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UK Budget 2012 overview of charges of interest to the financial services industry

Dechert LLP
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United Kingdom
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April 4 2012

As our readers will know, the Chancellor of the Exchequer announced the 2012 Budget on the afternoon of 21 March 2012

Banks now face £1bn of funded claims from interest rate swaps mis-selling

Dechert LLP
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United Kingdom
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April 4 2012

Press reports have appeared that venture capital firms are backing litigation worth up to £1bn against major banks over the alleged mis-selling of interest rate hedging contracts, the latest mis-selling debacle to be missed by the FSA when it occurred

Consolidated version of FSMA reflecting the Financial Services Bill as introduced to Parliament

Dechert LLP
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United Kingdom
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March 14 2012

On 22 February 2012 HM Treasury published a revised consolidated version of the Financial Services and Markets Act 2000 (“FSMA”) which reflects how it will be amended by the Financial Services Bill (the “FS Bill”) in the form the Bill took when introduced into Parliament on 26 January 2012

The FSA’s Retail Distribution Review: draft VAT guidance

Dechert LLP
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United Kingdom
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March 14 2012

HMRC recently circulated revised draft guidance on the VAT treatment of retail investment advisers’ services after the introduction of new regulatory rules on 31 December 2012 implementing the FSA’s Retail Distribution Review (the “RDR”

Publication of Financial Services Bill 2010-12

Dechert LLP
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United Kingdom
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February 16 2012

On 27 January 2012, the text of the Financial Services Bill 2010-12, together with explanatory notes, was published

Guidance on unfair contract terms

Dechert LLP
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United Kingdom
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February 16 2012

On 30 January 2012, the FSA published final guidance on the above (FG122) which provides a commentary on the types of contract term that the FSA commonly finds to be of concern under the Unfair Terms in Consumer Contracts Regulations 1999 (SI 19992083

Further development of the offshore Renminbi market in London

Dechert LLP
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China, United Kingdom
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February 1 2012

On 16 January 2012, HM Treasury published a press release reporting on a speech made by the Chancellor of the Exchequer to the Asia Financial Forum on that date