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Regulatory Initiative Grid sets out multi-regulator pipeline of planned/ongoing regulatory initiatives in the financial services market
At the beginning of the week, a number of UK regulators published this year's version of the 'Regulatory Initiatives Grid' which aims to provide a combined pipeline from a number of regulators on ongoing and planned regulatory initiatives affecting the financial services market. Regulators involved include, amongst others, the Financial Conduct Authority, Prudential Regulation Authority, Payments Systems Regulator and Information Commissioners Office.
Read moreAdams v Carey – where does the Court of Appeal's decision leave the SIPP market?
The Court of Appeal has today dismissed Mr Adams' appeal against Carey in respect of COBS 2.1.1R. However, the appeal in relation to s.27 FSMA has been upheld. We discuss the background to the proceedings, the Court of Appeal decision and where it takes the SIPP (and wider financial services) market.
Read moreSanctions – A New World?
The new UK sanctions regime (SAMLA) replaces EU sanctions in the UK, and sits alongside UN sanctions and US sanctions as a factor for businesses to consider in planning their anti-corruption and compliance matters. In particular it can impose trade sanctions, travel sanctions and financial sanctions, with tough financial penalties for non-compliance.
Read morePart 2: Top 5 corporate crime compliance trends for the year ahead
As we commence a new year in the midst of unprecedented global challenges, here is our take on the key financial crime risk and compliance trends you need to be aware of in 2021.
Read morePart 1: Top 5 corporate crime enforcement trends for the year ahead
As we commence a new year in the midst of unprecedented global challenges, here is our take on the key financial crime risks and trends you need to be aware of in 2021.
Read moreIs the current law on corporate criminal liability about to get more teeth?
On 3rd November 2020, the Government published its long-awaited response to its January 2017 call for evidence on the question of reforming the law on corporate liability for economic crime. The Government found the evidence inconclusive overall, so it has asked the Law Commission to draft an Options Paper, to assess how effective the current law is relating to corporate criminal liability and where improvements can be made.
Read moreNew SFO guide to DPAs: material change, or confirmation of approach?
Last week, the Serious Fraud Office (SFO) published a comprehensive guide to its approach to Deferred Prosecution Agreements (DPAs).
Read moreUKCA Marking: Updated Guidance
As the end of the Brexit implementation period draws closer, the UK Government has sought to clarify the changes that will follow. On 1 September 2020 they published the long-awaited guidance on the use of UKCA marking following the withdrawal of the previously issued advice earlier this year.
Read moreMedical Devices Regulation on the horizon
The EU Regulation on Medical Devices 2017/745 (the MDR) had been due to become fully applicable on 26 May 2020.
Read moreSMCR: The tricky implementation phase
The Senior Managers and Certification Regime (SMCR) came into force for all financial services firms solo-regulated by the Financial Conduct Authority (FCA) on 9 December 2019. The SMCR replaces the previous APER regime under which the FCA had oversight of the individuals working in the financial services industry. There is a one year implementation period for firms to make the changes required by the SMCR, which expires on 9 December 2020.
Read moreCOVID-19: The Dairy Sector and Welsh health services granted temporary UK competition law exemptions and the European Commission issues first 'Comfort Letter' to Pharmaceutical Manufacturers
The UK Government has granted a temporary competition law exemption for certain collaboration within the dairy sector and Welsh health services and the European Commission has published its first 'comfort letter' to allow co-operation to ensure supplies of medicines for COVID-19 patients.
Read moreRegulated Activities Order amendments for the new Bounce Back Loan Scheme
On 1 May 2020, the Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020 was published and came into force on 4 May 2020.
Read moreCOVID-19: What is the CMA's current approach to UK merger assessment?
The CMA has been adapting its working practices to react to the ongoing challenges of a change in working environment that has an impact on almost all businesses.
Read moreCOVID-19: Coronavirus and Competition Law - The Current Enforcement Scene
Read moreParliamentary 'wash up' – which Bills made it through?
On 22 May 2024, Prime Minister Rishi Sunak announced that a General Election will take place on 4 July 2024. Parliament was then prorogued on 24 May 2024 which allowed a mere 2 days for 'wash up' - the process by which outstanding bills may be rushed through the parliamentary process.
Read moreGoing Green - Draft Sustainability Guidance from the CMA
Following its public consultation, the CMA has published its advice to government on how competition and consumer laws can help meet the UK's environmental goals.
Read moreHype Economics: the haves and the have bots
With the most wanted items selling out in the blink of an eye, consumers are leveraging automation to get ahead. Is the use of bots creating more than a moral dilemma for retailers?
Read moreTen tips for retailers entering the metaverse
Once the province of online gaming and social media, the metaverse is the new hot topic in retail.
Read moreVertical Agreements: The New Reality
For those operating in the retail sector (amongst others), 1st June 2022 saw changes to the UK and EU competition law rules and the "safe harbour" or exemption from the application of competition law for certain types of vertical agreements, i.e. for contractual parties operating at different levels of the supply chain.
Read moreLow2NoBev Show - RPC takes front row seat as exclusive legal sponsor as the "No/Lo" alcohol drinks category soars
Ahead of RPC acting as the exclusive legal sponsor of the Low2NoBev Show taking place at Olympia London later this month (26 – 28 September 2022), it is useful to understand the fundamental changes happening in this growing sector and the potential discussion points that may arise relating to the marketing of these products.
