New mortgage lending rules set out by FSA – BBC News

Posted December 19th, 2011 in financial regulation, mortgages, news by tracey

“New rules to stop a resurgence in risky mortgage lending are likely to be imposed in 2013 by the Financial Services Authority (FSA).”

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BBC News, 19th December 2011

Source: www.bbc.co.uk

RBS report: FSA’s analysis of banks was ‘deficient’ – BBC News

Posted December 12th, 2011 in banking, financial regulation, news by sally

“The UK’s financial regulator will be highly critical of its own role in its report into the circumstances surrounding the collapse of the Royal Bank of Scotland, the BBC has learned.”

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BBC News, 11th December 2011

Source: www.bbc.co.uk

Payday loan companies face tougher regulation over high interest rates – The Guardian

Posted December 8th, 2011 in debts, financial regulation, interest, loans, news by tracey

“Companies that provide expensive, short-term loans to desperate borrowers face tougher regulation by the government.”

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The Guardian, 7th December 2011

Source: www.guardian.co.uk

Mobile phones no longer exempt from trader phone tapping rules – OUT-LAW.com

Posted November 18th, 2011 in data protection, financial regulation, news, telecommunications by tracey

“Investment banks and financial traders in the UK must now record the mobile phone conversations of their staff following the closure of a regulatory loophole.”

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OUT-LAW.com, 17th November 2011

Source: www.out-law.com

Government proposed to regulate banking industry’s consumer payments body – OUT-LAW.com

Posted November 15th, 2011 in financial regulation, news, reports, speeches by sally

“The Government will introduce proposals next year to regulate the banking-industry body that runs the UK’s payments system, it has said.”

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OUT-LAW.com, 14th November 2011

Source: www.out-law.com

FSA told to rethink on legal privilege – Law Society’s Gazette

Posted October 20th, 2011 in financial regulation, judicial review, news, privilege by tracey

“The Financial Services Authority has been urged to review its operating procedures after it was found to have acted unlawfully in its use of legally privileged material during an enforcement investigation.”

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Law Society’s Gazette, 20th October 2011

Source: www.lawgazette.co.uk

Financial Services Authority v Sinaloa Gold plc and others (Barclays Bank plc intervening) – WLR Daily

Posted October 20th, 2011 in appeals, damages, financial regulation, injunctions, law reports, undertakings by tracey

Financial Services Authority v Sinaloa Gold plc and others (Barclays Bank plc intervening) [2011] EWCA Civ 1158;  [2011] WLR (D)  295

“When obtaining an injunction the Financial Services Authority should not normally be required to give an undertaking in damages to third parties, beyond an undertaking to cover the costs incurred in complying with the injunction.”

WLR Daily, 18th october 2011

Source: www.iclr.co.uk

Financial watchdog launches probe into bank’s failure to spot UBS rogue trader – Daily Telegraph

Posted September 19th, 2011 in banking, false accounting, financial regulation, fraudulent trading, news by tracey

“The Financial Services Authority and its Swiss counterpart have ordered a ‘comprehensive, independent investigation’ into the events surrounding trading losses at the bank’s London operations.”

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Daily Telegraph, 17th September 2011

Source: www.telegraph.co.uk

Father and sons boiler room scam sent to prison – BBC News

Posted August 23rd, 2011 in financial regulation, fraud, news, sentencing by sally

“Three men have been jailed at Southwark Crown Court for a total of 19 years in jail for a £27.5m boiler room fraud.”

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BBC News, 22nd August 2011

Source: www.bbc.co.uk

Insurance broker Willis fined £7m by FSA – The Guardian

Posted July 25th, 2011 in corruption, financial regulation, fines, insurance, news by tracey

“Willis Limited carpeted by the Financial Services Authority for failing sufficiently to monitor payments to overseas third parties.”

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The Guardian, 21st July 2011

Source: www.guardian.co.uk

Ombudsman calls for earlier intervention by financial regulators – OUT-LAW.com

Posted July 4th, 2011 in complaints, consumer protection, financial regulation, news by sally

“Financial regulators must make sure that consumer complaints are dealt with more quickly according to the body that oversees them. They should intervene earlier in potential disputes, the chief ombudsman of the Financial Ombudsman Service (FOS) has said.”

