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
Category: financial regulation
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
BREXIT: FCA head asks for EU access for banks that conform to ‘global standards’ – OUT-LAW.com
‘Access to the EU’s financial markets should be based on common recognition of global standards instead of the current “granular, technical and detailed” legislation, the head of the UK’s Financial Conduct Authority (FCA) has said.’
OUT-LAW.com, 30th January 2017
Source: www.out-law.com
Whistleblower wins 13-year campaign against HSBC – The Guardian
‘A lone whistleblower has won a 13-year “David and Goliath battle” against HSBC and Britain’s chief financial watchdog, resulting in a multimillion-pound compensation payout to thousands of people.’
The Guardian, 20th January 2017
Source: www.guardian.co.uk
FCA to review ‘close relationships’ in mortgage market – The Guardian
‘Britain’s financial watchdog has launched a review of the mortgage market that will probe the “inducements” routinely paid to brokers and other industry players, to see whether consumers are losing out as a result.’
The Guardian, 12th December 2016
Source: www.guardian.co.uk
FCA seeks reforms in 2017 to some crowdfunding rules – OUT-LAW.com
‘The Financial Conduct Authority (FCA) will seek to address potential investor detriment by outlining proposed reforms to crowdfunding rules in the early part of 2017, the regulator has said.’
OUT-LAW.com, 9th December 2016
Source: www.out-law.com
Brave new world – Counsel
‘How will losing passporting rights affect the UK’s financial services sector? Saima Hanif argues that the equivalence regime is not a satisfactory alternative.’
Counsel, December 2016
Source: www.counselmagazine.co.uk
FCA to crack down on crowdfunding – The Guardian
‘The City regulator has announced a crackdown on crowdfunding – the fast-growing sector that lets businesses and individuals raise money from online investors.’
The Guardian, 9th December 2016
Source: www.guardian.co.uk
Home Secretary’s speech to the FCA’s Financial Crime Conference – Home Office
‘Home Secretary Amber Rudd gave a speech on economic crime at the Financial Conduct Authority annual crime conference on 10 November 2016.’
Home Office, 14th November 2016
Source: www.gov.uk/home-office
Reform of proceeds of crime laws by Law Commission urgently needed, says expert – OUT-LAW.com
‘The current regime of confiscation orders is failing to deprive criminals of the proceeds of their crimes. The Law Commission of England and Wales must seize the opportunity to reform the law in this area as part of its 13th programme of law reform.’
OUT-LAW.com, 8th November 2016
Source: www.out-law.com
Moving on from Bolam – the High Court applies the Montgomery v Larnarkshire test in a financial professionals – Hailsham Chambers
‘The High Court has for the first time outside a medical context declined to apply the traditional Bolam v Friern Barnet Hospital Management Committee [1957] 1 WLR 582 test for the standard of care in favour of the new test in Montgomery v Larnarkshire Health Board [2015] AC 1430. Coutts, the private bank, was found to owe a duty to take reasonable care to ensure that their clients were aware of the risks of suggested investments. This is an important development in professional negligence law and one that may have far-reaching consequences.’
Hailsham Chambers, 3rd November 2016
Source: www.hailshamchambers.com
FCA to investigate banks’ high-cost credit including overdrafts – The Guardian
‘The City regulator is to launch an investigation into loans that charge high interest rates in a move that will also wade into the controversy over fees on overdrafts. The decision by the Financial Conduct Authority (FCA) to look at overdraft charges comes after the Competitition and Markets Authority stepped back from imposing a limit on these fees after a two-year investigation into high-street banking.’
The Guardian, 3rd November 2016
Source: www.guardian.co.uk
FCA increasingly favouring criminal prosecution in insider dealing cases, says expert – OUT-LAW.com
‘The number of criminal investigations into cases of insider dealing opened by UK regulators increased by 175% over the last financial year and early figures indicate the total for 2016/17 will be higher still, an expert has said.’
OUT-LAW.com, 3rd October 2016
Source: www.out-law.com
Regulatory focus on data access restrictions could impact Uber, retailers, insurers and car manufacturers, says expert – OUT-LAW.com
‘Retailers, insurers, car manufacturers and the fast-growing software company Uber are among the businesses that should take note of the increased regulatory scrutiny being placed on restrictions of access to data.’
OUT-LAW.com, 26th September 2016
Source: www.out-look.com
Decades-old legal test not suitable for assessing if investment advice met professional standards, says High Court – OUT-LAW.com
‘A long-standing legal test, that helps to determine whether professionals meet their duty of care to clients is not appropriate for determining whether UK investment advisers have sufficiently communicated with investors to be said to have provided suitable advice, the UK High Court has said.’
OUT-LAW.com, 20th September 2016
Source: www.out-law.com
Financial Ombudsman still receiving thousands of PPI complaints – The Guardian
‘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.’
The Guardian, 6th September 2016
Source: www.guardian.co.uk
