The extensive changes in financial services regulation during 2013/2014 have created new challenges for all involved in the area. Our Financial Services Compliance team, which combines the expertise of our FCA and CCA specialists, is able to advise the full range of affected clients on the practical steps required to make sure they are compliant with all relevant issues, including items such as Data Protection Act (DPA), Anti-Money Laundering (AML) Legislation and Bribery Act requirements, as well as general FCA rules and guidance.
Specific areas include:
Our financial services compliance clients include:
We also provide advice on regulatory issues, including FCA, CCA, DPA and AML compliance, to numerous commercial providers of goods and services who are involved on the periphery of financial services, whether as funders for their own products or as credit brokers.
Examples of where our advice has recently proved invaluable to our clients include:
Since 10 March it has been a criminal offence, contrary to section 56 of the Data Protection Act 1998, for an employer to require an individual to use their subject access rights.
On 21 October 2014, Linda Woodhall, the FCA Director of Mortgage and Consumer Lending, gave a speech on the changing regulatory landscape in respect of consumer credit as a result of the FCA's new role as regulator of all consumer credit activities.
Two experienced solicitors have joined our London based Banking and Finance team to strengthen its position as a leading firm.
We provide an update on the delayed consultation paper on the new regulatory regime for Consumer Credit.
We consider the recent FSA announcement that it had reached an agreement with Barclays, HSBC, Lloyds and RBS to provide appropriate redress where mis-selling of IRSAs has occurred.
The Court of Appeal have recently clarified the duties owed by credit brokers towards borrowers in the case of McWilliam & McWilliam v. Norton Finance (UK) Limited T/A Norton Finance (in liquidation).
Our Financial Regulatory team have provided the first edition of its regulatory round-up of the recent regulatory updates and reports to be aware of for the month of November - December 2014.
The Supreme Court has handed down judgment in the case of Plevin v. Paragon Personal Finance Limited  UKSC 61.