Category: financial regulation

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.”

Full story

Daily Telegraph 30th March 2011

Source: www.telegraph.co.uk

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

Posted March 11th, 2011 in disciplinary procedures, financial regulation, news, sale of land, solicitors by sally

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

Full story

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.”

Full story

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.”

Full story

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.

Housing and legal bodies warn of ‘dire consequences’ from new mortgage rules – The Guardian

Posted November 17th, 2010 in financial regulation, housing, mortgages, news by sally

“A coalition of the UK’s leading housing and legal organisations have written to Chancellor George Osborne warning of ‘dire consequences’ for homebuyers and the building industry if Financial Service Authority proposals for mortgage regulation are implemented.”

Full story

The Guardian, 16th November 2010

Source: www.guardian.co.uk

Takeover panel protects target companies with rule changes – OUT-LAW.com

Posted October 22nd, 2010 in financial regulation, news, shareholders, takeovers by sally

“Long term investors’ interests are too easily damaged by hostile takeovers, the Takeover Panel has said. It will amend the City’s rules on takeovers of publicly traded companies to protect the existing shareholders of target companies.”

Full story

OUT-LAW.com, 21st October 2010

Source: www.out-law.com

Goldman Sachs fined £20m by FSA – The Guardian

Posted September 9th, 2010 in banking, financial regulation, fines, news by sally

“The Financial Services Authority has fined Goldman Sachs £20m after the investment bank failed to tell the regulator a member of staff at the centre of fraud charges in the US was working in the UK.”

Full story

The Guardian, 9th September 2010

Source: www.guardian.co.uk

Fox Hayes partners face £1m fine – Law Society’s Gazette

Posted August 20th, 2010 in financial regulation, fines, fraud, news, tribunals by sally

“Eight former partners of collapsed Leeds firm Fox Hayes have been held personally responsible for a fine of nearly £1m which was levied against the firm 18 months ago by the Financial Services Authority and remains unpaid.”

Full story

Law Society’s Gazette, 19th August 2010

Source: www.lawgazette.co.uk

Three million in the queue for compensation over PPI mis-selling – The Guardian

Posted August 11th, 2010 in compensation, complaints, financial regulation, insurance, news, ombudsmen by sally

“Nearly three million people who took out payment protection insurance (PPI) sold by banks and other lenders could be in line for compensation totalling more than £2bn after the Financial Services Authority today issued new rules on how firms should handle the flood of complaints over mis-selling.”

Full story

The Guardian, 10th August 2010

Source: www.guardian.co.uk

RBS handed FSA’s biggest fine for money laundering lapses – The Guardian

Posted August 3rd, 2010 in banking, financial regulation, money laundering, news by sally

“Royal Bank of Scotland has been fined £5.6m by the Financial Services Authority for failing to adequately screen customers and payments to prevent its banks – RBS, NatWest, Ulster Bank and Coutts – from being used for money laundering or the financing of terrorist activities.”

Full story

The Guardian, 3rd August 2010

Source: www.guardian.co.uk

Regina v Rollins – WLR Daily

Posted August 2nd, 2010 in financial regulation, insider dealing, law reports, money laundering, Supreme Court by sally

Regina v Rollins [2010] UKSC 39; [2010] WLR (D) 210

“The power of the Financial Services Authority to institute criminal proceedings was not limited to the offences referred to in ss 401 and 402 of the Financial Services and Markets Act 2000; in particular the FSA had power to prosecute offences of money laundering under ss 327 and 328 of the Proceeds of Crime Act 2002.”

WLR Daily, 30th July 2010

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.

FSA to seek exemption for the City from from tough EU rules on bankers’ pay – Daily Telegraph

Posted July 8th, 2010 in banking, EC law, financial regulation, news, remuneration by sally

“The City watchdog is considering whether Britain can claim exemption from European laws that will introduce the toughest pay restrictions in the world.”

Full story

Daily Telegraph, 7th July 2010

Source: www.telegraph.co.uk

Court orders repayment of investors in alleged Ponzi scheme – The Guardian

Posted June 30th, 2010 in financial regulation, fraud, news by sally

“Three men accused of orchestrating a spectacularly ambitious Ponzi scheme from offices in Knightsbridge are unlikely to return much, if any, of £115m owed to investors, the Financial Services Authority said today after securing a high court order enforcing repayment.”

Full story

The Guardian, 29th June 2010

Source: www.guardian.co.uk

Government overhaul of financial regulation creates dangers, say experts – OUT-LAW.com

Posted June 18th, 2010 in banking, financial regulation, insurance, news by sally

“Plans for the shake-up of financial services regulation announced by UK Chancellor George Osborne last night raise more questions than answers, according to banking and financial legal experts.”

Full story

OUT-LAW.com, 17th June 2010

Source: www.out-law.com

FSA set to fine two banks for mishandling customer complaints – Daily Telegraph

Posted April 28th, 2010 in banking, complaints, financial regulation, fines, news by sally

“Two banks face a financial penalty for poor complaints handling after the Financial Services Authority (FSA) identified weaknesses in how they handled customer problems.”

Full story

Daily Telegraph, 28th April 2010

Source: www.telegraph.co.uk

Winterflood Securities Ltd and others v Financial Services Authority – WLR Daily

Posted April 27th, 2010 in appeals, financial regulation, law reports by sally

Winterflood Securities Ltd and others v Financial Services Authority [2010] EWCA Civ 423; [2010] WLR (D) 101

“The definition of market abuse in s 118 of the Financial Services and Markets Act 2000 did not require the person engaging in the behaviour in question to have intended to abuse the market and accordingly it was not essential for such an intention or purposes to be present for behaviour to fall below the objective standards expected. Moreover, the regulatory regime introduced by the Act and its Code of Conduct did not offend against the principle of legal certainty, once it was appreciated that the provisions of the Code, other than those falling within s 122(1) of the Act, were intended to have no more than evidential effect.”

WLR Daily, 26th April 2010

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.

Financial Services Act 2010

Posted April 12th, 2010 in financial regulation, legislation by sally

Financial Services Act 2010 published

Full text of Act (PDF)

Source: www.opsi.gov.uk

Former Merrill Lynch trader banned for five years – The Guardian

Posted March 17th, 2010 in banking, financial regulation, news, professional conduct by sally

“A former proprietary trader at  Merrill Lynch, who mispriced trades in a desperate bid to cover up some of the $456m (£300m) of losses he had racked up, was banned from working in the industry for at least five years.”

Full story

The Guardian, 16th March 2010

Source: www.guardian.co.uk