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The FCA pledges to take action against providers of contracts for difference
The FCA has concluded that consumers are at "serious risk of harm" due to the poor practices of some providers and distributors of CFDs. The regulator will take further action against at least one firm in its latest crack-down on these "complex, high-risk" products.
Read moreThoughts on the FCA's fund fee transparency proposals
Alternative investment funds may soon be required to report total cost of ownership in a standardised form. Work on new templates in ongoing, and fund managers need to be aware of the situation and to be involved in this important debate that has so far been largely overlooked.
Read moreInitial Coin Offerings – the digital financing process under global scrutiny
In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?
Read moreFCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements
The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.
Read moreFCA allows confidential report to be scrutinised by Treasury Select Committee
The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.
Read moreThe FCA makes clear its expectations of financial advisers
FCA, regulatory, financial services
Read moreFCA criticised by Complaints Commissioner for its handling of enforcement limitation issues
The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.
Read moreDB Transfers - now what?
We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.
Read moreThe FCA: key themes for 2017/18
A look at key developments for the FCA in 2017 and looking forward to 2018
Read morePLC QTRLY - Q2 2024
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q1 2024
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q4 2023
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q3 2023
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q2 2023
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q1 2023
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q4 2022
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q3 2022
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q2 2022
This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read morePLC QTRLY - Q1 2022
Post-Covid and post-Brexit changes are on the horizon for the UK's public companies. This is the first of our regular updates to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.
Read moreA shifting landscape? The outlook for data regulation in 2023
With a relatively new Information Commissioner in the UK and a renewed focus on getting post-Brexit data protection laws through Parliament, attention is turning to the ICO’s priorities and how they fit into this new landscape.
Read moreTransitioning to a net zero economy
The TPT has published a draft disclosure framework and implementation guidance for private sector entities to transition to a net zero economy, making recommendations for companies and financial institutions to develop gold-standard transition plans.
Read moreCSRD: shakeup of the EU's sustainability reporting rules
The EU’s new Corporate Sustainability Reporting Directive (CSRD) entered into force on 5 January 2023.
Read moreDeposit Return Scheme: Key considerations for drinks producers and retailers in the UK
Defra has now responded to its consultation on the introduction of a DRS in England, Wales and NI. The DRS will require retailers to charge a small fee on certain drinks containers sold, which consumers can reclaim if they return the container to a designated return point.
Read moreGoing Green – staying on the right side of competition law
Environmental issues are high on the agenda for many consumers and businesses alike. They are also increasingly an area of focus for competition authorities around the world, including the Competition and Markets Authority (CMA), who are keen to ensure that competition law concerns do not unnecessarily prevent businesses from collaborating legitimately on environmental sustainability initiatives.
Read moreNew REUL? How will the Retained EU Law (Revocation and Reform) affect UK businesses?
When the Brexit transition period ended, so did the alignment of EU law with UK domestic law.
Read moreCasting your net zero ambitions: eight key steps for retailers
With climate change at the forefront of the ESG agenda, the employment relationship, and the opportunities to engage with the workforce on this subject, are crucial ingredients in the quest to becoming a truly green retailer.
Read moreWhere to next for Buy Now Pay Later?
On Monday 20 June 2022, HM Treasury responded to its consultation on proposals to extend regulation to unregulated Buy Now Pay Later (BNPL) products. This consultation closed in January 2022. The Treasury's response confirmed the scope of regulation will cover BNPL products and short-term interest free credit (STIFC) provided by third-party lenders.
Read moreExtended producer responsibility for packaging: How to prepare
In the Spring 2022 edition of Retail Compass, we reported on the Government's consultation on regulations covering extended producer responsibility (EPR) which places the financial burden of dealing with packaging once it becomes waste on producers as opposed to taxpayers.
Read moreOnline Sales Tax: the right way forward?
On 25 February 2022, HM Treasury launched a consultation exploring the possible introduction of an online sales tax (OST) to address the imbalance resulting from the higher business rates applying to in store retailers, compared to online businesses. The consultation closed on 20 May 2022.
Read moreGreenwashing: UK regulators set their sights on misleading green claims with an increasing focus on sectors such as fashion retail and F&D
UK consumer regulators, the Competition and Markets Authority (CMA) and Advertising Standards Authority (ASA), are ramping up their enforcement of green claims to protect consumers from 'greenwashing'
Read moreWhat in the AI is going on… April to June 2024
Meta launched its newest generation of its open-source LLM (large language model), Llama 3, which is the technology that powers its AI systems. The launch of Llama 3 signals a step closer to human-like AI that can reason and bestow a memory. OpenAI also discussed plans for its next AI model, GPT-5. Like Llama 3, GPT-5 will see improvements to the model’s planning and reasoning capabilities, going beyond its current capability to deal with discrete tasks. GPT-5 is expected to be released later in the year.
