Ceart Risk Services Ltd [2012] EWHC 1178 (Ch); [2012] WLR (D) 136
“A failure to comply with section 362A of the Financial Services and Markets Act 2000 in the appointment of administrators did not necessarily invalidate that appointment irreparably.”
WLR Daily, 25th April 2012
Source: www.iclr.co.uk
“More football clubs in England may go into administration in the next few years if football authorities elect to fine clubs for spending beyond their means, a sports law expert has said.”
OUT-LAW.com, 27th April 2012
Source: www.out-law.com
“The financial services regulator ‘did not establish its case’ that the former chief executive of a large investment bank had committed misconduct through his alleged failure to adequately supervise compliance issues.”
OUT-LAW.com, 26th April 2012
Source: www.out-law.com
“The names of three junior members of staff who had handled complaints made to the financial services regulator should have been disclosed as part of a freedom of information request as disclosure ‘did not adversely affect their privacy’, a tribunal has ruled.”
OUT-LAW.com, 18th April 2012
Source: www.out-law.com
“The City watchdog has warned that many banks are failing to provide proper controls to prevent bribery and corruption despite the high profile introduction of the Bribery Act last year.”
The Guardian, 29th March 2012
Source: www.guardian.co.uk
“A senior salesman at Credit Suisse has been fined £210,000 by the Financial Services Authority for playing a guessing game with clients to enable them to identify private information about a forthcoming bond issue.”
The Guardian, 13th March 2012
Source: www.guardian.co.uk
“A group of institutional and private shareholders has launched a multi-billion pound legal claim against the Royal Bank of Scotland (RBS), its former chief executive Fred Goodwin and 18 directors and non-executive directors.”
Daily Telegraph, 12th March 2012
Source: www.telegraph.co.uk