Category: financial regulation

In re Digital Satellite Warranty Cover Ltd and others – WLR Daily

Posted February 2nd, 2011 in financial regulation, insurance, law reports, warranties by sally

In re Digital Satellite Warranty Cover Ltd and others [2011] EWHC 122 (Ch); [2011] WLR (D) 28

“A contract for repair or replacement only in the event of breakdown or malfunction which did not oblige the insurer to indemnify the insured for costs which the insured himself incurred fell within para (b) of class 16 Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”

WLR Daily, 1st February 2011

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Housing and legal bodies warn of ‘dire consequences’ from new mortgage rules – The Guardian

Posted November 17th, 2010 in financial regulation, housing, mortgages, news by sally

“A coalition of the UK’s leading housing and legal organisations have written to Chancellor George Osborne warning of ‘dire consequences’ for homebuyers and the building industry if Financial Service Authority proposals for mortgage regulation are implemented.”

Full story

The Guardian, 16th November 2010

Source: www.guardian.co.uk

Takeover panel protects target companies with rule changes – OUT-LAW.com

Posted October 22nd, 2010 in financial regulation, news, shareholders, takeovers by sally

“Long term investors’ interests are too easily damaged by hostile takeovers, the Takeover Panel has said. It will amend the City’s rules on takeovers of publicly traded companies to protect the existing shareholders of target companies.”

Full story

OUT-LAW.com, 21st October 2010

Source: www.out-law.com

Goldman Sachs fined £20m by FSA – The Guardian

Posted September 9th, 2010 in banking, financial regulation, fines, news by sally

“The Financial Services Authority has fined Goldman Sachs £20m after the investment bank failed to tell the regulator a member of staff at the centre of fraud charges in the US was working in the UK.”

Full story

The Guardian, 9th September 2010

Source: www.guardian.co.uk

Fox Hayes partners face £1m fine – Law Society’s Gazette

Posted August 20th, 2010 in financial regulation, fines, fraud, news, tribunals by sally

“Eight former partners of collapsed Leeds firm Fox Hayes have been held personally responsible for a fine of nearly £1m which was levied against the firm 18 months ago by the Financial Services Authority and remains unpaid.”

Full story

Law Society’s Gazette, 19th August 2010

Source: www.lawgazette.co.uk

Three million in the queue for compensation over PPI mis-selling – The Guardian

Posted August 11th, 2010 in compensation, complaints, financial regulation, insurance, news, ombudsmen by sally

“Nearly three million people who took out payment protection insurance (PPI) sold by banks and other lenders could be in line for compensation totalling more than £2bn after the Financial Services Authority today issued new rules on how firms should handle the flood of complaints over mis-selling.”

Full story

The Guardian, 10th August 2010

Source: www.guardian.co.uk

RBS handed FSA’s biggest fine for money laundering lapses – The Guardian

Posted August 3rd, 2010 in banking, financial regulation, money laundering, news by sally

“Royal Bank of Scotland has been fined £5.6m by the Financial Services Authority for failing to adequately screen customers and payments to prevent its banks – RBS, NatWest, Ulster Bank and Coutts – from being used for money laundering or the financing of terrorist activities.”

Full story

The Guardian, 3rd August 2010

Source: www.guardian.co.uk

Regina v Rollins – WLR Daily

Posted August 2nd, 2010 in financial regulation, insider dealing, law reports, money laundering, Supreme Court by sally

Regina v Rollins [2010] UKSC 39; [2010] WLR (D) 210

“The power of the Financial Services Authority to institute criminal proceedings was not limited to the offences referred to in ss 401 and 402 of the Financial Services and Markets Act 2000; in particular the FSA had power to prosecute offences of money laundering under ss 327 and 328 of the Proceeds of Crime Act 2002.”

WLR Daily, 30th July 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

FSA to seek exemption for the City from from tough EU rules on bankers’ pay – Daily Telegraph

Posted July 8th, 2010 in banking, EC law, financial regulation, news, remuneration by sally

“The City watchdog is considering whether Britain can claim exemption from European laws that will introduce the toughest pay restrictions in the world.”

Full story

Daily Telegraph, 7th July 2010

Source: www.telegraph.co.uk

Court orders repayment of investors in alleged Ponzi scheme – The Guardian

Posted June 30th, 2010 in financial regulation, fraud, news by sally

“Three men accused of orchestrating a spectacularly ambitious Ponzi scheme from offices in Knightsbridge are unlikely to return much, if any, of £115m owed to investors, the Financial Services Authority said today after securing a high court order enforcing repayment.”

