Archive for the 'financial regulation' Category

British Bankers’ Association v Financial Services Authority and another – WLR Daily

British Bankers’ Association v Financial Services Authority and another [2011] EWHC 999 (Admin); [2011] WLR (D) 144

“The Financial Services Authority was not contrained by the existence of statutory powers in section 404 of the Financial Services and Markets Act 2000 from using other powers to deal with what it perceived as the widespread mis-selling of payment protection insurance (PPI) policies by banks. Neither the language of section 404 itself nor its role as part of the overall regulatory framework could warrant the implication in it of a restriction on all other powers merely because the circumstances warranting the operation of a section 404 scheme were satisfied.”

WLR Daily, 20th April 2011

Source: www.iclr.co.uk

Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

House of Lords report attacks ‘complacency’ of Big Four auditors in financial crisis, urges competition investigation – Daily Telegraph

“The House of Lords has recommended that Britain’s competition authorities investigate the world’s ‘Big Four’ auditing firms who failed to warn regulators about banks before the financial crash.”

Full story

Daily Telegraph 30th March 2011

Source: www.telegraph.co.uk

Solicitor struck off over ‘land banking’ scheme – Law Society’s Gazette

“A solicitor involved in a ‘land banking’ scheme which cost investors their life savings was struck off by the Solicitors Disciplinary Tribunal last week.”

Full story

Law Society’s Gazette. 10th March 2011

Source: www.lawgazette.co.uk

Home owners receive compensation after they were sold mortgages they couldn’t afford – Daily Telegraph

“Home owners who were sold mortgages during the property boom that they couldn’t afford are to be given compensation following a ruling by the City watchdog.”

Full story

Daily Telegraph, 22nd February 2011

Source: www.telegraph.co.uk

Financial watchdogs get new powers – The Guardian

“Investors and consumers will be given greater protection by new financial watchdogs which will have the power to ban retail products and reveal pending enforcement actions against banks and brokers.”

Full story

The Guardian, 17th February 2011

Source: www.guardian.co.uk

In re Digital Satellite Warranty Cover Ltd and others – WLR Daily

In re Digital Satellite Warranty Cover Ltd and others [2011] EWHC 122 (Ch); [2011] WLR (D) 28

“A contract for repair or replacement only in the event of breakdown or malfunction which did not oblige the insurer to indemnify the insured for costs which the insured himself incurred fell within para (b) of class 16 Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”

WLR Daily, 1st February 2011

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Housing and legal bodies warn of ‘dire consequences’ from new mortgage rules – The Guardian

“A coalition of the UK’s leading housing and legal organisations have written to Chancellor George Osborne warning of ‘dire consequences’ for homebuyers and the building industry if Financial Service Authority proposals for mortgage regulation are implemented.”

Full story

The Guardian, 16th November 2010

Source: www.guardian.co.uk

Takeover panel protects target companies with rule changes – OUT-LAW.com

“Long term investors’ interests are too easily damaged by hostile takeovers, the Takeover Panel has said. It will amend the City’s rules on takeovers of publicly traded companies to protect the existing shareholders of target companies.”

Full story

OUT-LAW.com, 21st October 2010

Source: www.out-law.com

Goldman Sachs fined £20m by FSA – The Guardian

“The Financial Services Authority has fined Goldman Sachs £20m after the investment bank failed to tell the regulator a member of staff at the centre of fraud charges in the US was working in the UK.”

Full story

The Guardian, 9th September 2010

Source: www.guardian.co.uk

Fox Hayes partners face £1m fine – Law Society’s Gazette

“Eight former partners of collapsed Leeds firm Fox Hayes have been held personally responsible for a fine of nearly £1m which was levied against the firm 18 months ago by the Financial Services Authority and remains unpaid.”

Full story

Law Society’s Gazette, 19th August 2010

Source: www.lawgazette.co.uk

Three million in the queue for compensation over PPI mis-selling – The Guardian

“Nearly three million people who took out payment protection insurance (PPI) sold by banks and other lenders could be in line for compensation totalling more than £2bn after the Financial Services Authority today issued new rules on how firms should handle the flood of complaints over mis-selling.”

Full story

The Guardian, 10th August 2010

Source: www.guardian.co.uk

RBS handed FSA’s biggest fine for money laundering lapses – The Guardian

“Royal Bank of Scotland has been fined £5.6m by the Financial Services Authority for failing to adequately screen customers and payments to prevent its banks – RBS, NatWest, Ulster Bank and Coutts – from being used for money laundering or the financing of terrorist activities.”