Read moreWhat'SUP? Single-Use Plastics (SUP) are next target in UK government's war on plastic waste
It only takes a short walk along London's Regent's Canal to witness the sheer volume of littered single-use plastics (SUP).
Read moreThe Summer of ‘Pre-Love’: Has Fast Fashion been Dumped by the British Public?
ITV’s Love Island is back on our screens, officially marking the British summer. This year the show is dumping fast fashion and ‘coupling up’ with its first-ever second-hand clothing sponsor, eBay, with contestants now donning pre-loved pieces sourced from the resale platform.
Read moreTips for approaching innovations using consumer data
Now more than ever, retailers are faced with a wide array of opportunities to use customer data to achieve their commercial objectives. By spotting and assessing key risks early, organisations will be better equipped to avoid breaches of data protection law that may lead to costly fines or claims, failed projects and reputational damage.
Read moreAre the brakes on for Quick Commerce?
With consumers continuing to prioritise speed and convenience in the wake of the Covid-19 pandemic, there has been significant consumer uptake in the use of ultra-fast grocery delivery apps such as Zapp, Gorillas and Getir since early 2020.
Read moreFake it till you make it? The Government says no more to fake reviews plus tightens up on subscription models
The UK Government has confirmed that new consumer rules will come into force to "shield the public from rip-offs and boost competition". Although not confirmed when these will be introduced, the top three issues on its hit list are fake reviews, "subscription traps" and prepayment schemes.
Read moreCMA pushing for more powers on sustainability
Following its public consultation, the CMA has published its advice to government on how competition and consumer laws can help meet the UK's environmental goals.
Read moreHire Heels: why the rental clothing market matters
The old saying that "you can't wear the same outfit twice" doesn't fit well with younger consumers in particular, who are concerned about sustainability and the environmental hazards posed by fast fashion outlets.
Read moreBuy-Now-Pay-Later under the regulatory microscope
Growth in the Buy-Now-Pay-Later (BNPL) sector is showing no signs of slowing. Square's recent $29 billion acquisition of BNPL behemoth Afterpay being the latest signal that the market is on an upward trajectory. In 2020 alone over 10 million Brits used BNPL to purchase goods online, accounting for nearly 4% of online retail sales. The Financial Conduct Authority (FCA) found that usage had very nearly quadrupled to account for £2.7 billion of spending in 2020. Such popularity, particularly among Gen-Z and Millennials, spans the globe with American consumers spending an estimated $20 billion to $25 billion in 2020 by way of deferred payments.
Read moreA meaty debate: traditional vs lab-grown alternatives
The number of vegans and vegetarians in the UK has skyrocketed in recent years and there are an increasing number of 'flexitarians' aiming to reduce their meat intake for health and environmental reasons. Barclays predicts the meat-alternatives market could be worth £140bn by 2029, which is equivalent to 10% of the global meat industry. This market includes both plant-based foods and newer lab-grown meats.
Read moreMarketing mishap costs Papa John's
Last month, the Information Commissioner's Office ("ICO") has issued a £10,000 fine to Papa John's for sending over 165,000 marketing messages without properly meeting the requirements of the "soft opt-in" rule.
Read moreRetailers to be consulted on new legislation for protection from terrorist attacks
The Government is currently consulting with the public and retailers to seek their views on proposed legislation requiring the occupiers of "publicly accessible locations" to implement measures to protect employees and members of the public in the event of a terrorist attack.
Read moreRe-commerce: the future of luxury fashion?
With Gen Z successfully catapulting fashion resale platforms like Depop, StockX and Vinted into the limelight over the last decade, has the time come for the luxury market to enter the world of re-commerce?
Read moreThe Great British (Local) High Street
There is no doubt that the UK high street has been hit hard in recent years, not least by the impacts of the COVID-19 pandemic. But alongside the headline grabbing news of shop closures, there were in fact over 7,500 new shop openings between 1 January 2020 and 31 December 2020.
Read moreThe Terminator: A Tale of Two Insurance Claims
It is 2029, and the Machines are losing their war with Humanity. What to do?
Read moreProject Angel Bidco v AXIS - what are the key takeaways for warranty and indemnity insurers?
On 31 October 2023, the London Circuit Commercial Court gave judgment in Project Angel Bidco Limited (in administration) v Axis Managing Agency Limited & Ors (2023) EWHC 2649.
Read moreWordings do matter
Contract drafting has been brass tacks for lawyers since the dawn of time. In its broadest terms, it involves putting the scope of a bargain reached between parties into clear and effective language.
Read moreStorm Babet, flooding and the insurance implications
Subtropical cyclone Storm Babet is currently responsible for over 350 flood warnings in the UK, with more flood warnings expected later this week.
Read moreGetting to know Global Access Lawyers
Global Access Lawyers brings together some of the worlds leading insurance law practices. In the following pages get to know the different law firms that make up Global Access, who we are, where we operate and the kind of work we do. We hope you find this useful to understand the international reach of Global Access.
Read moreCourt of Appeal finds in favour of FSCS on scope of the Policyholder Protection Rules (PRR)
Tamsin Hyland explores the recent judgment of JR (On the application of Manchikalapati v FSCS [2023] EWCA Civ 1006) and its relevance to insurance policy wording.
Read moreWhat does the FRC's proposed corporate governance overhaul mean for D&O exposures?
The Financial Reporting Council (FRC) has now published the draft new UK Corporate Governance Code following the Government's requirements that it incorporate more robust internal control and prudent and effective risk management requirements. The deadline for responses to the FRC's consultation is 13 September 2023.
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