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UK: PRA and FCA consult on approach to ring-fencing transfer schemes
The PRA is consulting on a draft statement of policy setting out its approach to ring-fencing transfer schemes (RFTS), and the FCA on guidance. Part VII …
UK FCA past business reviews: what duties, if any, do financial institutions owe directly to customers? High Court finds no contractual obligations, but tortious duties are arguable
The recent and somewhat surprising decision of the High Court in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB) is important to any financial …
Problems with unit-linked products
Unit-linked insurance products have recently given rise to a number of regulatory issues. These cover: mis-selling; the responsibility of the insurer …
Assessing and enhancing the legal and contractual aspects of CASS compliance
In the years since the Lehmann collapse there is no doubt that firms have been heavily focussed on CASS compliance, particularly on operational detail …
Financial System Inquiry - Final Report
The Financial System Inquiry (FSI), chaired by David Murray AO, yesterday released its Final Report, which has proposed some significant changes for the …
Irreconcilable differences? Bank directors, shareholders and regulators
Those tasked with governing UK banks have always faced difficulties in balancing competing interests. This stems in part from the fact that banks …
UK: Senior Managers, certification and conduct rules: a new regulatory framework for individuals in banking
The final report of the Parliamentary Committee on Banking Standards criticised not just the "firewall of accountability" around senior individuals …
UK: Financial Policy Committee makes two recommendations and sets countercyclical capital buffer rate
The Bank of England's Financial Policy Committee (FPC) met on 17 and 25 June 2014. Whilst recognising the improvement in global banking system …
European Commission asks ESMA for technical advice on MAR implementing acts
The European Commission has published a request to ESMA for technical advice on implementing acts relating to the Market Abuse Regulation (MAR). The …
EU: MiFID Review - phase two begins
The European Securities and Markets Authority (ESMA) is consulting on the implementation of the revised Markets in Financial Instruments Directive …
UK: Supreme Court refuses permission to appeal in two misselling claims
We have previously reported on the progress of two pending cases in the High Court (Graiseley Properties v Barclays Bank and Deutsche Bank …
UK: Banking Standards Review
Sir Richard Lambert has today published a report with his recommendations on plans for a professional body, to be known as the Banking Standards …
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