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ESMA renews restrictions on CFDs and binary options

Published on 02 Oct 2018. By Lucy Kerr, Senior Associate

The European Securities and Markets Authority (ESMA) has decided to renew intervention measures, which restrict the sale of contracts for difference (CFDs) and binary options to retail investors, for a further three months.

Treasury Committee Calls for Cryptocurrencies to be Regulated by the FCA as a Matter of Urgency

Published on 21 Sep 2018.

The House of Commons' Treasury Committee published its report on Crypto-assets on 19 September 2018. The report strongly recommends that cryptocurrencies and ICOs be considered regulated activities in the UK as a matter of urgency. But realistically, when can we expect the crypto-market to be regulated in the UK?

Pension watchdogs launch joint advertising campaign to warn against scammer tactics

Published on 20 Aug 2018. By Sarah Dowding, Senior Associate

The Financial Conduct Authority and The Pensions Regulator have launched a joint TV advertising campaign to raise awareness about pension scams and the common tactics deployed by fraudsters.

Trustees of defined benefit schemes – are they on the hook for pension transfers? Yes says the Pension Ombudsman

Published on 09 Aug 2018. By Rachael Healey, Partner

The Pension Ombudsman has upheld a complaint against the trustees of a defined benefit scheme for failing to warn of the risks of a transfer to a pension liberation scheme. The Pension Ombudsman found that had the trustees provided documentation recommended under guidance from the Pension Regulator and identified and warned the member of certain hallmarks of a pension liberation scheme, the member would not have transferred his pension. The Pension Ombudsman has directed the trustees to reinstate the complainant's pension in the defined benefit scheme and pay £1,000 in distress and inconvenience.

EIOPA Report on Cyber Insurance raises awareness and understanding of cyber risk in the European market

Published on 08 Aug 2018. By Anthony Cutler, Associate and Bethan Griffiths, Senior Associate

The European Insurance and Occupational Pensions Authority ("EIOPA") has published a report "Understanding Cyber Insurance – A Structured Dialogue with Insurance Companies", which heralds its first attempt to enhance understanding of cyber risk with a focus on the European market.

New rules for peer-to-peer lending announced by FCA

Published on 01 Aug 2018. By Ash Daniells, Senior Associate

The popularity of peer-to-peer (P2P) lending has increased exponentially in recent years, with nearly £10 billion being transferred through such platforms in the past ten years. In an attempt to fix "increasingly complex business structures", the FCA has announced new plans for new rules for peer-to-peer (P2P) lending.

Is a "Duty of Care" required for financial services firms?

Published on 23 Jul 2018.

On 17 July 2018, the Financial Conduct Authority (FCA) released DP18/5 – its discussion paper on a duty of care and potential alternative approaches. In this article we summarise the discussion paper and then examine briefly whether a new duty is required.

IMF provides framework to analyse cyber risk for the financial sector

Published on 26 Jun 2018. By Ash Daniells, Senior Associate

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.

Action required: mandatory disclosure of cross-border tax planning arrangements – effective (very) soon

Published on 12 Jun 2018. By Ben Roberts, Partner

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.

ESMA formally adopts new measures to restrict the sale of binary options and CFDs

Published on 08 Jun 2018. By Lucy Kerr, Senior Associate

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.

EFAMA publishes revised Stewardship Code

Published on 08 Jun 2018.

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).

Pension watchdogs formalise information sharing

Published on 31 May 2018. By Sarah Dowding, Senior Associate

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.

SIPPs – the work and pensions committee asks some pointed questions of the FCA

Published on 31 May 2018. By Rachael Healey, Partner

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.

Crypto and Blockchain

Published on 25 May 2018.

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.

TPR announces new approach for pension regulations

Published on 17 May 2018. By Ash Daniells, Senior Associate

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.

Cybercrime and its impact on D&O insurance

Published on 15 May 2018. By Ash Daniells, Senior Associate

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.

FSCS – reviewing the funding of the fund of last resort

Published on 09 May 2018. By Sarah Dowding, Senior Associate

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.

The FCA publishes its 2018/19 Business Plan

Published on 23 Apr 2018.

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.

FCA success in the High Court: Compensation of £16.9m awarded to misled investors

Published on 16 Apr 2018. By Lucy Kerr, Senior Associate

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.

ESMA cracks down on the sale of binary options and CFDs to retail investors

Published on 29 Mar 2018. By Lucy Kerr, Senior Associate

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.

FCA reviews approach to enforcement and penalties

Published on 28 Mar 2018. By Ash Daniells, Senior Associate and Sarah Dowding, Senior Associate

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.

Changes on the horizon - FCA consults on non-workplace pensions

Published on 22 Feb 2018. By Rachael Healey, Partner

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.

Privilege: A welcome respite from ENRC?

Published on 05 Feb 2018. By Davina Given, Partner and Mafruhdha Miah, Senior Associate

Are interviews held with employees to prepare a report intended to deter a governmental authority from taking legal action privileged?

ESMA to use new powers to attack the sale of CFDs and binary bets to retail investors

Published on 25 Jan 2018. By Lucy Kerr, Senior Associate

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.

The FCA pledges to take action against providers of contracts for difference

Published on 12 Jan 2018. By Lucy Kerr, Senior Associate

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.

