Category: financial regulation

Banking regulation after Brexit – OUP Blog

Posted October 1st, 2019 in banking, brexit, financial regulation, news by sally

‘It is a truism that Brexit will have a significant impact on banks and the wider financial services industry. The loss of passports by UK firms has received some attention from the non-specialist media, and is relatively well-understood. However, the loss of passports, significant as it is, is just one of many issues. Others have received no or little coverage outside the industry. In this blog, we will touch upon some of them. To do so, we need to step back and consider the very legal nature of a bank.’

Full Story

OUP Blog, 30th September 2019

Source: blog.oup.com

Parliament to launch inquiry into football finances following Bury’s demise – Daily Telegraph

Posted September 6th, 2019 in financial regulation, inquiries, news, parliament, sport by tracey

‘A parliamentary inquiry has been launched into the Football Association and English Football League’s financial governance of clubs following the expulsion of Bury FC from the Football League.’

Full Story

Daily Telegraph, 5th September 2019

Source: www.telegraph.co.uk

Solicitor General’s speech at Cambridge Symposium on Economic Crime 2019 – Attorney General’s Office

Posted September 5th, 2019 in attorney general, bribery, crime prevention, Crown Prosecution Service, financial regulation, fraud, money laundering, solicitors, speeches by tracey

‘The Solicitor General discusses some of the UK’s key successes in tackling economic crime and the UK government’s ambitious Economic Crime Plan.’

Full speech

Attorney General’s Office, 2nd September 2019

Source: www.gov.uk/ago

Government criticised for giving banks key oversight role over fraud and money laundering policy – The Independent

Posted July 15th, 2019 in banking, financial regulation, fraud, money laundering, news by tracey

‘Government plans to combat money laundering, fraud and other economic crimes have come under fire for allowing banks that have previously been implicated in wrongdoing to play a key role in writing the new rules.’

Full Story

The Independent, 13th July 2019

Source: www.independent.co.uk

FCA proposes ban on cryptocurrency products – The Guardian

Posted July 3rd, 2019 in consumer protection, cryptocurrencies, electronic commerce, financial regulation, news by sally

‘The UK’s markets regulator has proposed a ban on financial instruments linked to digital “cryptocurrencies” such as Bitcoin, warning that such products could cause huge losses for retail consumers unlikely to understand their risks or value.’

Full Story

The Guardian, 3rd July 2019

Source: www.theguardian.com

Regulator considers cap on fees charged by personal injury CMCs – Legal Futures

Posted June 25th, 2019 in claims management, fees, financial regulation, news, personal injuries by sally

‘The Financial Conduct Authority (FCA) is to explore whether to use its power to cap the fees charged by personal injury claims management companies (CMCs), it has emerged.’

Full Story

Legal Futures, 24th June 2019

Source: www.legalfutures.co.uk

Consumers being badly advised on pensions, says regulator – The Guardian

Posted June 19th, 2019 in consumer protection, financial advice, financial regulation, news, pensions by tracey

‘The City watchdog has raised fresh concerns that thousands of consumers are being wrongly advised to cash in their defined benefit pension, putting them at greater risk of financial insecurity in old age.’

Full Story

The Guardian, 19th June 2019

Source: www.theguardian.com

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

Posted May 24th, 2019 in banking, bankruptcy, debts, financial regulation, financial services ombudsman, inquiries, news by tracey

‘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.’

Full Story

The Guardian, 23rd May 2019

Source: www.theguardian.com

Financial regulators focus on climate change risk – OUT-LAW.com

Posted May 22nd, 2019 in climate change, consultations, environmental protection, financial regulation, insurance, news by sally

‘In early May the UK government became the first in the world to declare an environment and climate change emergency. The impact of climate change will affect every aspect of daily life, and generates a number of significant financial risks.’

Full Story

OUT-LAW.com, 21st May 2019

Source: www.out-law.com

What are the rules for donating to UK political parties? – The Guardian

Posted May 22nd, 2019 in budgets, elections, financial regulation, internet, news, political parties by sally

‘The Brexit party funding row shows how technology has outpaced electoral law.’