Full story

The Guardian, 3rd August 2010

Source: www.guardian.co.uk

Regina v Rollins – WLR Daily

Regina v Rollins [2010] UKSC 39; [2010] WLR (D) 210

“The power of the Financial Services Authority to institute criminal proceedings was not limited to the offences referred to in ss 401 and 402 of the Financial Services and Markets Act 2000; in particular the FSA had power to prosecute offences of money laundering under ss 327 and 328 of the Proceeds of Crime Act 2002.”

WLR Daily, 30th July 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

FSA to seek exemption for the City from from tough EU rules on bankers’ pay – Daily Telegraph

“The City watchdog is considering whether Britain can claim exemption from European laws that will introduce the toughest pay restrictions in the world.”

Full story

Daily Telegraph, 7th July 2010

Source: www.telegraph.co.uk

Court orders repayment of investors in alleged Ponzi scheme – The Guardian

“Three men accused of orchestrating a spectacularly ambitious Ponzi scheme from offices in Knightsbridge are unlikely to return much, if any, of £115m owed to investors, the Financial Services Authority said today after securing a high court order enforcing repayment.”

Full story

The Guardian, 29th June 2010

Source: www.guardian.co.uk

Government overhaul of financial regulation creates dangers, say experts – OUT-LAW.com

“Plans for the shake-up of financial services regulation announced by UK Chancellor George Osborne last night raise more questions than answers, according to banking and financial legal experts.”

Full story

OUT-LAW.com, 17th June 2010

Source: www.out-law.com

FSA set to fine two banks for mishandling customer complaints – Daily Telegraph

“Two banks face a financial penalty for poor complaints handling after the Financial Services Authority (FSA) identified weaknesses in how they handled customer problems.”

Full story

Daily Telegraph, 28th April 2010

Source: www.telegraph.co.uk

Winterflood Securities Ltd and others v Financial Services Authority – WLR Daily

Winterflood Securities Ltd and others v Financial Services Authority [2010] EWCA Civ 423; [2010] WLR (D) 101

“The definition of market abuse in s 118 of the Financial Services and Markets Act 2000 did not require the person engaging in the behaviour in question to have intended to abuse the market and accordingly it was not essential for such an intention or purposes to be present for behaviour to fall below the objective standards expected. Moreover, the regulatory regime introduced by the Act and its Code of Conduct did not offend against the principle of legal certainty, once it was appreciated that the provisions of the Code, other than those falling within s 122(1) of the Act, were intended to have no more than evidential effect.”

WLR Daily, 26th April 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Financial Services Act 2010

Financial Services Act 2010 published

Full text of Act (PDF)

Source: www.opsi.gov.uk

Former Merrill Lynch trader banned for five years – The Guardian

“A former proprietary trader at  Merrill Lynch, who mispriced trades in a desperate bid to cover up some of the $456m (£300m) of losses he had racked up, was banned from working in the industry for at least five years.”

Full story

The Guardian, 16th March 2010

Source: www.guardian.co.uk

Couple charged as FSA clamps down on insider dealing – The Guardian

“A former Dresdner Kleinwort investment banker and his wife have been charged with insider dealing as part of an ongoing effort by the Financial Services Authority to crack down on market abuse, which the watchdog admitted over the weekend was still ‘unacceptably high’ in the City.”

Full story

The Guardian, 15th March 2010

Source: www.guardian.co.uk

Ex-Cazenove partner Malcolm Calvert guilty of insider dealing – The Guardian

“A former top executive at one of the City’s most prestigious banks faces jail after being found guilty of insider dealing.”

Full story

The Guardian, 10th March 2010

Source: www.guardian.co.uk

Regina (Amro International SA and another) v Financial Services Authority and others – WLR Daily

Regina (Amro International SA and another) v Financial Services Authority and others [2010] EWCA Civ 123; [2010] WLR (D) 50

“Co-operation between national financial regulators was of the greatest importance, particularly where there were suspicions or allegations of fraud. The Financial Services Authority was entitled to assist the US Security and Exchange Commission in a share fraud investigation without subjecting its request for help to critical examination. The FSA was required only to comply with the requirements of statute, and the terms of memoranda of understanding were immaterial. There was no requirement to provide notice under s 170(2) of the Financial Services and Markets Act 2000.”

WLR Daily, 24th February 2010

Source: www.lawreports.co.uk

Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

FSA promises tougher line on change of control breaches – OUT-LAW.com

“A billion-pound property fund was fined £1,000 this week for breaching takeover rules. But a change in the law means similar offences in future could attract unlimited penalties.”

