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IMF provides framework to analyse cyber risk for the financial sector
The increased risk of cybercrime is well known to all. Attacks against large companies has meant that the International Monetary Fund have taken action by publishing a working paper which predicts the average annual losses to financial institutions.
Read moreAction required: mandatory disclosure of cross-border tax planning arrangements – effective (very) soon
New EU rules providing for mandatory disclosure of certain cross-border tax planning arrangements by intermediaries and taxpayers will enter into force on 25 June 2018. Although reports to tax authorities will not be required until July/August 2020, the retrospective nature of the new rules means that reportable arrangements implemented after 25 June could be reportable in this first batch of (2020) reports. Preparations for the new regime should therefore begin now.
Read moreESMA formally adopts new measures to restrict the sale of binary options and CFDs
On 1 June 2018, the European Securities and Markets Authority (ESMA) formally adopted new measures to prohibit the sale of binary options and to place restrictions on the provision of contracts for difference (CFDs) to retail investors. The measures will apply to binary options from 2 July 2018 and CFDs from 1 August 2018.
Read moreEFAMA publishes revised Stewardship Code
On 31 May 2018, the European Fund and Asset Management Association (EFAMA) published its Stewardship Code, setting out best practice principles for asset managers (the Code).
Read morePension watchdogs formalise information sharing
The Pensions Ombudsman and The Pensions Regulator have signed an information-sharing agreement in light of the recent rise in pension scams. The agreement will see the organisations share information about complaints and concerns with the aim of protecting scheme members.
Read moreSIPPs – the work and pensions committee asks some pointed questions of the FCA
The Work and Pensions Committee has sent a letter to the FCA following its review of defined benefit pension transfers raising 5 pointed questions in relation to SIPPs.
Read moreCrypto and Blockchain
In February, the House of Commons Treasury Committee announced an inquiry in to digital currencies. The inquiry covers the role of digital currencies in the UK and the potential impact of distributed ledger technology (blockchain) on financial institutions and financial infrastructure.
Read moreTPR announces new approach for pension regulations
The Pensions Regulator (TPR) has announced new plans for the regulation of pensions, which will see a "clearer, quicker and tougher" approach. The plans are aimed at increasing standards in the pension sector following criticisms levied at TRP after the collapse of businesses such as Carillion and BHS.
Read moreCybercrime and its impact on D&O insurance
Cybercrime has risen in recent years, perhaps more than anybody ever expected. For a long time, the focus was on defending businesses against such crimes. Now, with more people aware of cybercrime and the risks, insurers are becoming increasingly aware of the impact such crime may have on D&O policies.
Read moreFSCS – reviewing the funding of the fund of last resort
In its third consultation paper on this topic, the FCA has recently confirmed that: - FSCS claims in respect of investment advice will benefit from an increased compensation cap, from £50,000 to £85,000; - product providers will have to start making contributions to FSCS funding for insurance and investment advice claims; and - it proposes new rules to prevent personal investment firms' insurers excluding cover for claims where the firm or a third party becomes insolvent.
Read moreThe FCA publishes its 2018/19 Business Plan
On 9 April 2018 the FCA published its Business Plan for 2018/19, demonstrating its continued focus on culture and governance in firms, tackling financial crime and the role of technology in the financial services industry.
Read moreFCA success in the High Court: Compensation of £16.9m awarded to misled investors
A five-year court battle between the Financial Conduct Authority ("FCA") and Capital Alternatives Limited concluded on 26 March 2018 when the High Court used its restitution powers under the Financial Services and Markets Act 2000 to award compensation to investors who lost money invested with Capital Alternatives.
Read moreESMA cracks down on the sale of binary options and CFDs to retail investors
The European Securities and Markets Authority (ESMA) has announced its intention to prohibit the sale of binary options to retail investors and to place restrictions on the sale of contracts for difference (CFDs). This is the first use of ESMA's new intervention powers under MiFID II.
Read moreFCA reviews approach to enforcement and penalties
The FCA has announced plans in its recent consultation paper on enforcement to review how it applies penalties which have gone from record highs to record lows over the past 5 years.
Read moreChanges on the horizon - FCA consults on non-workplace pensions
The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.
Read morePrivilege: A welcome respite from ENRC?
Are interviews held with employees to prepare a report intended to deter a governmental authority from taking legal action privileged?
Read moreESMA to use new powers to attack the sale of CFDs and binary bets to retail investors
ESMA has launched a public consultation on measures to protect retail investors investing in contracts for difference (CFDs) and binary bets. Potential changes include wide-ranging restrictions on the marketing and sale of CFDs, and a complete prohibition on the sale of binary bets to retail investors. An intervention would mark ESMA's first use of its new powers under MiFID II, which came into force on 3 January.
Read moreThe 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 moreLead market regulator's lawsuit includes professional advisers
In another significant development in the Securities and Futures Commission's (SFC) efforts to combat market misconduct-type activity involving listed shares in Hong Kong, the lead market regulator has commenced civil proceedings under Section 213 of the Securities and Futures Ordinance (Cap 571) in respect of China Forestry Holdings Co Ltd (in official liquidation). What makes the proceedings noteworthy is that besides naming the company and two of its directors as co-defendants, the regulator's civil complaint also names two co-sponsors and the auditor involved with the company's initial public offering (IPO) in 2009.(1)
Read moreECON scrutinises EBA's approach to RTS under PSD2
The EBA Chair has recently appeared before ECON to explain the EBA's approach to the development of RTS on strong customer authentication and secure communications under PSD2, and to answer concerns raised by the committee and others about these RTS.
