Watchdog investigates firms over hidden fees – Daily Telegraph

Posted October 9th, 2018 in consumer protection, fees, financial regulation, news by tracey

‘A number of financial services firms that have failed to transparently declare what they charge their customers are being investigated by the industry watchdog, the Financial Conduct Authority (FCA).’

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Daily Telegraph, 8th October 2018

Source: www.telegraph.co.uk

Freezing injunction duty of disclosure ‘should not be taken lightly’ – OUT-LAW.com

Posted September 4th, 2018 in disclosure, financial regulation, injunctions, news by sally

‘The High Court has discharged a $3 billion worldwide freezing order (WFO) granted in favour of the sovereign wealth fund of Angola due to “serious and substantial” breaches of its duty to provide full and frank disclosure of all material facts in the case.’

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OUT-LAW.com, 30th August 2018

Source: www.out-law.com

Push payment fraud victims ‘not automatically negligent’ – OUT-LAW.com

Posted September 3rd, 2018 in banking, compensation, financial regulation, fraud, news, ombudsmen by sally

‘The Financial Ombudsman Service (FOS) will be looking for “clear evidence” that banks have properly investigated claims by customers for compensation in cases of suspected authorised push payment (APP) fraud.’

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OUT-LAW.com, 30th August 2018

Source: www.out-law.com

Pensions: don’t cash out of defined benefits, warns regulator – The Guardian

Posted August 29th, 2018 in financial regulation, news, pensions by sally

‘Pension schemes are being warned they may be being too generous when offering cash lump sums to people considering transferring out of their gold-plated deals.’

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The Guardian, 29th August 2018

Source: www.theguardian.com

Deal or No-deal? Brexit and financial services – Technology Law Update

Posted August 24th, 2018 in brexit, EC law, financial regulation, international trade, news by sally

‘On Monday, the Department for Exiting the EU published a presentation explaining the UK Government’s vision for the future UK-EU partnership on financial services, seeking to establish the principles of autonomy, bilaterality and co-operation.’

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Technology Law Update, 23rd August 2018

Source: www.technology-law-blog.co.uk

Big CMCs to be hit hardest as FCA seeks £17m – Legal Futures

‘The big claims management companies (CMCs) will be hit hardest by fee increases planned by the Financial Conduct Authority (FCA) to fund the £17m cost of their new regulatory regime, it has emerged.’

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Legal Futures, 23rd August 2018

Source: www.legalfutures.co.uk

Banks subject to UK disclosures on security and outage incidents – OUT-LAW.com

Posted August 23rd, 2018 in banking, computer crime, disclosure, financial regulation, news by sally

‘Rules requiring banks to publically disclose how often they have had to report major operational and security incidents have taken effect in the UK.’

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OUT-LAW.com, 22nd August 2018

Source: www.out-law.com

UK accounting regulator fines KPMG £2.1 million after misconduct admission – OUT-LAW.com

Posted August 21st, 2018 in auditors, financial regulation, fines, news, professional conduct by sally

‘The UK’s accountancy regulator, the Financial Reporting Council (FRC) has fined KPMG £2.1 million after an investigation into audits of fashion company Ted Baker.’

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OUT-LAW.com, 20th August 2018

Source: www.out-law.com

Watchdog berates PwC over ‘misleading’ BHS accounts – The Guardian

Posted August 16th, 2018 in accountants, auditors, financial regulation, news, reports by sally

‘BHS’s accounts were misleading and featured unrealistic forecasts before Sir Philip Green sold the now collapsed department store chain, according to a report into the role of the retailer’s auditor, PwC.’

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The Guardian, 15th August 2018

Source: www.theguardian.com

FCA open to ‘broad range’ of post-Brexit bank structures – OUT-LAW.com

Posted August 14th, 2018 in banking, financial regulation, news by sally

‘UK banks will be given some flexibility when deciding how best to ensure that they can continue to serve customers in the EU after Brexit, the Financial Conduct Authority (FCA) has said.’