Read moreCMA publishes update paper on AI Foundation Models
What is the state of play for the market of AI Foundation Models (FM) and what issues in the market is the Competition and Markets Authority (CMA) most concerned about?
Read moreEU AI Act is signed!
What are the core elements of the EU’s Artificial Intelligence Act and how does it impact the regulation of AI systems?
Read moreOnline Safety Act: Ofcom consults on draft codes to protect children online
What must businesses do to ensure online safety for children under the latest codes of practice published by Ofcom?
Read moreUK’s Digital Regulation Co-operation Forum announces new AI and Digital Hub Pilot
What is the AI and Digital Hub and how can AI innovators use it?
Read moreEU designates Apple a gatekeeper for iPadOS but not for iMessage
Can a business avoid being designated a “gatekeeper” under the Digital Markets Act (DMA) even if it satisfies the quantitative criteria under the DMA?
Read moreNew EU guidelines on mitigating risks for electoral
What are the European Commission’s new guidelines and how do they protect the integrity of electoral processes?
Read moreDORA Watch – June and July 2024
As financial entities and ICT service providers undergo the final stages of implementation of the Digital Operational Resilience Act (DORA) requirements into their systems and processes, it is imperative to understand the legal developments and ongoing updates arising from EU Member States as they go through their respective transposition and alignment processes. Through TerraLex - our global legal network, which provides us with access to 22,000 lawyers from highly regarded and carefully vetted law firms stretching more than 120 countries – we have collated legal updates focusing on DORA and its implications in EU jurisdictions.
Read moreRansoms and Sanctions and Fines (oh my!)
Ransomware attacks are happening all the time. Just the other month, the Cl0p ransomware gang claimed responsibility for the exploitation of a zero-day vulnerability in the MOVEit Transfer tool.
Read moreRansoms and Sanctions and Fines (oh my!)
Ransomware attacks are happening all the time. Just the other month, the Cl0p ransomware gang claimed responsibility for the exploitation of a zero-day vulnerability in the MOVEit Transfer tool.
Read moreTribunal awards costs against HMRC due to its unreasonable conduct
In Witton v HMRC [2024] UKFTT 489 (TC) (TCC), the First-tier Tribunal allowed HMRC's applications to amend its list of documents and to admit further evidence, and refused to disbar them from proceedings, but nonetheless awarded the taxpayer his costs due to HMRC's unreasonable behaviour.
Read moreTribunal allows taxpayer's post-cessation trade relief claim as enquiry was out of time
In the recent Dennison case, the FTT allowed the taxpayer's post-cessation trade relief claim as HMRC's enquiry was opened out of time.
Read moreTax Bites – September 2024
Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.
Read moreTribunal allows taxpayer's appeal in part in case concerning deliberate and/or careless errors
In Shaun Harte v HMRC [2024] UKFTT 00493 (TC), the First-tier Tribunal reduced HMRC's assessments to income tax, penalties and VAT. It also considered HMRC's application of the 'presumption of continuity' in relation to deliberate and/or careless errors.
Read moreContentious Tax Update 2
Contentious Tax Quarterly Review - Adam Craggs and Harry Smith examine developments in relation to open justice, access to pleadings and the taxation of carried interest.
Read moreUpper Tribunal confirms that anti-abuse provision in UK/Ireland double tax treaty did not apply
In HMRC v Burlington Loan Management DAC [2024] UKUT 152 (TCC), the Upper Tribunal held that the anti-abuse rule in the UK/Ireland double tax treaty did not apply to deny the withholding exemption, when a Cayman Islands company assigned the benefit of a debt to an Irish company.
Read moreUpper Tribunal confirms it’s the end of the road for HMRC's "fishing expedition"
In the recent Hitchins case, the Upper Tribunal confirmed that it was the end of the road for HMRC's "fishing expedition" and ordered it to close its enquiries.
Read moreClosure notices and the appeals process
In this article we consider the process by which a taxpayer can bring a protracted HMRC enquiry to and end and appeal against a closure notice issued by HMRC.
Read moreTax Bites – August 2024
Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.
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