Category: financial regulation

FCA New Approach to Claims Management Regulation – St Pauls Chambers

Posted December 4th, 2019 in claims management, financial dispute resolution, financial regulation, news, ombudsmen by sally

‘In April 2019, the FCA (Financial Conduct Authority) became the new regulator of Claims Management businesses (CMCs). At the same time, the Financial Ombudsman Service became responsible for resolving customer disputes about CMSs. In June 2018, the FCA issued a consultation paper (CP 18/15) which proposed a new Claims Management: Conduct of Business Sourcebook [CMCOB] and to apply relevant parts of the existing FCA Handbook.’

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St Pauls Chambers, 28th November 2019

Source: www.stpaulschambers.com

Environmental Law Podcast – November 2019 – Six Pump Court

Posted November 26th, 2019 in environmental protection, financial regulation, news, nuisance, pollution by sally

‘The latest monthly environmental law news podcast presented by Christopher Badger and Mark Davies in association with LexisPSL, is now available.’

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Six Pump Court, 22nd November 2019

Source: www.6pumpcourt.co.uk

The CumEx trading scandal: What are the implications for the UK? – 5SAH

Posted November 26th, 2019 in financial regulation, news, shareholders, tax avoidance, taxation by sally

‘“CumEx” is a controversial dividend arbitrage stock trading practice currently under investigation in several European jurisdictions with, to date, limited involvement from the UK authorities. It allegedly caused significant losses to various EU treasuries, which are currently engaged in civil proceedings, regulatory settlements and criminal proceedings, including against two former London traders who are currently on trial for tax fraud in Germany.’

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5SAH, 19th November 2019

Source: www.5sah.co.uk

FCA to ban promotion of mini-bonds to small investors – The Guardian

Posted November 26th, 2019 in advertising, financial regulation, internet, news by tracey

‘The City watchdog is to ban the promotion of speculative mini-bonds to small investors after facing severe criticism over its handling of the collapse of London Capital & Finance.’

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The Guardian, 26th November 2019

Source: www.theguardian.com

Hawala: why it is used and what family practitioners should know about it – Family Law Week

Posted November 21st, 2019 in anonymity, banking, families, financial regulation, immigration, international trade, money laundering, news, tax evasion by tracey

‘Byron James, Partner and Head of Expatriate Law in Dubai, explains the challenges presented to family lawyers by the effective method of anonymous international money transfer system used around the world.; why and what family practitioners should know about it.’

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Family Law Week, 20th November 2019

Source: www.familylawweek.co.uk

Recent Changes to the Financial Ombudsman Service – Hardwicke Chambers

Posted November 20th, 2019 in financial regulation, jurisdiction, news, ombudsmen by sally

‘On 1 April 2019, the Financial Conduct Authority (FCA) enacted new rules that substantially expanded the jurisdiction of the Financial Ombudsman Service (FOS). Whereas previously it was limited to awarding complainants redress of £150k, that figure is now £350k. In addition, the categories of eligible complainant will now include not only individuals and ‘micro enterprises’ but also SMEs (small to medium enterprises) whose turnover is below £6.5m and who have either less than 50 employees or a balance sheet total of less than £5m.’

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Hardwicke Chambers, 13th November 2019

Source: hardwicke.co.uk

Cryptoassets and smart contracts valid in English law – Law Society’s Gazette

Posted November 18th, 2019 in computer programs, cryptocurrencies, documents, electronic filing, financial regulation, news by sally

‘Assets and contracts created with blockchain-type encryption technology have validity under existing English law, a high-powered group of legal experts chaired by a senior member of the judiciary reported today.’

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Law Society's Gazette, 18th Novembe 2019

Source: www.lawgazette.co.uk

FCA announces ‘illiquid’ fund category, among other new rules – OUT-LAW.com

Posted October 3rd, 2019 in disclosure, financial regulation, financial services ombudsman, news by tracey

‘Certain open-ended retail funds that invest primarily in ‘illiquid’ assets, such as property, will be subject to new rules from next year, the Financial Conduct Authority (FCA) has announced.’

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OUT-LAW.com, 1st October 2019

Source: www.pinsentmasons.com

Banking regulation after Brexit – OUP Blog

Posted October 1st, 2019 in banking, brexit, financial regulation, news by sally

‘It is a truism that Brexit will have a significant impact on banks and the wider financial services industry. The loss of passports by UK firms has received some attention from the non-specialist media, and is relatively well-understood. However, the loss of passports, significant as it is, is just one of many issues. Others have received no or little coverage outside the industry. In this blog, we will touch upon some of them. To do so, we need to step back and consider the very legal nature of a bank.’