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OUT-LAW.com, 13th August 2018

Source: www.out-law.com

UK loan-based crowdfunding platforms face tighter regulation – OUT-LAW.com

Posted July 31st, 2018 in consumer protection, financial regulation, loans, news by sally

‘The largest loan-based crowdfunding platforms operating in the UK could be required to establish “an independent compliance function” and “independent risk and internal audit functions”, according to new rules proposed by the Financial Conduct Authority (FCA).’

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OUT-LAW.com, 31st July 2018

Source: www.out-law.com

UK regulators could enforce minimum interest rate for savers – The Guardian

Posted July 26th, 2018 in banking, consumer protection, financial regulation, interest, news by sally

‘Banks could be forced to pay savers a minimum interest rate after City regulators found that longstanding customers in instant access accounts are paid derisory rates because of their apathy about switching providers.’

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The Guardian, 25th July 2018

Source: www.theguardian.com

Financial regulator mulls ‘duty of care’ and new damages regime – OUT-LAW.com

‘The FCA is seeking views on whether there is a need for a new customer “duty of care” or “fiduciary duty”, or whether the existing rules already provide sufficient protections for consumers. It is also seeking views on a new right for consumers to seek private damages against firms which have breached the new duty or the regulatory principles set out in the FCA Handbook, particularly the requirement to “treat customers fairly”.’

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OUT-LAW.com, 23rd July 2018

Source: www.out-law.com

FCA must act in wake of judge’s criticism of failure to bring top bankers to book for Libor scandal – The Independent

Posted June 22nd, 2018 in banking, financial regulation, interest, news by tracey

‘A judge’s sharp criticism of the Financial Conduct Authority for its failure to go after top bankers has put a cat right into the middle of the City regulator’s pigeons.’

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The Independent, 21st June 2018

Source: www.independent.co.uk

FCA unveils beefed-up regulatory regime for claims management companies – Legal Futures

Posted June 6th, 2018 in claims management, consultations, financial regulation, news by tracey

‘The Financial Conduct Authority (FCA) has set out the more stringent regime it intends to apply to claims management companies (CMCs) when it takes over their regulation on 1 April 2019.’

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Legal Futures, 6th June 2018

Source: www.legalfutures.co.uk

TSB investigated over IT meltdown – BBC News

‘A computer failure at TSB that caused up to 1.9 million people to lose access to online banking services is being investigated by the financial regulator.’

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BBC news, 6th June 2018

Source: www.bbc.co.uk

Crackdown on high-interest lending announced by FCA – BBC News

Posted May 31st, 2018 in consumer credit, financial regulation, loans, news by sally

‘The rent-to-own sector faces a price cap similar to limits on payday loans, but the financial regulator will not rush to impose the same restrictions on overdrafts.’

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BBC News, 31st May 2018

Source: www.bbc.co.uk

New Acts – legislation.gov.uk

Financial Guidance and Claims Act 2018

Laser Misuse (Vehicles) Act 2018

Source: www.legislation.gov.uk

City firms launch review into dispute resolution for companies wronged by banks after RBS scandal – Daily Telegraph

‘City firms have launched a review into dispute resolution for companies wronged by banks, in the wake of the scandal over RBS’s mistreatment of small businesses. UK Finance, the lobby group for 300 British finance companies, has commissioned an independent study to analyse how complaints and disputes can be resolved in a more time and cost effective manner.’

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Daily Telegraph, 29th April 2018

Source: www.telegraph.co.uk

Former BHS owner Chappell faces boardroom ban but Sir Philip Green escapes sanction over collapse – Daily Telegraph

Posted March 28th, 2018 in company directors, financial regulation, insolvency, news, pensions, sanctions by tracey

‘Former BHS owner Dominic Chappell will be banned from serving as company director for up to 15 years over his role in the the high street chain’s collapse, while its previous owner Sir Philip Green will escape any sanction. The Insolvency Service said that the retail mogul Sir Philip, who sold BHS to thrice bankrupt Mr Chappell little over a year before its demise for £1, will not face further action.’

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Daily Telegraph, 27th March 2018

Source: www.telegraph.co.uk