Professional Disciplinary Case Digest – Cloisters
‘A summary of legally noteworthy judicial reviews and High Court appeals regarding professional disciplinary panels and their decisions.’
Cloisters, 11th May 2017
Source: www.cloisters.com
Category: financial regulation
Retail banking business models under strategic review by UK regulator – OUT-LAW.com
‘The UK’s Financial Conduct Authority (FCA) has opened a review into business models in retail banking to assess the impact those models are having on competition and conduct in the market.’
OUT-LAW.com, 12th May 2017
Source: www.out-law.com
Right to damages for ‘unreasonably’ late insurance claims settlement now in force – OUT-LAW.com
‘Business and consumer insurance policyholders may now pursue their insurers in the courts if they do not settle claims within a reasonable amount of time.’
OUT-LAW.com, 8th May 2017
Source: www.out-law.com
No direct right in restitution against HMRC for investment trust companies, rules Supreme Court – OUT-LAW.com
‘A group of investment trust companies (ITCs) cannot make out an ‘unjust enrichment’ claim against HM Revenue and Customs (HMRC) in order to recover VAT paid to their investment managers (managers) due to a mistake of law, the UK’s highest court has ruled.’
OUT-LAW.com, 25th April 2017
Source: www.out-law.com
FCA to review investment platform market – OUT-LAW.com
‘The Financial Conduct Authority (FCA) will carry out an investment platforms market study in the coming year, it has announced.’
OUT-LAW.com, 20th April 2017
Source: www.out-law.com
City watchdogs could ban ‘irresponsible’ car loans in new investigation – Daily Telegraph
‘”Irresponsible” car loans will be probed by the City watchdog amid suggestion that drivers could soon be made to pass mortgage-style affordability tests before leasing new motors.’
Daily Telegraph, 18th April 2017
Source: www.telegraph.co.uk
BREXIT: Banks told to show Brexit plans to PRA – OUT-LAW.com
‘The Bank of England has written to UK financial services firms asking them to send a summary of their contingency plans for Brexit to the Prudential Regulatory Authority (PRA) by July.’
OUT-LAW.com, 10th April 2017
Source: www.out-law.com
Whistleblowing: Would you blow the whistle on your boss? What protections do you get? – The Independent
‘Some people may prefer the quiet life choosing not to rock the boat unless they really have to. Others could feel that the only correct thing to do is to spill the beans.’
The Independent, 10th April 2017
Source: www.independent.co.uk
The Calumny of Bankers: Who’d be a Senior Manager now? – Littleton Chambers
‘In 1494 Botticelli completed painting “the Calumny of Apelles.” It depicts an innocent painter, Apelles, who has been wrongly accused of capital crimes, dragged before the King’s throne by personifications of Slander, Ignorance, Suspicion and Envy. It hangs in the Uffizi today and is thought to have been commissioned by a Florentine banker. In the story Apelles is pardoned from death at the last minute when a third party tells the king that he could not possibly have committed the offence, but the painting captures the moment when Apelles seems inevitably about to meet a sticky end, surrounded and almost entirely enveloped by Slander, Ignorance and Suspicion. Was this commissioned by a worried banker, concerned that he might meet his professional end without the ability to put the record straight or see the underlying disclosure? In Renaissance Florence this is unlikely but it does seem to reflect (at least some) of the anxieties of those who work in regulated professions today, that they may be hampered from obtaining future employment because of their previous employer’s interactions with a regulator.’
Littleton Chambers, 3rd April 2017
Source: www.littletonchambers.com
Whose Rights are they anyway? Supreme Court gives judgment in FCA v Macris – Blackstone Chambers
‘Criticism can hurt. Public criticism by a regulator taking enforcement action can hurt more. The law has long sought to ensure that those potentially subject to criticism have an opportunity to answer what is said against them.’
Blackstone Chambers, 5th April 2017
Source: www.blackstonechambers.com
A Brave New World: Partly Contesting FCA Enforcement Proceedings – Blackstone Chambers
‘Until 1 March 2017, people subject to FCA enforcement proceedings faced a binary choice: either settle or contest. That is no longer so. A key change to the FCA’s enforcement process in a recent policy statement has now taken effect: the introduction of partly contested cases. This new option will no doubt be of considerable interest to the regulated community and their legal advisers.’
Blackstone Chambers, 5th April 2017
Source: www.blackstonechambers.com
FCA considers shake-up of credit card market to help consumers struggling with persistent credit card debt – OUT-LAW.com
‘Credit card companies could be required to take more active measures to help customers struggling with persistent debts, under plans outlined by the UK’s City regulator.’
OUT-LAW.com, 4th April 2017
Source: www.out-law.com
City watchdog fines banker for using WhatsApp in industry first – Daily Telegraph
‘The UK’s financial watchdog has fined a former investment banker more than £37,000 after he used WhatsApp to leak information and “impress” a friend.’
Daily Telegraph, 30th March 2017
Source: www.telegraph.co.uk
Supreme Court backs regulator in investment bank management identification case – OUT-LAW.com
‘The Financial Conduct Authority (FCA) did not improperly identify a manager at an investment bank in its final notice imposing a fine on that bank for losses incurred in a particular part of the business, the Supreme Court has ruled.’
OUT-LAW.com, 27th March 2017
Source: www.out-law.com
Tesco fined £129m for overstating profits – BBC News
‘Tesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.’
BBC News, 28th March 2017
Source: www.bbc.co.uk
Payday loans complaints rise 22% despite FCA clampdown – The Guardian
‘Complaints to the financial ombudsman about payday loans have risen to almost 200 a week – and not all of those experiencing problems necessarily fit the image of low-income borrowers relying on short-term loans to get by.’
The Guardian, 28th February 2017
Source: www.guardian.co.uk
Directors could face ‘disciplinary action’ for financial reporting breaches, under FRC plans -OUT-LAW.com
‘Company directors could face “disciplinary action” over breaches of financial reporting rules under new plans announced by the Financial Reporting Council (FRC).’
OUT-LAW.com, 17th February 2017
Source: www.out-law.com
UK bosses face tougher punishments over corporate pay rules – The Guardian
‘Boardroom bosses face tougher punishments when they break financial reporting rules under proposals being submitted to the government by the body which polices corporate behaviour.’
The Guardian, 16th February 2017
Source: www.guardian.co.uk
Knowing where your data is processed in the cloud not central to exercising control over it, says expert – OUT-LAW.com
‘It should not be obligatory for banks in the UK to pre-agree where their data will be processed and stored when contracting with cloud service providers.’
OUT-LAW.com, 13th February 2017
Source: www.out-law.com
FCA overhaul risks deluge of contested enforcement probes – Daily Telegraph
‘The City watchdog has unveiled plans to overhaul the way it carries out enforcement investigations to make it easier for firms and individuals to dispute probes, sparking speculation the regulator could now become swamped in even lengthier cases.’
Daily Telegraph, 1st February 2017
Source: www.telegraph.co.uk
