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FCA update on its status disclosure rules

RPC
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United Kingdom
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May 14 2013

On 1 May 2013, the Financial Conduct Authority (FCA) published a press release to clarify the 12 month transitional period for authorised firms to

Rubenstein v HSBC Bank Plc 2012

RPC
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United Kingdom
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March 1 2013

For banks, investment advisers, and their professional indemnity insurers, the Court of Appeal ruling in Rubenstein v HSBC has been eagerly

Tough times, tough talk, tough regulator

RPC
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United Kingdom
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July 4 2012

At the FSA’s final Enforcement Conference on Monday, Tracy McDermott, the acting director of the FSA’s Enforcement and Financial Crime Division, issued a scathing attack on the financial services industry and gave an indication as to the interventionist future planned for the FSA’s successor, the FCA

Cable may tie down Goodwin, despite his eluding the FSA’s net; Turner and Sants call for smaller holes

RPC
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United Kingdom
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June 26 2012

In response to the October 2008 failure of RBS, news reports suggest that Vince Cable MP, Secretary of State for Business, Innovation and Skills, may apply for an order to disqualify Fred Goodwin from being able to hold any future directorship of a UK company

FSB principles add weight to contributory negligence arguments against lenders

RPC
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United Kingdom
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April 30 2012

The Financial Stability Board (FSB), the international regulatory task force set up following the recent global financial crisis with the aim of developing and promoting effective regulatory policies in the interest of improved financial security, has just published its Principles for Sound Residential Mortgage Underwriting Practices

Not so credible deterrence

RPC
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United Kingdom
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April 26 2012

The FSA’s Enforcement Guide states that taking action against individuals sends an important message about the FSA’s regulatory objectives and priorities and the FSA considers that such cases have important deterrent values

Hector Sants’ resignation will throw finance sector into confusion

RPC
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United Kingdom
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March 16 2012

Hector Sants’ resignation this morning is surprising given that his remit was to deliver an orderly transition to the government’s new twin peaks regulatory structure

Back to the beginning root cause analysis re-booted by de facto PPI past business review

RPC
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United Kingdom
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March 13 2012

The FSA’s guidance to firms on contacting PPI customers that have not complained marks a resumption of hostilities in the PPI arena and amounts, in effect, to an industry-wide direction to conduct a past business review (PBR