Read moreThe November 2023 AI safety summit and the UK's direction of travel
The government has confirmed that the UK AI safety summit will be held at Bletchley Park on 1 and 2 November 2023.
Read moreTelecoms supply agreement excludes "loss of profit" claim under "anticipated profits" liability exclusion (EE v Virgin Mobile)
In line with a number of recent cases, in EE Limited v Virgin Mobile Telecoms Limited [2023] EWHC 1989 (TCC) the courts have shown that parties generally cannot avoid clear wording contained in exclusion clauses in order to recover losses that have been expressly excluded (in this case, loss of profits).
Read moreRolls-Royce entitled to hit the brakes in dispute over termination of a software services agreement (Topalsson v Rolls-Royce)
In Topalsson GmbH v Rolls-Royce Motor Cars Limited [2023] EWHC 1765 (TCC), the High Court has provided useful guidance on how to determine whether a software implementation timeline agreed by the parties is binding, when implementation is considered complete and in what circumstances failing to complete implementation by the contractual deadlines entitles the customer to terminate the contract.
Read moreA narrow escape – software services provider entitled to rely on single aggregate liability cap (Drax v Wipro)
When it comes to bespoke software development projects, a lot can go wrong. There's risk for the customer such as project delays, software defects, functionality issues and a lack of meeting of minds in terms of project requirements.
Read moreCompliance Handbook Update: Bribery and corruption
The handbook emphasises providing compliance practitioners with insight into the practical application of FCA and PRA rules. Each chapter is discussed in the statutory and regulatory context with practical analysis of the subject, together with tips and guidance that firms may find helpful.
Read moreThe CAT's new approach: I can't afford a carriage (dispute)
Since the collective proceedings regime in the UK's Competition Appeal Tribunal (CAT) kicked off, a number of carriage disputes have arisen. So-called 'carriage disputes' arise when there are two or more competing proposed class representatives (PCRs) seeking certification (and therefore 'carriage') of overlapping class actions.
Read moreThe Digital Markets, Competition and Consumers Bill – What's New on the Competition Side?
In addition to the headline landscape reforms to digital markets and consumer protection, the much-anticipated Digital Markets, Competition and Consumers Bill (the Bill), introduced into Parliament on 25 April 2023, makes wide-ranging enhancements to the competition powers of the Competition and Markets Authority (the CMA) and changes to the UK merger regime.
Read moreThe Regulatory Initiatives Grid - consumer credit and payments
The latest Regulatory Initiatives Grid was recently published by the FCA and sets out the regulatory pipeline over a 24-month horizon to help firms and other stakeholders manage the operational impact on firms implementing initiatives, and plan forthcoming initiatives.
Read moreRegulatory pipeline 2023 and beyond – the Regulatory Initiatives Grid
The FCA recently published the fourth edition of its annual overview and plan for ongoing and upcoming regulatory initiatives (143 in total!)
Read more2023 Update - CAT Collective Proceedings
A new era of consumer-focussed competition class actions is now well underway. It kicked off with the first collective proceedings order (CPO) granted by the Competition Appeal Tribunal (CAT) in Merricks in the summer of 2021, opening the gates for further collective claims to be certified.
Read moreChanges incoming - Improving the Appointed Representatives regime
The FCA's changes to improve the appointed representatives regime takes effect on 8 December 2022. The changes are aimed at enhancing consumer protection and placing more responsibility on authorised financial services firms ("Principals") for their appointed representatives ("ARs").
Read moreUS and Chinese regulators sign landmark agreement on inspection of Chinese audit work
On 26 August 2022, the US Public Company Accounting Oversight Board (PCAOB) and the PRC China Securities Regulatory Commission (CSRC) and Ministry of Finance (MoF) signed a Statement of Protocol that would allow US regulators access to audits of Chinese companies listed on the US stock exchanges.
Read moreThe Powerful And The Penalised
With SRA fining powers set to increase by a factor of twelve, we look at the changes being introduced and the impact they will have.
Read moreOperational Resilience - preparations for 31 March 2022
The deadline of 31 March 2022 is approaching when new rules on operational resilience come into force.
Read moreTackling economic crime and sanctions evasion
The draft Economic Crime Bill is now on its way to the House of Lords, having received cross-party approval in the House of Commons.
Read moreHong Kong – Appeal case reviews adequacy of regulator’s reasons not to proceed with complaint
In Ng Shek Wai v HKICPA , the Court of Appeal reviewed the adequacy of the reasons for a regulator's decision that there was no prima facie case of professional misconduct. The issue arose in the context of an application for judicial review.
Read moreWhite-collar crime and compliance predictions for 2022
In a blink of an eye, we are moving into a new spring with a new set of challenges and opportunities facing businesses. Here are RPC's three white-collar crime and compliance predictions for 2022…
Read moreFCA's Perimeter Report – observations for the insurance market
In late October, the FCA published this year's version of its Perimeter Report. The Perimeter Report is intended to clarify some of the complexities about what the FCA does and does not regulate. It also sets out some areas where the FCA sees potential for customer harm.
Read moreRegulatory 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 moreRegulatory 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 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.
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