Plans to improve consumer redress against financial firms being ‘rushed through’, says ABI – OUT-LW.com

Posted November 26th, 2009 in consumer protection, financial regulation, news by sally

“Consumers will be able to bring class actions against banks, insurers and other financial services firms if the Government’s Financial Services Bill comes into force.”

Full story

OUT-LAW.com, 24th November 2009

Source: www.out-law.com

 

FSA launches new regime for PPI sales complaints – OUT-LAW.com

Posted October 2nd, 2009 in financial regulation, insurance, news by sally

“Firms will have to review all the complaints about Payment Protection Insurance (PPI) mis-selling that they have rejected since 2005 under tough new proposals announced this week by the Financial Services Authority.”

Full story

OUT-LAW.com, 2nd October 2009

Source: www.out-law.com

FSA fines Barclays £2.85m for providing inaccurate trading data – The Guardian

Posted September 8th, 2009 in banking, financial regulation, news by sally

“Barclays has been fined £2.45m by the Financial Services Authority for failures related to the reporting of trades in its investment banking arm, Barclays Capital.”

Full story

The Guardian, 8th September 2009

Source: www.guardian.co.uk

Amro International SA and anr v Financial Services Authority and ors – WLR Daily

Posted September 1st, 2009 in disclosure, financial regulation, law reports, proportionality by sally

Amro International SA and anr v Financial Services Authority and ors; [2009] WLR (D) 288

“Although the purpose of ss 169–172 of the Financial Services and Markets Act 2000 was to facilitate investigation in support of overseas regulators and such co-operation was desirable in order to maintain the regulation of financial markets and banks, the nature of the claim in respect of which the Financial Services Authority’s assistance was sought was of fundamental importance and it was wrong to exercise the powers to aid an investigation into allegations that were not made in that claim. The correct approach was to apply a test of proportionality and the documents required should be properly specified.”

WLR Daily, 28th August 2009

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.

City minister promises new crackdown on bonus culture – The Guardian

Posted August 13th, 2009 in financial regulation, news, remuneration by sally

“The government is prepared to take further steps to clamp down on City bonuses after the Financial Services Authority today [12 August]  published a watered-down code on bankers’ pay.”

Full story

The Guardian, 12th August 2009

Source: www.guardian.co.uk

Banking reform ‘largely cosmetic’ – BBC News

Posted July 31st, 2009 in banking, financial regulation, news by sally

“The government’s plans for reforming the regulation of banks are ‘largely cosmetic’ and ‘lack clarity’, MPs in the Treasury Select Committee say.”

Full story

BBC News, 31st July 2009

Source: www.bbc.co.uk

Tax avoidance experts may face FSA crackdown – The Guardian

Posted July 24th, 2009 in banking, financial regulation, news, tax avoidance by sally

“Bank bosses who allow their firms to devise schemes to help customers avoid paying tax could face sanctions from the Financial Services Authority.”

Full story

The Guardian, 23rd July 2009

Source: www.guardian.co.uk

Government plans for the reform of financial markets – HM Treasury

Posted July 9th, 2009 in financial regulation, press releases by sally

“The Chancellor of the Exchequer Alistair Darling has today published ‘Reforming Financial Markets’, a document setting out the Government’s proposals for the reform of the financial system.”

Full press release

HM Treasury, 8th July 2009

Source: www.hm-treasury.gov.uk

Darling rules out radical changes in City white paper – The Guardian

Posted July 9th, 2009 in banking, financial regulation, news, remuneration by sally

” Alistair Darling stepped back today from a radical overhaul of Britain’s banks when he ruled out caps on bankers’ pay or breaking up the biggest City institutions.”

Full story

The Guardian, 9th July 2009

Source: www.guardian.co.uk

FSA consults on a penalty framework that could treble fines – OUT-LAW.com

Posted July 8th, 2009 in financial regulation, fines, news by sally

“Regulatory fines could double or treble in size under a new framework for calculating financial penalties proposed by the Financial Services Authority (FSA) yesterday.”

Full story

OUT-LAW.com, 7th July 2009

Source: www.outlaw.com

Bankers’ pay curbed under new City rules – The Times

Posted July 8th, 2009 in financial regulation, news, remuneration by sally

“Banking executives will have their pay linked to long term profitability under new rules designed to prevent a repeat of last year’s financial meltdown.”

Full story

The Times, 8th July 2009

Source: www.timesonline.co.uk

City wrongdoers face bigger fines – BBC News

Posted July 6th, 2009 in financial regulation, fines, insider dealing, news by sally

“The Financial Services Authority (FSA) wants to impose much bigger fines on firms or individuals who cheat their customers or engage in insider dealing.”

Full story

BBC News 6th July 2009

Source: www.bbc.co.uk

OFT vows to pursue bank charges – BBC News

Posted June 26th, 2009 in banking, financial regulation, news by sally

“The Office of Fair Trading (OFT) will still pursue bank overdraft charges as unfair, even if it loses the current legal appeal in the House of Lords.”

Full story

BBC News, 25th June 2009

Source: www.bbc.co.uk

City watchdog’s tough stance earns record £27.3m in fines – The Guardian

Posted June 8th, 2009 in financial regulation, fines, news by sally

“The number of fines and bans handed out by the Financial Services Authority is on course for a record this year as the City watchdog steps up its ‘get tough’ approach to regulation.”

Full story

The Guardian, 8th June 2009

Source: www.guardian.co.uk

FSA steps up battle against insider trading – The Times

Posted June 1st, 2009 in financial regulation, insider dealing, news by sally

“The Financial Services Authority (FSA) is to increase the firepower of its enforcement division by hiring several lawyers from leading City firms, The Times has learnt.”

Full story

The Times, 1st June 2009

Source: www.timesonline.co.uk

Financial Services Authority shuts record number of rogue advisers – The Times

Posted April 15th, 2009 in financial advice, financial regulation, news by sally

“The City watchdog has banned a record number of firms that sell mortgages, pensions, investments and insurance.”

Full story

The Times, 14th April 2009

Source: www.timesonline.co.uk

FSA wins case to bar General Re chief – The Times

Posted April 7th, 2009 in financial regulation, news by sally

“Financial Services Authority says it has turned down appeal by former insurance chief over ban on working in the City.”

Full story

The Times, 6th April 2009

Source: www.timesonline.co.uk

FSA secures first jail term for insider dealing – The Times

Posted March 31st, 2009 in financial regulation, insider dealing, news, sentencing by sally

“A solicitor who tipped off his father-in-law and profited from a takeover deal was jailed for eight months today in the Financial Services Authority’s (FSA) first criminal prosecution for insider dealing. ”

Full story

The Times, 30th March 2009

Source: www.timesonline.co.uk

Lawyers welcome plans for financial shake-up – The Times

Posted March 19th, 2009 in banking, financial regulation, news by sally

“Proposals aimed at shaking up Britain’s banking sector received a cautious welcome from the City’s leading financial services lawyers today.”

Full story

The Times, 18th March 2009

Source: www.timesonline.co.uk

New boardroom code to ‘draw on lessons’ from bank crisis – The Times

Posted March 18th, 2009 in codes of practice, financial regulation, news by sally

“A leading City regulator will pave the way today for the biggest overhaul of best boardroom practice in six years when it launches a full-scale review of the Combined Code, the corporate governance template for investors and listed companies.”

Full story

The Times, 18th March 2009

Source: www.timesonline.co.uk