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OUP Blog, 30th September 2019

Source: blog.oup.com

Parliament to launch inquiry into football finances following Bury’s demise – Daily Telegraph

Posted September 6th, 2019 in financial regulation, inquiries, news, parliament, sport by tracey

‘A parliamentary inquiry has been launched into the Football Association and English Football League’s financial governance of clubs following the expulsion of Bury FC from the Football League.’

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Daily Telegraph, 5th September 2019

Source: www.telegraph.co.uk

Solicitor General’s speech at Cambridge Symposium on Economic Crime 2019 – Attorney General’s Office

Posted September 5th, 2019 in attorney general, bribery, crime prevention, Crown Prosecution Service, financial regulation, fraud, money laundering, solicitors, speeches by tracey

‘The Solicitor General discusses some of the UK’s key successes in tackling economic crime and the UK government’s ambitious Economic Crime Plan.’

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Attorney General’s Office, 2nd September 2019

Source: www.gov.uk/ago

Government criticised for giving banks key oversight role over fraud and money laundering policy – The Independent

Posted July 15th, 2019 in banking, financial regulation, fraud, money laundering, news by tracey

‘Government plans to combat money laundering, fraud and other economic crimes have come under fire for allowing banks that have previously been implicated in wrongdoing to play a key role in writing the new rules.’

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The Independent, 13th July 2019

Source: www.independent.co.uk

FCA proposes ban on cryptocurrency products – The Guardian

Posted July 3rd, 2019 in consumer protection, cryptocurrencies, electronic commerce, financial regulation, news by sally

‘The UK’s markets regulator has proposed a ban on financial instruments linked to digital “cryptocurrencies” such as Bitcoin, warning that such products could cause huge losses for retail consumers unlikely to understand their risks or value.’

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The Guardian, 3rd July 2019

Source: www.theguardian.com

Regulator considers cap on fees charged by personal injury CMCs – Legal Futures

Posted June 25th, 2019 in claims management, fees, financial regulation, news, personal injuries by sally

‘The Financial Conduct Authority (FCA) is to explore whether to use its power to cap the fees charged by personal injury claims management companies (CMCs), it has emerged.’

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Legal Futures, 24th June 2019

Source: www.legalfutures.co.uk

Consumers being badly advised on pensions, says regulator – The Guardian

Posted June 19th, 2019 in consumer protection, financial advice, financial regulation, news, pensions by tracey

‘The City watchdog has raised fresh concerns that thousands of consumers are being wrongly advised to cash in their defined benefit pension, putting them at greater risk of financial insecurity in old age.’

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The Guardian, 19th June 2019

Source: www.theguardian.com

High court judge leads inquiry into London Capital & Finance scandal – The Guardian

Posted May 24th, 2019 in banking, bankruptcy, debts, financial regulation, financial services ombudsman, inquiries, news by tracey

‘The government has launched an independent inquiry into the collapse of London Capital & Finance, the investment firm at the centre of a mounting £236m financial scandal in which thousands of investors lost money. Dame Elizabeth Gloster, a leading high court judge specialising in corporate failures, finance and fraud, will lead the investigation into the company and the oversight of the City watchdog ahead of its collapse.’

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The Guardian, 23rd May 2019

Source: www.theguardian.com

Financial regulators focus on climate change risk – OUT-LAW.com

Posted May 22nd, 2019 in climate change, consultations, environmental protection, financial regulation, insurance, news by sally

‘In early May the UK government became the first in the world to declare an environment and climate change emergency. The impact of climate change will affect every aspect of daily life, and generates a number of significant financial risks.’

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OUT-LAW.com, 21st May 2019

Source: www.out-law.com

What are the rules for donating to UK political parties? – The Guardian

Posted May 22nd, 2019 in budgets, elections, financial regulation, internet, news, political parties by sally

‘The Brexit party funding row shows how technology has outpaced electoral law.’

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The Guardian, 21st May 2019

Source: www.theguardian.com

City watchdog told to review London Capital & Finance collapse – The Guardian

Posted April 2nd, 2019 in banking, compensation, financial regulation, fraud, inquiries, insolvency, interest, news, ombudsmen, victims by tracey

‘Government orders FCA inquiry into £236m scandal surrounding investment firm.’

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The Guardian, 1st April 2019

Source: www.theguardian.com

Financial ombudsman clarifies Equality Act powers – OUT-LAW.com

Posted April 1st, 2019 in equality, financial regulation, news, ombudsmen by sally

‘The head of the UK’s Financial Ombudsman Service (FOS) has confirmed that the body has the power to require financial services firms to make reasonable adjustments for consumers with disabilities or to stop discriminating against people with other ‘protected characteristics’ where it considers they have not been treated fairly, and has already done so on occasion.’

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OUT-LAW.com, 29th March 2019

Source: www.out-law.com