Financial services

FCA urges Financial Services Firms to get on with preparations for the Senior Managers Regime

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The government have provided that by 2018 the Senior Managers Regime (SMR), Certification Regime (CR) and Conduct Rules will apply to all firms authorised by the FCA. More …

Non Profit Distributing Model

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The widespread adoption of a new funding model for major infrastructure projects across the UK may have moved a step closer thanks to a key decision that has come to light. The Non-Profit Distributing (NPD) Model is an alternative to the much-maligned Private Finance Initiative (PFI) in which surplus profits are reinvested in the public sector rather than going to the private sector as unpopular 'windfall' payments. More …

The FCA finalises rules on complaints handling

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On 29 July 2015, the Financial Conduct Authority (FCA) released its Policy Statement (PS15/19) detailing final rules to improve the complaints handling landscape for consumers and FCA authorised firms. More …

NRAM test case considered by the Court the Court of Appeal

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The question raised in this case was whether this statement had contractual or any other legal force and if so, what effect it had. More …

s.140A/B of the Consumer Credit Act (CCA) and the issue of de facto borrower are considered by the High Court.

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The High Court (slightly) demystifies one of the many vague provisions of the CCA in Barclays Bank plc v L. Londell McMillan [2015] EWHC 1596 (Comm). More …

Enforced subject access requests a criminal offence as of 10 March 2015

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Since 10 March 2015 it has been a criminal offence, contrary to section 56 of the Data Protection Act 1998 (DPA), for an employer to require an individual to use their subject access rights under the DPA to provide certain records as a condition of employment. More …

Financial Conduct Authority speech on Consumer Credit sourcebook

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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. More …

The regulation of crowdfunding – Long awaited FCA report and consultation published

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As part of its consultation on the transfer of the regulation of consumer credit from the OFT to the FCA on 1 April 2014, the FCA published its long awaited report and consultation on the regulation of crowdfunding in the UK: seeking to strike a balance between investor protection and promoting effective competition in the crowdfunding marketplace. More …

FCA sets out new rules for the platforms industry

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Platforms have historically come up with inventive ways of charging, or seemingly not charging consumers. More …