2022 looks set to be a busy year for regulated firms dealing with retail customers. Following its initial consultation in May 2021, on 7 December 2021 the FCA issued a further consultation (CP21/36), announcing its desire to “
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The FCA Perimeter Report 2020/21 – Key Points for Firms
The scope of the FCA’s powers and remit is not a simple matter, as the FCA readily acknowledges. The FCA’s regulatory “perimeter” derives primarily from from FSMA and the universe of secondary legislation surrounding it, particularly the Regulated Activities Order…
PRA increases pressure on firms to improve regulatory reporting processes
By Chris Webber & Rose Chaudry
The Prudential Regulation Authority (PRA) recently a Dear CEO letter titled “Thematic Findings on the reliability of the regulatory reporting“, outlining the current inadequacy of finance firms’ regulatory reporting procedures and the importance of comprehensive processes. The letter…
FOS warns on scam complaints – are banks doing enough?
The Financial Ombudsman Service has noted a “dramatic rise” in complaints by consumers concerning financial scams and fraud. With the hope of embuing safer financial habits and a reduction in these types of complaints, FOS reminds consumers to be careful,…
A shot in the dark? Claims against “persons unknown”
By Peter Lees
A recent judgment in an area which might seem far removed from financial services throws a spotlight on how financial institutions deal with the increasing problem of anonymous online abuse campaigns.…
Greater Diversity and Inclusion on Listed Company Boards: FCA Proposals
By Chris Webber & Alex Villers
The Financial Conduct Authority has issued a Consultation Paper, which proposes new disclosure rules with a view to improve diversity and inclusion for listed companies.…
LCF mini-bond holders withdraw appeal against FSCS
The Financial Services Compensation Scheme (FSCS) confirmed on 23 August that London Capital and Finance (LCF) mini-bond holders have withdrawn their appeal against an important March 2021 High Court decision dismissing their judicial review claim. FSCS confirmed that the litigation…
FCA Business Plan 2021/22 – transformation, accountability, and regulatory priorities for the coming year
By Chris Webber & Jack Wood
The FCA’s annual business plan is a closely watched indicator of what we can expect from the regulator in the coming year. The recently published Business Plan for 2021/22 indicates the FCA’s focus on continued transformation and greater accountability as…
Compulsory ADR – Coming soon to a dispute near you?
Alternative dispute resolution (or “ADR”) has long played an important role in dispute resolution. A recent report by the Civil Justice Council (the “Report”), commissioned to consider the legality and desirability of making ADR compulsory, could see ADR playing an…
Bank did not breach duties in loan renegotiation
By Chris Webber & Daniel Ajuh
In December 2006, Mr Morley, a commercial property developer, entered into a £75m, three-year loan with Royal Bank of Scotland plc to refinance his property portfolio, add new properties to it and provide him with a “bonus payment” for his…