Thoughts on the FCA's fund fee transparency proposals

Published on 11 Jan 2018.

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.

Initial Coin Offerings – the digital financing process under global scrutiny

Published on 08 Dec 2017. By Rachel Ford, Partner

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?

FCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements

Published on 01 Nov 2017. By Robert Morris, Partner

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.

FCA allows confidential report to be scrutinised by Treasury Select Committee

Published on 31 Oct 2017.

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.

The FCA makes clear its expectations of financial advisers

Published on 18 Oct 2017.

FCA, regulatory, financial services

FCA criticised by Complaints Commissioner for its handling of enforcement limitation issues

Published on 04 Oct 2017. By Lucy Kerr, Senior Associate

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.

DB Transfers - now what?

Published on 04 Oct 2017. By Rachael Healey, Partner

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.

MiFID II & Inducements

Published on 21 Sep 2017. By Matthew Watson, Partner

FCA MiFiD Inducements Consultation Paper

ECON scrutinises EBA's approach to RTS under PSD2

Published on 19 Dec 2016.

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.

Football regulator heralds new era for The Beautiful Game

Published on 18 May 2022. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner

Last month, sports minister Nigel Huddleston formally confirmed the government’s support for the 10 strategic recommendations set out in the final report published last December by the independent fan-led review into governance, ownership and sustainability in English football.

Sports Ticker (10 May 2021) - Para-sport basketball league, Premier League TV Rights and Olympic Virtual Series

Published on 10 May 2021. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner and Samuel Coppard, Senior Associate

Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

Sports Ticker (22 April 2021) - Super League, full stadiums and Coin for Respect

Published on 23 Apr 2021. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner and Samuel Coppard, Senior Associate

Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

Sports Ticker (12 Mar 2021) - Rugby World Cup, Fenway Sports Group and Dettol

Published on 12 Mar 2021. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner and Samuel Coppard, Senior Associate

Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

Sports Ticker (25 Feb 2021) - England Cricket partnership, New Balance and Fantasy Premier League

Published on 25 Feb 2021. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner and Samuel Coppard, Senior Associate

Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

Sports Ticker (12 February 2021) - Super Bowl LV, NBA investment and Ligue 1 broadcasting

Published on 12 Feb 2021. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner and Samuel Coppard, Senior Associate

Welcome to the latest edition of the RPC Sports Ticker - providing fortnightly bite-size updates from around the sports industry.

The risk of cyber threats to sports organisations (and key steps to reduce exposure)

Published on 01 Dec 2020. By Jon Bartley, Partner and Joseph Akwaboa, Associate

Manchester United FC's recent cyber-attack came just weeks after an article we wrote for LawInSport on the topic.

Sheffield United, or divided? Implying duties of good faith

Published on 04 Nov 2019. By Jeremy Drew, Partner, Head of Commercial and Samuel Coppard, Senior Associate

The High Court has held that the duty to act with good faith should not be implied into an agreement between the owners of Sheffield United FC.

Sporting compromise – tips for settling sports disputes

Published on 24 Oct 2019. By Jeremy Drew, Partner, Head of Commercial and Joshua Charalambous, Partner

Some practical tips for sports clubs when settling disputes – with a focus on those issues that regularly arise in a sporting context.

Look what you made me do – avoid inducing a breach of a sporting contract

Published on 12 Sep 2019. By Joshua Charalambous, Partner and Samuel Coppard, Senior Associate

eFootball transfers: Juve and Man U snub FIFA to sign for PES

Published on 07 Aug 2019.

The RPC Sports group round-up football eSports deals: Juventus and Manchester United sign eSports partnerships with Pro Evolution Soccer, whilst Liverpool FC partners with FIFA.

Spurs suffer Champions League defeat to the Advertising Standards Authority

Published on 08 Jul 2019.

Spurs' heartbreak in Madrid was not the only loss they suffered on their Champions League journey this year. A tweet from Spurs announcing their line-up for their knock-out game against Borussia Dortmund featured the gambling operator William Hill, and was ruled to contravene the CAP Code.

Reforms to the FA's Regulations on Working with Intermediaries

Published on 01 Jul 2019. By Joshua Charalambous, Partner

RPC summarise the key changes to the FA's Regulations on Working with Intermediaries (the "Regulations"), and offer practical tips to agencies, clubs and players to manage their impact.

Smoke and mirrors? Big Tobacco slip(stream)s back into Formula One sponsorship deals

Published on 18 Feb 2019.

RPC reports on Philip Morris and British American Tobacco securing major partnerships with Ferrari and McLaren, prompting investigations into their compliance with domestic and international advertising laws.

CMA clamps down on unfair gambling promotions

Published on 01 Feb 2018. By Jeremy Drew, Partner, Head of Commercial

The CMA has spoken: online gambling operators must act now to avoid falling foul of misleading terms and practices. See below for our list of dos and don’ts.

Spurs 2 : 0 HMRC – termination payment not taxable earnings

Published on 20 Dec 2017. By Michelle Sloane, Partner and Adam Craggs, Partner

The Upper Tribunal (UT) has confirmed the decision of the First-tier Tribunal (FTT) that payments made by Spurs in respect of two players on early termination of their contracts were not earnings. They were termination payments and, therefore, were outside the scope of national insurance contributions (NICs).