Full story

OUT-LAW.com, 18th February 2010

Source: www.out-law.com

Fiscal Responsibility Act 2010

Fiscal Responsibility Act 2010 published

Full text of Act

Source: www.opsi.gov.uk

Standard Life fined £2.45m for misleading pensions customers – The Guardian

“The Financial Services Authority has fined Standard Life £2.45m for misleading thousands of pensions customers about the safety of one of its funds, it was announced today.”

Full story

The Guardian, 20th January 2010

Source: www.guardian.co.uk

Plans to improve consumer redress against financial firms being ‘rushed through’, says ABI – OUT-LW.com

“Consumers will be able to bring class actions against banks, insurers and other financial services firms if the Government’s Financial Services Bill comes into force.”

Full story

OUT-LAW.com, 24th November 2009

Source: www.out-law.com

 

FSA launches new regime for PPI sales complaints – OUT-LAW.com

“Firms will have to review all the complaints about Payment Protection Insurance (PPI) mis-selling that they have rejected since 2005 under tough new proposals announced this week by the Financial Services Authority.”

Full story

OUT-LAW.com, 2nd October 2009

Source: www.out-law.com

FSA fines Barclays £2.85m for providing inaccurate trading data – The Guardian

“Barclays has been fined £2.45m by the Financial Services Authority for failures related to the reporting of trades in its investment banking arm, Barclays Capital.”

Full story

The Guardian, 8th September 2009

Source: www.guardian.co.uk

Amro International SA and anr v Financial Services Authority and ors – WLR Daily

Amro International SA and anr v Financial Services Authority and ors; [2009] WLR (D) 288

“Although the purpose of ss 169–172 of the Financial Services and Markets Act 2000 was to facilitate investigation in support of overseas regulators and such co-operation was desirable in order to maintain the regulation of financial markets and banks, the nature of the claim in respect of which the Financial Services Authority’s assistance was sought was of fundamental importance and it was wrong to exercise the powers to aid an investigation into allegations that were not made in that claim. The correct approach was to apply a test of proportionality and the documents required should be properly specified.”

WLR Daily, 28th August 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

City minister promises new crackdown on bonus culture – The Guardian

“The government is prepared to take further steps to clamp down on City bonuses after the Financial Services Authority today [12 August]  published a watered-down code on bankers’ pay.”

Full story

The Guardian, 12th August 2009

Source: www.guardian.co.uk

Banking reform ‘largely cosmetic’ – BBC News

“The government’s plans for reforming the regulation of banks are ‘largely cosmetic’ and ‘lack clarity’, MPs in the Treasury Select Committee say.”

Full story

BBC News, 31st July 2009

Source: www.bbc.co.uk

Tax avoidance experts may face FSA crackdown – The Guardian

“Bank bosses who allow their firms to devise schemes to help customers avoid paying tax could face sanctions from the Financial Services Authority.”

Full story

The Guardian, 23rd July 2009

Source: www.guardian.co.uk

Government plans for the reform of financial markets – HM Treasury

“The Chancellor of the Exchequer Alistair Darling has today published ‘Reforming Financial Markets’, a document setting out the Government’s proposals for the reform of the financial system.”

Full press release

HM Treasury, 8th July 2009

Source: www.hm-treasury.gov.uk

Darling rules out radical changes in City white paper – The Guardian

” Alistair Darling stepped back today from a radical overhaul of Britain’s banks when he ruled out caps on bankers’ pay or breaking up the biggest City institutions.”

Full story

The Guardian, 9th July 2009

Source: www.guardian.co.uk

FSA consults on a penalty framework that could treble fines – OUT-LAW.com

“Regulatory fines could double or treble in size under a new framework for calculating financial penalties proposed by the Financial Services Authority (FSA) yesterday.”

Full story

OUT-LAW.com, 7th July 2009

Source: www.outlaw.com

Bankers’ pay curbed under new City rules – The Times

“Banking executives will have their pay linked to long term profitability under new rules designed to prevent a repeat of last year’s financial meltdown.”

Full story

The Times, 8th July 2009

Source: www.timesonline.co.uk

City wrongdoers face bigger fines – BBC News

“The Financial Services Authority (FSA) wants to impose much bigger fines on firms or individuals who cheat their customers or engage in insider dealing.”

Full story

BBC News 6th July 2009

Source: www.bbc.co.uk

OFT vows to pursue bank charges – BBC News

“The Office of Fair Trading (OFT) will still pursue bank overdraft charges as unfair, even if it loses the current legal appeal in the House of Lords.”

Full story

BBC News, 25th June 2009

Source: www.bbc.co.uk

City watchdog’s tough stance earns record £27.3m in fines – The Guardian

“The number of fines and bans handed out by the Financial Services Authority is on course for a record this year as the City watchdog steps up its ‘get tough’ approach to regulation.”