Full story

The Guardian, 29th June 2010

Source: www.guardian.co.uk

Government overhaul of financial regulation creates dangers, say experts – OUT-LAW.com

Posted June 18th, 2010 in banking, financial regulation, insurance, news by sally

“Plans for the shake-up of financial services regulation announced by UK Chancellor George Osborne last night raise more questions than answers, according to banking and financial legal experts.”

Full story

OUT-LAW.com, 17th June 2010

Source: www.out-law.com

FSA set to fine two banks for mishandling customer complaints – Daily Telegraph

Posted April 28th, 2010 in banking, complaints, financial regulation, fines, news by sally

“Two banks face a financial penalty for poor complaints handling after the Financial Services Authority (FSA) identified weaknesses in how they handled customer problems.”

Full story

Daily Telegraph, 28th April 2010

Source: www.telegraph.co.uk

Winterflood Securities Ltd and others v Financial Services Authority – WLR Daily

Posted April 27th, 2010 in appeals, financial regulation, law reports by sally

Winterflood Securities Ltd and others v Financial Services Authority [2010] EWCA Civ 423; [2010] WLR (D) 101

“The definition of market abuse in s 118 of the Financial Services and Markets Act 2000 did not require the person engaging in the behaviour in question to have intended to abuse the market and accordingly it was not essential for such an intention or purposes to be present for behaviour to fall below the objective standards expected. Moreover, the regulatory regime introduced by the Act and its Code of Conduct did not offend against the principle of legal certainty, once it was appreciated that the provisions of the Code, other than those falling within s 122(1) of the Act, were intended to have no more than evidential effect.”

WLR Daily, 26th April 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Financial Services Act 2010

Posted April 12th, 2010 in financial regulation, legislation by sally

Financial Services Act 2010 published

Full text of Act (PDF)

Source: www.opsi.gov.uk

Former Merrill Lynch trader banned for five years – The Guardian

Posted March 17th, 2010 in banking, financial regulation, news, professional conduct by sally

“A former proprietary trader at  Merrill Lynch, who mispriced trades in a desperate bid to cover up some of the $456m (£300m) of losses he had racked up, was banned from working in the industry for at least five years.”

Full story

The Guardian, 16th March 2010

Source: www.guardian.co.uk

Couple charged as FSA clamps down on insider dealing – The Guardian

Posted March 16th, 2010 in extradition, financial regulation, insider dealing, news by sally

“A former Dresdner Kleinwort investment banker and his wife have been charged with insider dealing as part of an ongoing effort by the Financial Services Authority to crack down on market abuse, which the watchdog admitted over the weekend was still ‘unacceptably high’ in the City.”

Full story

The Guardian, 15th March 2010

Source: www.guardian.co.uk

Ex-Cazenove partner Malcolm Calvert guilty of insider dealing – The Guardian

Posted March 11th, 2010 in financial regulation, insider dealing, news by sally

“A former top executive at one of the City’s most prestigious banks faces jail after being found guilty of insider dealing.”

Full story

The Guardian, 10th March 2010

Source: www.guardian.co.uk

Regina (Amro International SA and another) v Financial Services Authority and others – WLR Daily

Posted February 25th, 2010 in appeals, disclosure, financial regulation, foreign jurisdictions, law reports by sally

Regina (Amro International SA and another) v Financial Services Authority and others [2010] EWCA Civ 123; [2010] WLR (D) 50

“Co-operation between national financial regulators was of the greatest importance, particularly where there were suspicions or allegations of fraud. The Financial Services Authority was entitled to assist the US Security and Exchange Commission in a share fraud investigation without subjecting its request for help to critical examination. The FSA was required only to comply with the requirements of statute, and the terms of memoranda of understanding were immaterial. There was no requirement to provide notice under s 170(2) of the Financial Services and Markets Act 2000.”

WLR Daily, 24th February 2010

Source: www.lawreports.co.uk

Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

FSA promises tougher line on change of control breaches – OUT-LAW.com

Posted February 24th, 2010 in control orders, financial regulation, fines, news by sally

“A billion-pound property fund was fined £1,000 this week for breaching takeover rules. But a change in the law means similar offences in future could attract unlimited penalties.”

Full story

OUT-LAW.com, 18th February 2010

Source: www.out-law.com

Fiscal Responsibility Act 2010

Posted February 15th, 2010 in budgets, financial regulation, legislation by sally

Fiscal Responsibility Act 2010 published

Full text of Act

Source: www.opsi.gov.uk