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Perspective - Blog

The Regulatory Initiatives Grid - consumer credit and payments

Published on 23 Mar 2023. By Whitney Simpson, Of Counsel

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.

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Perspective - Blog

Regulatory pipeline 2023 and beyond – the Regulatory Initiatives Grid

Published on 21 Mar 2023. By Jonathan Charwat, Partner

The FCA recently published the fourth edition of its annual overview and plan for ongoing and upcoming regulatory initiatives (143 in total!)

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Perspective - Blog

2023 Update - CAT Collective Proceedings

Published on 10 Feb 2023. By Leonia Chesterfield, Of Counsel and Chris Ross, Partner

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.

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Perspective - Blog

Changes incoming - Improving the Appointed Representatives regime

Published on 24 Nov 2022. By Whitney Simpson, Of Counsel

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").

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Perspective - Blog

US and Chinese regulators sign landmark agreement on inspection of Chinese audit work

Published on 02 Sep 2022. By Antony Sassi, Managing Partner, Asia and Samuel Hung, Partner and Jennifer Leung, Associate

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.

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Perspective - Blog

Is the FCA to blame for BSPS? MPs seem to think so

Published on 22 Jul 2022. By Rachael Healey, Partner

The House of Commons Public Accounts Committee (PAC) yesterday published a report entitled "Investigation into the British Steel Pension Scheme". The report makes a number of recommendations in light of its investigations in to the FCA's conduct and regulatory oversight at the time of the issues arising from the British Steel Pension Scheme (BSPS) and in particular the decision by 7,834 members to transfer to a personal pension arrangement. The report is heavily critical of the FCA's handling of BSPS and its regulatory oversight of the defined benefit transfer market generally. Given the request in the report for an update from the FCA on its progress on the various recommendations and conclusions in 6 months' time, we wait to see how the FCA reacts to yet further criticism of its handling of BSPS at a time when it is reviewing responses to the consumer redress scheme consultation.

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Perspective - Blog

The Powerful And The Penalised

Published on 27 Jun 2022. By Graham Reid, Partner and Alifya Bharmal, Associate

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.

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Perspective - Blog

Operational Resilience - preparations for 31 March 2022

Published on 15 Mar 2022. By Whitney Simpson, Of Counsel

The deadline of 31 March 2022 is approaching when new rules on operational resilience come into force.

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Perspective - Blog

Tackling economic crime and sanctions evasion

Published on 08 Mar 2022. By Lucy Kerr, Senior Associate

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.

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Perspective - Blog

Hong Kong – Appeal case reviews adequacy of regulator’s reasons not to proceed with complaint

Published on 18 Feb 2022. By Samuel Hung, Partner and Jennifer Leung, Associate

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.

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Perspective - Blog

White-collar crime and compliance predictions for 2022

Published on 03 Feb 2022. By Sam Tate, Partner

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…

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Perspective - Blog

SIPPs and FOS - does the Rowanmoor decision change anything?

Published on 02 Feb 2022. By Rachael Healey, Partner

Last week FOS published a decision it reached last year in a complaint against a SIPP provider involving advised sales. The FOS upheld the complaint, finding that the SIPP provider should have rejected business from the regulated financial adviser, CIB Life and Pensions Limited (CIB), given, broadly, red flags available to the SIPP provider with respect to the operation of CIB's business model including that CIB was not advising on the ultimate investment within the SIPP and as a result such introductions involved a significant risk of consumer detriment. The decision has received quite a bit of press attention - but has it moved the dial for SIPP complaints before FOS or not?

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Perspective - Blog

The Future of Insolvency Regulation

Published on 04 Jan 2022. By Rachael Healey, Partner

On 21 December 2021 the Government launched a consultation into the future of insolvency regulation. The changes proposed in the consultation document will have a wide ranging impact on the insolvency profession (and its insurers) with the proposals including: the direct regulation of insolvency firms, the introduction of a single regulatory body with powers to order compensation against insolvency practitioners and firms, a new additional requirements regime, changes to the bond regime and a public register of insolvency practitioners and firms. Many of the changes proposed require primary legislation and so it may be some time before the changes to take effect (if adopted). But there does appear to be some wind behind these proposals given they follow on from the Call for Evidence in 2019 and a more general focus on insolvency issues in the wake of the Covid-19 pandemic.

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Perspective - Blog

FCA's Perimeter Report – observations for the insurance market

Published on 15 Nov 2021. By Jonathan Charwat, Partner

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.