Full story

The Guardian, 8th June 2009

Source: www.guardian.co.uk

FSA steps up battle against insider trading – The Times

“The Financial Services Authority (FSA) is to increase the firepower of its enforcement division by hiring several lawyers from leading City firms, The Times has learnt.”

Full story

The Times, 1st June 2009

Source: www.timesonline.co.uk

Financial Services Authority shuts record number of rogue advisers – The Times

“The City watchdog has banned a record number of firms that sell mortgages, pensions, investments and insurance.”

Full story

The Times, 14th April 2009

Source: www.timesonline.co.uk

FSA wins case to bar General Re chief – The Times

“Financial Services Authority says it has turned down appeal by former insurance chief over ban on working in the City.”

Full story

The Times, 6th April 2009

Source: www.timesonline.co.uk

FSA secures first jail term for insider dealing – The Times

“A solicitor who tipped off his father-in-law and profited from a takeover deal was jailed for eight months today in the Financial Services Authority’s (FSA) first criminal prosecution for insider dealing. ”

Full story

The Times, 30th March 2009

Source: www.timesonline.co.uk

Lawyers welcome plans for financial shake-up – The Times

“Proposals aimed at shaking up Britain’s banking sector received a cautious welcome from the City’s leading financial services lawyers today.”

Full story

The Times, 18th March 2009

Source: www.timesonline.co.uk

New boardroom code to ‘draw on lessons’ from bank crisis – The Times

“A leading City regulator will pave the way today for the biggest overhaul of best boardroom practice in six years when it launches a full-scale review of the Combined Code, the corporate governance template for investors and listed companies.”

Full story

The Times, 18th March 2009

Source: www.timesonline.co.uk

Lord Turner to unveil banking crackdown – Daily Telegraph

“Lord Turner, chairman of the Financial Services Authority, will unveil proposals to tighten up financial regulations surrounding banks, hedge funds and tax havens when he publishes his blueprint for international regulation on Wednesday.”

Full story

Daily Telegraph, 15th March 2009

Source: www.telegraph.co.uk

FSA faces multimillion claim for failing to stop Terry Freeman trading – The Times

“The Financial Services Authority is facing a multimillion-pound compensation claim from a group of investors who say that the City watchdog failed to stop the activities of a suspected rogue trader.”

Full story

The Times, 5th March 2009

Source: www.timesonline.co.uk

FSA revises rule change on with-profits compensation – OUT-LAW.com

“New rules preventing life companies from using surpluses held in with-profits funds to meet compensation costs will only apply to policies sold after the rules come into force, the Financial Services Authority (FSA) announced this week.”

Full story

OUT-LAW.com, 26th February 2009

Source: www.out-law.com

Lawyers back call for single City fraud watchdog – The Times

“Senior lawyers have backed a call by Sir Ken Macdonald, the former Director of Public Prosecutions, who wrote in The Times yesterday calling for a single regulator to fight City fraudsters in order to restore confidence in banks and the financial sector.”

Full story

The Times, 24th February 2009

Source: www.timesonline.co.uk

New study calls for overhaul of legal regulation – Legal Week

“The regulation of corporate law in England and Wales needs an overhaul in order to restore public confidence in the sector, according to a College of Law study published today.”

Full story

Legal Week, 23rd February 2009

Source: www.legalweek.com

Law firm Fox Hayes fined almost £1m for role in share scams – The Times

“A defunct British law firm has been fined nearly £1 million for ‘recklessly’ assisting Spanish boiler rooms to defraud British investors out of millions of pounds.”

Full story

The Times, 17th February 2009

Source: www.timesonline.co.uk

Companies still not owning up to corruption – The Times

“Two out of five senior executives would attempt to bury a corruption problem rather than report it to authorities, a survey has found.”

Full story

The Times, 4th February 2009

Source: www.timesonline.co.uk

Two Pacific Continental Securities executives banned by FSA – The Times

“Two executives of Pacific Continental Securities, a notorious stockbroking firm that fleeced more than 8,000 savers, were banned from the City yesterday. Steven Griggs, the former chief executive, and Charles Weston, the former finance director, were also heavily fined by the Financial Services Authority.”

Full story

The Times, 29th January 2009

Source: www.timesonline.co.uk

City watchdog: banking system needs profound change – The Times

“The banking system must undergo ‘profound’ changes if a repeat of the current collapse is to be avoided in future, the head of the City watchdog has warned.”

Full story

The Times, 22nd January 2009

Source: www.times.co.uk


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