City watchdog slams own staff’s ‘shameful’ toilet habits – BBC News

Posted November 13th, 2019 in financial services ombudsman, news, ombudsmen, professional conduct, standards by sally

‘City of London regulators tasked with mucking out the financial stables have been making a “shameful” mess of their own, it has emerged.’

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BBC News, 13th November 2019

Source: www.bbc.co.uk

Regulator acts after ‘illegal’ airport parking scheme collapses – The Guardian

Posted October 21st, 2019 in airports, compensation, financial services ombudsman, news, parking by sally

‘Investors who put their money into an airport parking scheme that went into liquidation earlier this year are hoping for compensation after the Financial Conduct Authority announced it was taking legal action against those behind the scheme.’

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The Guardian, 20th October 2019

Source: www.theguardian.com

Merricks v Mastercard: £14bn appeal to be heard by Supreme Court – Law Society’s Gazette

‘The Supreme Court will rule on a landmark case that will test the standards applied to a Collective Proceedings Order in a major competition claim. Permission has been granted for the defendant in Merricks v Mastercard Incorporated & Anor to bring its appeal against a Court of Appeal ruling from April this year.’

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Law Society's Gazette, 4th October 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

City regulator bans high overdraft fees to reform ‘dysfunctional’ market – The Guardian

‘The City regulator has accused UK banks of causing “significant harm” to their most vulnerable customers as it pushes ahead with a ban on excessive overdraft fees.’

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The Guardian, 7th June 2019

Source: www.theguardian.com

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

‘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

Payday loan complaints reach five year high – BBC News

‘Complaints against payday lenders have soared to a five year high, the industry watchdog has said.’

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BBC News, 15th May 2019

Source: www.bbc.co.uk

£14bn group action kicked out of court – Law Society’s Gazette

‘A record-breaking collective claim against MasterCard was thrown out by the Competition Appeal Tribunal today in a major blow to the growth of funded class actions in the UK. The case, brought by former financial services ombudsman Walter Merricks on behalf of 46 million consumers who were alleged to be victims of excess ‘interchange fees’ charged by card companies, claimed £14bn in damages. It was the largest sum claimed in English legal history.’

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Law Society's Gazette, 21st July 2017

Source: www.lawgazette.co.uk

Financial Ombudsman still receiving thousands of PPI complaints – The Guardian

Posted September 6th, 2016 in complaints, financial regulation, financial services ombudsman, news by sally

‘The £37bn bill for payment protection insurance mis-selling by Britain’s banks is likely to escalate further after the Financial Ombudsman revealed that it continues to be inundated with complaints.’

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The Guardian, 6th September 2016

Source: www.guardian.co.uk

Regulator widens inquiry into UK firms’ links with Panama Papers tax havens – The Guardian

‘The City regulator has widened its inquiries into potential links between UK financial firms and the law company at the centre of the Panama Papers revelations, it said on Tuesday.’

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The Guardian, 26th April 2016

Source: www.guardian.co.uk

Supreme Court: ‘land bank’ was unauthorised collective investment scheme – OUT-LAW.com

Posted April 25th, 2016 in appeals, banking, financial services ombudsman, news, Supreme Court by sally

‘A ‘land bank’ arrangement which sold small plots of land to investors at “hugely inflated prices” was an unauthorised collective investment scheme (CIS) which ought to have been regulated by the Financial Conduct Authority (FCA), the UK’s highest court has confirmed.’

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OUT-LAW.com, 25th April 2016

Source: www.out-law.com

Opportunity doesn’t knock twice: recovering damages for consequential loss – Hardwicke Chambers

‘Today’s banks are in receipt of the largest fines ever imposed by the Financial Conduct Authority (FCA), or its predecessor the Financial Services Authority (FSA), and although they are taking responsibility for a number of failings (eg PPI, Derivatives, LIBOR and FOREX), restrictions on recovering loss, in particular where consequential loss is concerned, have come under significant scrutiny. This article examines the measure of loss in tort and contract, and particularly explores investors’ difficulties when making claims for loss of profit caused by mis selling.’

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Hardwicke Chambers, 31st March 2016

Source: www.hardwicke.co.uk

‘Disproportionate’ disclosure application denied in swaps mis-selling claim – Commercial Disputes Blog

‘In Claverton Holdings Ltd v Barclays Bank plc, the Commercial Court rejected an application by the claimant for specific disclosure against the defendant bank. The court found that the documents sought, which related to other mis-selling allegations against the bank employees featuring in the claimant’s case, would have little probative value and adducing them would place a disproportionate burden on the defendant.’

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Commercial Disputes Blog, 16th February 2016

Source: www.rpc.co.uk

The FCA and Upper Tribunal – Financial Services Blog

Posted February 22nd, 2016 in enforcement, financial services ombudsman, money laundering, news, tribunals by sally

‘The FCA’s “further decision notice” on Mr Tariq Carrimjee (senior partner and CEO of Somerset Asset Management) revealed that, the regulator has taken on board the Tribunal’s view that banning Mr Carrimjee from all regulated activity would be “irrational and disproportionate”, and it has instead decided to prohibit him from performing compliance oversight (CF10) and money laundering reporting functions (CF11).’

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Financial Services Blog, 15th February 2016

Source: www.rpc.co.uk

Savers pay hundreds for bank account mis-selling claims rejected by ombudsman – Daily Telegraph

‘Financial Ombudsman Service says claims made through third-party companies much less likely to be upheld.’

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Daily Telegraph, 20th February 2016

Source: www.telegraph.co.uk

City watchdogs investigate financial age discrimination – Daily Telegraph

‘The FCA may for the first time create special rules to protect the interests of the elderly.’

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Daily Telegraph, 20th February 2016

Source: www.telegraph.co.uk

MPs to debate whether Financial Conduct Authority is up to job of regulating City – The Guardian

Posted February 1st, 2016 in banking, financial regulation, financial services ombudsman, news, parliament by tracey

‘The Financial Conduct Authority is expected to face criticism on Monday when MPs debate a motion on whether it is up to the job of regulating behaviour in the City.’

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The Guardian, 31st January 2016

Source: www.guardian.co.uk

Are firms discriminating against you because of age? Here’s how to check – Daily Telegraph

‘We look at how the ombudsman deals with complaints about age discrimination.’

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Daily Telegraph, 25th November 2015

Source: www.telegraph.co.uk

Teenager killed himself hours after Wonga cleared out his account – The Guardian

‘A disabled teenager killed himself on the same day that the payday loans company Wonga cleared out his bank account, it has been revealed.’
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The Guardian, 25th September 2015

Source: www.guardian.co.uk

FCA to consult on issue of unsolicited marketing in consumer credit market this summer – OUT-LAW.com

‘The Financial Conduct Authority (FCA) is to consult on the issue of unsolicited marketing by consumer credit firms this summer, according to an answer given in the UK parliament.’

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OUT-LAW.com, 1st July 2015

Source: www.out-law.com