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Perspective - Blog

Regulatory Initiative Grid sets out multi-regulator pipeline of planned/ongoing regulatory initiatives in the financial services market

Published on 04 Nov 2021. By Jon Bartley, Partner and Jonathan Charwat, Partner and Whitney Simpson, Of Counsel

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.

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Perspective - Blog

Regulatory Initiative Grid sets out multi-regulator pipeline of planned/ongoing regulatory initiatives in the financial services market

Published on 04 Nov 2021. By Jon Bartley, Partner and Jonathan Charwat, Partner and Whitney Simpson, Of Counsel

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.

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Perspective - Blog

Adams v Carey – where does the Court of Appeal's decision leave the SIPP market?

Published on 01 Apr 2021. By Rachael Healey, Partner and Ash Daniells, Senior Associate

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.

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Perspective - Blog

Sanctions – A New World?

Published on 26 Feb 2021. By Robert Waterson, Partner and Harry Smith, Senior Associate

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.

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Perspective - Blog

Part 2: Top 5 corporate crime compliance trends for the year ahead

Published on 26 Jan 2021.

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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Perspective - Blog

Part 1: Top 5 corporate crime enforcement trends for the year ahead

Published on 19 Jan 2021.

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.

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Perspective - Blog

Is the current law on corporate criminal liability about to get more teeth?

Published on 05 Nov 2020.

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.

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Perspective - Blog

New SFO guide to DPAs: material change, or confirmation of approach?

Published on 28 Oct 2020. By Sam Tate, Partner and Lucy Kerr, Senior Associate

Last week, the Serious Fraud Office (SFO) published a comprehensive guide to its approach to Deferred Prosecution Agreements (DPAs).

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Perspective - Blog

UKCA Marking: Updated Guidance

Published on 16 Sep 2020. By Gavin Reese, Partner, Head of Regulatory and Elinor Sidwell, Associate

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.

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Perspective - Blog

Medical Devices Regulation on the horizon

Published on 09 Jul 2020.

The EU Regulation on Medical Devices 2017/745 (the MDR) had been due to become fully applicable on 26 May 2020.

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Perspective - Blog

Audit market: From recommendations to reforms

Published on 09 Jul 2020. By Davina Given, Partner

The Brydon Report on audit quality and effectiveness was released on 18 December 2019. The Report sets out recommendations for “urgent reform” in order to increase public confidence and seek to prevent unnecessary corporate failures.

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Perspective - Blog

SMCR: The tricky implementation phase

Published on 09 Jul 2020. By Lucy Kerr, Senior Associate

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.

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Perspective - Blog

COVID-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

Published on 01 Jun 2020. By Melanie Musgrave, Of Counsel

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.

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Perspective - Blog

Regulated Activities Order amendments for the new Bounce Back Loan Scheme

Published on 05 May 2020.

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.

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Perspective - Blog

COVID-19: What is the CMA's current approach to UK merger assessment?

Published on 29 Apr 2020. By Melanie Musgrave, Of Counsel

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.

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Perspective - Blog

COVID-19: CMA provides guidance to business on its approach to co-operation in response to the pandemic

Published on 01 Apr 2020. By Melanie Musgrave, Of Counsel

Businesses, which do not benefit from the specific competition law exemptions granted by the Secretary of State (in the groceries, Solent Ferries and healthcare services sectors), may co-operate without fear of enforcement action by the Competition and Markets Authority (the "CMA"), provided that this co-operation is undertaken "solely to address concerns arising from the current crisis and does not go further or last longer than what is necessary".

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Perspective - Blog

Dealing with HMRC information notices

Published on 04 Jul 2024. By Adam Craggs, Partner and Daniel Williams, Associate

Considering three common types of HMRC information notices and the extent to which they can be challenged.

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Perspective - Blog

Taxpayer's appeal against refusal of CGT loss relief claim allowed

Published on 27 Jun 2024. By Alexis Armitage, Senior Associate

Tax Tribunal confirms CGT relief for loan to trader not prevented by capitalisation of loan.

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Perspective - Blog

Tribunal awards taxpayer his costs due to HMRC's unreasonable conduct

Published on 20 Jun 2024. By Jasprit Singh, Associate

In Aftab Ahmed v HMRC [2024] UKFTT 00236 (TC), the First-tier Tribunal granted the taxpayer's application for costs as HMRC had acted unreasonably in defending the appeal.

