“English Premier League football clubs could set new records for spending on player transfers in the years to come despite being subject to new financial controls, an expert has said.”
OUT-LAW.com, 4th September 2013
Source: www.out-law.com
“Around 7 million people are set to share up to £1.3bn in compensation after 13 high street banks and credit card companies agreed to offer redress for mis-sold credit card and identity theft protection.”
The Guardian, 22nd August 2013
Source: www.guardian.co.uk
“Two in three customers who complain to the Financial Ombudsman about the mis-selling of paid-for bank accounts are successfully winning money back or compensation, figures show.”
Daily Telegraph, 7th August 2013
Source: www.telegraph.co.uk
“A decision by the Financial Services Authority to take no further action against the addressee of a warning notice or decision notice did not become irrevocable or take effect as a discontinuance of proceedings unless it had been communicated to that individual by a notice in accordance with section 389 of the Financial Services and Markets Act 2000.”
WLR Daily, 29th July 2013
Source: www.iclr.co.uk
“Gurprit Mattu gives an overview of the newly formed FCA and the workings of the Enforcement and Financial Crime Division. During her time at the FSA/FCA she has been able to see the transition from the old to the new regulator at first hand.”
Full story (PDF)
Dyers Chambers, 11th July 2013
Source: www.dyerschambers.com
On 20th June 2013, Tom Hayes, a former trader with UBS, appeared before Westminster Magistrates Court charged with eight counts of fraud. He is the first individual to be prosecuted as a result of the SFO’s investigation into the LIBOR scandal. Peter Caldwell reviews the background to the investigation and examines the challenges that lie ahead for the Serious Fraud Office.
Full story (PDF)
Dyers Chambers, 11th July 2013
Source: www.dyerschambers.com
“Almost a third of the payday lenders ordered to clean up their practices have opted to withdraw from the industry, the Office of Fair Trading has revealed, as the deadline for firms to respond passed.”
The Guardian, 30th July 2013
Source: www.guardian.co.uk
“Royal Bank of Scotland has been fined £5.6m by British regulators after it was found to have incorrectly reported or altogether forgotten to disclose details of more than a third of the trades handled by its investment banking arm.”
Daily Telegraph, 24th July 2013
Source: www.telegraph.co.uk
“The city regulator has suffered a huge blow to its reputation after one of its biggest financial crime cases, against four former company directors of iSoft, collapsed over a missing file.”
The Guardian, 22nd July 2013
Source: www.guardian.co.uk
“Members of Dyers Chambers review developments across the spectrum of corporate crime and financial regulation, including updates on LIBOR, Sanctions, DPAs and Fraud Sentencing.”
Full story (PDF)
Dyers Chambers, 11th July 2013
Source: www.dyerschambers.com
“The new general anti-abuse rule (GAAR) is now in force, preventing artificial and abusive tax avoidance schemes that fail to pass a ‘double reasonableness’ test.”
OUT-LAW.com, 18th July 2013
Source: www.out-law.com
“High Street insurer Swinton has been fined over £7 million for its ‘aggressive’ mis-selling of monthly add-on insurance policies to telephone customers, the Financial Conduct Authority (FCA) has announced.”
OUT-LAW.com, 18th July 2013
Source: www.out-law.com
“A firm which deals with complaints for Phones 4U has been fined £2.8m for wide-ranging failures in dealing with gripes about mobile insurance policies.”
BBC News, 3rd July 2013
Source: www.bbc.co.uk
“The Government is not planning to combine the roles of the Pensions Regulator and the Financial Conduct Authority (FCA) to create a single regulator of workplace defined contribution (DC) pension schemes, it has confirmed.”
OUT-LAW.com, 2nd July 2013
Source: www.out-law.com
HM Revenue and Customs (HMRC) is preparing to de-register up to 500 pension providers as part of its ‘pension liberation’ compliance efforts, according to press reports.
OUT-LAW.com, 2nd July 2013
Source: www.out-law.com
“A crackdown on payday loan advertising is on the cards following a summit between regulators, ministers and lenders to address concerns over widespread problems in the sector.”
The Guardian, 1st July 2013
Source: www.guardian.co.uk
“Banks will be required to cancel continuous payments often used by gyms and payday lenders when asked to do so by customers, following an investigation by the Financial Conduct Authority (FCA).”
The Guardian, 28th June 2013
Source: www.guardian.co.uk
“Millions of people should now receive better protection from their mobile phone insurance after an investigation by the main City regulator uncovered examples of ‘unfair’ terms, poor product design and inadequate complaints handling.”
The Guardian, 27th June 2013
Source: www.guardian.co.uk
Emptage v Financial Services Compensation Scheme Ltd: [2013] EWCA Civ 729; [2013] WLR (D) 242
“Where a broker had negligently advised a client to take out an interest-only mortgage and make an investment in foreign property in the expectation that the investment would pay off the entirety of the mortgage, the Financial Services Compensation Scheme Ltd was required to take into account both elements of the advice when assessing the client’s compensation for the broker’s breach of duty as a mortgage adviser under the scheme’s rules.”
WLR Daily, 18th June 2013
Source: www.iclr.co.uk
“(on the application of Christopher Wilford) v The Financial Services Authority [2013] EWCA Civ 677. This Court of Appeal judgment further reduces the scope for judicial review of a Decision Notice issued by the Financial Services Authority (‘the FSA’, now the Financial Conduct Authority). Indeed it comes close to excluding judicial review of these Notices. This is because there is a statutory mechanism for challenging Decision Notices. This case sheds light on the very limited role of judicial review where there is such a statutory right.”
UK Human Rights Blog, 21st June 2013
Source: www.ukhumanrightsblog.com
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