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OUT-LAW.com, 30th June 2011

Source: www.out-law.com

British banks ignore money-laundering rules, says FSA – The Guardian

Posted June 23rd, 2011 in banking, financial regulation, money laundering, news, reports by sally

“The City of London is showing brazen disregard for rules to stop money laundering and is welcoming with open arms some of the world’s most unsavoury political leaders and their cronies, according to a damning report by the Financial Services Authority.”

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The Guardian, 22nd June 2011

Source: www.guardian.co.uk

FSA wins first criminal conviction for ‘boiler room’ fraud – The Guardian

Posted June 14th, 2011 in financial regulation, fraud, money laundering, news, sentencing by sally

“The Financial Services Authority has secured its first criminal conviction for a ‘boiler room’ fraud after David Mason was sentenced to two years in prison and disqualified from being a director for six years.”

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The Guardian, 14th June 2011

Source: www.guardian.co.uk

FSA warns comparison websites over unfair treatment of customers – Daily Telegraph

Posted June 9th, 2011 in consumer protection, financial regulation, internet, news by tracey

“The Financial Services Authority has found that 19 comparison websites are treating customers unfairly after flouting rules.”

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Daily Telegraph, 9th June 2011

Source: www.telegraph.co.uk

British Bankers’ Association v Financial Services Authority and another – WLR Daily

Posted April 26th, 2011 in banking, compensation, financial regulation, insurance, law reports by sally

British Bankers’ Association v Financial Services Authority and another [2011] EWHC 999 (Admin); [2011] WLR (D) 144

“The Financial Services Authority was not contrained by the existence of statutory powers in section 404 of the Financial Services and Markets Act 2000 from using other powers to deal with what it perceived as the widespread mis-selling of payment protection insurance (PPI) policies by banks. Neither the language of section 404 itself nor its role as part of the overall regulatory framework could warrant the implication in it of a restriction on all other powers merely because the circumstances warranting the operation of a section 404 scheme were satisfied.”

WLR Daily, 20th April 2011

Source: www.iclr.co.uk

Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

House of Lords report attacks ‘complacency’ of Big Four auditors in financial crisis, urges competition investigation – Daily Telegraph

Posted March 31st, 2011 in auditors, competition, financial regulation, news, reports by sally

“The House of Lords has recommended that Britain’s competition authorities investigate the world’s ‘Big Four’ auditing firms who failed to warn regulators about banks before the financial crash.”

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Daily Telegraph 30th March 2011

Source: www.telegraph.co.uk

Solicitor struck off over ‘land banking’ scheme – Law Society’s Gazette

“A solicitor involved in a ‘land banking’ scheme which cost investors their life savings was struck off by the Solicitors Disciplinary Tribunal last week.”

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Law Society’s Gazette. 10th March 2011

Source: www.lawgazette.co.uk

Home owners receive compensation after they were sold mortgages they couldn’t afford – Daily Telegraph

Posted February 22nd, 2011 in banking, compensation, financial regulation, fines, mortgages, news by sally

“Home owners who were sold mortgages during the property boom that they couldn’t afford are to be given compensation following a ruling by the City watchdog.”

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Daily Telegraph, 22nd February 2011

Source: www.telegraph.co.uk

Financial watchdogs get new powers – The Guardian

Posted February 17th, 2011 in banking, competition, consumer protection, financial regulation, news by sally

“Investors and consumers will be given greater protection by new financial watchdogs which will have the power to ban retail products and reveal pending enforcement actions against banks and brokers.”

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The Guardian, 17th February 2011

Source: www.guardian.co.uk

In re Digital Satellite Warranty Cover Ltd and others – WLR Daily

Posted February 2nd, 2011 in financial regulation, insurance, law reports, warranties by sally

In re Digital Satellite Warranty Cover Ltd and others [2011] EWHC 122 (Ch); [2011] WLR (D) 28

“A contract for repair or replacement only in the event of breakdown or malfunction which did not oblige the insurer to indemnify the insured for costs which the insured himself incurred fell within para (b) of class 16 Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”

WLR Daily, 1st February 2011

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.