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Perspective - Blog

Tribunal allows entrepreneurs' relief appeal

Published on 13 Jun 2024. By Keziah Mastin, Associate

In Cooke v HMRC [2024] UKFTT 272 (TC), the FTT allowed the taxpayer's appeal against HMRC's refusal of entrepreneurs' relief

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Perspective - Blog

What happens in an HMRC criminal investigation

Published on 06 Jun 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

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Perspective - Blog

Tribunal dismisses HMRC's appeal and confirms transactions did not give rise to a taxable remittance

Published on 30 May 2024. By Liam McKay, Senior Associate

In dismissing HMRC's appeal, the Upper Tribunal confirmed that transactions entered into by the taxpayers for the sale of shares did not amount to a taxable remittance under section 809L of the Income Tax Act 2007 because no service was provided in the UK.

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Perspective - Blog

Key features of the new non-UK domicile regime

Published on 29 May 2024. By Michelle Sloane, Partner and Jasprit Singh, Associate

The UK government's unexpected announcement in Spring Budget in March on the taxation of non-domicile individuals has sparked concerns and much comment. It represents a major change to the current system of taxation, which is more than 200 years old.

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Perspective - Blog

Taxpayers' application for  protective costs order against HMRC refused

Published on 20 May 2024. By Alexis Armitage, Senior Associate

UT dismisses taxpayer's application for a protective costs order against HMRC.

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Perspective - Blog

No bouncing back for directors

Published on 20 May 2024. By James Wickes, Partner and Adam Craggs, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

Banned! Fraudsters! – Terms used by the Insolvency Service for directors who abused the government backed loan scheme which was put in place to help businesses struggling during the pandemic.

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Perspective - Blog

Contentious Tax Update

Published on 16 May 2024. By Harry Smith, Senior Associate and Adam Craggs, Partner

Harry Smith and Adam Craggs examine developments in relation to DOTAS, R&D enquiries, and the Economic Crime and Transparency Act.

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Perspective - Blog

Tribunal allows taxpayer's appeal in R&D case against penalty assessment for careless inaccuracy

Published on 03 May 2024. By Jasprit Singh, Associate

In H & H Contract Scaffolding Ltd v HMRC [2024] UKFTT 00151 (TC), the First-tier Tribunal (FTT) allowed the taxpayer's appeal against a penalty assessment as the inaccuracy in the tax return was not careless.

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Perspective - Blog

Contentious tax quarterly: Spring review

Published on 01 May 2024. By Adam Craggs, Partner and Harry Smith, Senior Associate

The last few months have seen a flurry of activity in relation to the DOTAS regime, with HMRC seeking to register arrangements retrospectively and apply substantial penalties for failure to register. Woes continue for those unfortunate enough to have R&D claims under enquiry, and the Economic Crime and Corporate Transparency Act 2023 gives HMRC a significant new tool in relation to suspected criminal activity by bodies corporate and partnerships.

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Perspective - Blog

Costly objection by HMRC

Published on 15 Apr 2024. By Harry Smith, Senior Associate

FTT allows costs application where HMRC acted unreasonably in opposing specific disclosure application.

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Perspective - Blog

Let us in!

Published on 20 Jun 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

Adam Craggs and Michelle Sloane explain what a business should do should HMRC come calling unexpectedly.

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Perspective - Blog

Are you ready for the Economic Crime Levy?

Published on 14 Mar 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

On 28 February 2023, HM Treasury published draft regulations, together with an explanatory memorandum, that revise and make further provision for assessment, payment, collection, and enforcement of the Economic Crime Levy (ECL).

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Perspective - Blog

Couldn’t careless? Reasonable care and the role of professional advisers

Published on 27 Feb 2023. By Adam Craggs, Partner

Whilst taking professional advice will usually mean a taxpayer has taken reasonable care, not taking advice does not necessarily mean a taxpayer has been careless.

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Perspective - Blog

Victory – but at what cost?

Published on 31 Jan 2023. By Adam Craggs, Partner and Harry Smith, Senior Associate

From a review of recent costs decisions handed down by the FTT, it is difficult to escape the conclusion that the FTT can be guilty of inconsistency and results-led reasoning when exercising its jurisdiction in relation to costs orders.

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Perspective - Blog

Tribunal allows taxpayer's appeal and confirms its holding in another company constituted a "structural asset"

Published on 02 Nov 2022.

Tribunal allows taxpayer's appeal and confirms its holding in another insurance company constituted a "structural asset" for the purpose of section 137, Finance Act 2012.

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Perspective - Blog

Upper Tribunal agrees with the taxpayer on payments to secure changes to pension arrangements

Published on 26 Oct 2022. By Keziah Mastin, Associate

The Upper Tribunal allowed E.ON's appeal against HMRC's decisions imposing income tax and national insurance contributions to facilitation payments for changes to pension arrangements.

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