Full Story

The Guardian, 21st May 2019

Source: www.theguardian.com

City watchdog told to review London Capital & Finance collapse – The Guardian

Posted April 2nd, 2019 in banking, compensation, financial regulation, fraud, inquiries, insolvency, interest, news, ombudsmen, victims by tracey

‘Government orders FCA inquiry into £236m scandal surrounding investment firm.’

Full Story

The Guardian, 1st April 2019

Source: www.theguardian.com

Financial ombudsman clarifies Equality Act powers – OUT-LAW.com

Posted April 1st, 2019 in equality, financial regulation, news, ombudsmen by sally

‘The head of the UK’s Financial Ombudsman Service (FOS) has confirmed that the body has the power to require financial services firms to make reasonable adjustments for consumers with disabilities or to stop discriminating against people with other ‘protected characteristics’ where it considers they have not been treated fairly, and has already done so on occasion.’

Full Story

OUT-LAW.com, 29th March 2019

Source: www.out-law.com

City watchdog fines Goldman Sachs £34.4m for misreporting – The Guardian

Posted March 29th, 2019 in banking, financial regulation, fines, news, ombudsmen by tracey

‘Goldman Sachs has been fined £34.4m by the City regulator for misreporting millions of transactions over a decade.’

Full Story

The Guardian, 28th March 2019

Source: www.theguardian.com

FCA to focus on affordability and culture in regulation of consumer credit – OUT-LAW.com

Posted March 27th, 2019 in banking, consumer credit, financial regulation, loans, news by sally

‘The UK’s Financial Conduct Authority (FCA) has set out its priorities for the future regulation of the consumer credit sector, including the impact of the Senior Managers and Certification Regime (SMCR).’

Full Story

OUT-LAW.com, 27th March 2019

Source: www.out-law.com

‘Mortgage prisoners’ given help by City regulator – BBC News

Posted March 26th, 2019 in financial regulation, housing, mortgages, news by sally

‘A change of rules aimed at helping lower the housing costs of thousands of so-called “mortgage prisoners” has been proposed by the City watchdog.’

Full Story

BBC News, 26th March 2019

Source: www.bbc.co.uk

AML oversight body finds legal regulators coming up short – Legal Futures

Posted March 14th, 2019 in financial regulation, money laundering, news by tracey

‘Nearly half of legal regulators do not have undertake enough supervision of anti-money laundering (AML) efforts, according to the organisation set up to scrutinise them.’

Full Story

Legal Futures, 14th March 2019

Source: www.legalfutures.co.uk

FCA confirms new ombudsman service award limit – OUT-LAW.com

Posted March 12th, 2019 in compensation, complaints, financial regulation, news, ombudsmen by sally

‘Financial firms could be ordered to pay up to £350,000 in compensation by a UK ombudsman in response to complaints raised about their acts or omissions from April this year.’

Full Story

OUT-LAW.com, 11th March 2019

Source: www.out-law.com

New Acts – legislation.gov.uk

Posted February 13th, 2019 in financial regulation, immigration, landlord & tenant, legislation, terrorism, voyeurism by tracey

2019 c. 1 – Finance Act 2019

2019 c. 2 – Voyeurism (Offences) Act 2019

2019 c. 3 – Counter-Terrorism and Border Security Act 20192019

c. 4 – Tenant Fees Act 2019

2019 c. 5 – Crime (Overseas Production Orders) Act 2019

Source: www.legislation.gov.uk

Hedge fund use of private exit polls attracts City watchdog – The Guardian

Posted January 16th, 2019 in brexit, financial regulation, hedge funds, news, referendums by sally

‘The City watchdog is considering fresh guidelines around the sale of private polling data to hedge funds looking to profit from major political events such as Brexit.’

Full Story

The Guardian, 15th January 2019

Source: www.theguardian.com

Change in regulation of claims management companies – OUT-LAW.com

Posted January 9th, 2019 in claims management, financial regulation, insurance, news by sally

‘The Financial Conduct Authority (FCA) will become responsible for the regulation of claims management companies in Great Britain from April this year in a move broadly welcomed within the insurance sector. Legislation implementing the reforms provides some details on how the new regime will work.’

Full Story

OUT-LAW.com, 7th January 2019

Source: www.out-law.com