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Pension transfers

Published on 30 Apr 2018.

The FCA tries again to get it right with new rules and a further consultation paper.

The FCA publishes its 2018/19 Business Plan

Published on 23 Apr 2018. By Charlotte Thompson, Associate

On 9 April 2018 the FCA published its Business Plan for 2018/19, demonstrating its continued focus on culture and governance in firms, tackling financial crime and the role of technology in the financial services industry.

FCA success in the High Court: Compensation of £16.9m awarded to misled investors

Published on 16 Apr 2018. By Lucy Kerr, Senior Associate

A five-year court battle between the Financial Conduct Authority ("FCA") and Capital Alternatives Limited concluded on 26 March 2018 when the High Court used its restitution powers under the Financial Services and Markets Act 2000 to award compensation to investors who lost money invested with Capital Alternatives.

ESMA cracks down on the sale of binary options and CFDs to retail investors

Published on 29 Mar 2018. By Lucy Kerr, Senior Associate

The European Securities and Markets Authority (ESMA) has announced its intention to prohibit the sale of binary options to retail investors and to place restrictions on the sale of contracts for difference (CFDs). This is the first use of ESMA's new intervention powers under MiFID II.

FCA reviews approach to enforcement and penalties

Published on 28 Mar 2018. By Sarah Dowding, Senior Associate

The FCA has announced plans in its recent consultation paper on enforcement to review how it applies penalties which have gone from record highs to record lows over the past 5 years.

Changes on the horizon - FCA consults on non-workplace pensions

Published on 22 Feb 2018. By Rachael Healey, Partner

The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

Privilege: A welcome respite from ENRC?

Published on 05 Feb 2018. By Davina Given, Partner and Mafruhdha Miah, Senior Associate

Are interviews held with employees to prepare a report intended to deter a governmental authority from taking legal action privileged?

ESMA to use new powers to attack the sale of CFDs and binary bets to retail investors

Published on 25 Jan 2018. By Lucy Kerr, Senior Associate

ESMA has launched a public consultation on measures to protect retail investors investing in contracts for difference (CFDs) and binary bets. Potential changes include wide-ranging restrictions on the marketing and sale of CFDs, and a complete prohibition on the sale of binary bets to retail investors. An intervention would mark ESMA's first use of its new powers under MiFID II, which came into force on 3 January.

The FCA pledges to take action against providers of contracts for difference

Published on 12 Jan 2018. By Lucy Kerr, Senior Associate

The FCA has concluded that consumers are at "serious risk of harm" due to the poor practices of some providers and distributors of CFDs. The regulator will take further action against at least one firm in its latest crack-down on these "complex, high-risk" products.

Thoughts on the FCA's fund fee transparency proposals

Published on 11 Jan 2018.

Alternative investment funds may soon be required to report total cost of ownership in a standardised form. Work on new templates in ongoing, and fund managers need to be aware of the situation and to be involved in this important debate that has so far been largely overlooked.

Initial Coin Offerings – the digital financing process under global scrutiny

Published on 08 Dec 2017. By Rachel Ford, Partner

In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?

FCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements

Published on 01 Nov 2017. By Robert Morris, Partner

The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.

FCA allows confidential report to be scrutinised by Treasury Select Committee

Published on 31 Oct 2017.

The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.

The FCA makes clear its expectations of financial advisers

Published on 18 Oct 2017. By Charlotte Thompson, Associate

FCA, regulatory, financial services

FCA criticised by Complaints Commissioner for its handling of enforcement limitation issues

Published on 04 Oct 2017. By Lucy Kerr, Senior Associate

The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.

DB Transfers - now what?

Published on 04 Oct 2017. By Rachael Healey, Partner

We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.

The FCA: key themes for 2017/18

Published on 29 Sep 2017. By Lucy Kerr, Senior Associate

A look at key developments for the FCA in 2017 and looking forward to 2018

MiFID II & Inducements

Published on 21 Sep 2017. By Matthew Watson, Partner

FCA MiFiD Inducements Consultation Paper

A level playing Field?

Published on 31 Aug 2017. By David Allinson, Partner

Frank Field's Work and Pensions Select Committee is intending to review the impartiality of defined benefit pension transfer advice. What could this mean for the advisory industry and its PI insurers?

Lead market regulator's lawsuit includes professional advisers

Published on 09 Feb 2017. By Antony Sassi, Managing Partner, Asia and Samuel Hung, Partner

In another significant development in the Securities and Futures Commission's (SFC) efforts to combat market misconduct-type activity involving listed shares in Hong Kong, the lead market regulator has commenced civil proceedings under Section 213 of the Securities and Futures Ordinance (Cap 571) in respect of China Forestry Holdings Co Ltd (in official liquidation). What makes the proceedings noteworthy is that besides naming the company and two of its directors as co-defendants, the regulator's civil complaint also names two co-sponsors and the auditor involved with the company's initial public offering (IPO) in 2009.(1)

ECON scrutinises EBA's approach to RTS under PSD2

Published on 19 Dec 2016.

The EBA Chair has recently appeared before ECON to explain the EBA's approach to the development of RTS on strong customer authentication and secure communications under PSD2, and to answer concerns raised by the committee and others about these RTS.

Financial Services: Minimising Risk in a Dawn of Opportunity

Published on 12 Nov 2014. By Simon Laird, Global Head of Insurance

Over the last few years, firms have been asking themselves how they will make money in the post RDR world.

FCA approves 'independent' use of internal specialist advisers

Published on 17 Oct 2014. By Sarah Dowding, Senior Associate

Ever since RDR 'independence' rules were introduced nearly two years ago, financial advisers have sought clarification on referring clients to internal specialists within their firm for expert advice.

PLC QTRLY - Q4 2024

Published on 23 Jan 2025. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

Regulatory Radar - Winter 2025

Published on 06 Jan 2025. By Gavin Reese, Partner, Head of Regulatory

Welcome to the Winter 2025 edition of RPC's bi-annual Regulatory Radar – a guide to the key regulatory changes worth having on your radar.

Lawyers Covered - December 2024

Published on 19 Dec 2024. By Will Sefton, Partner and Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Victoria Lawman, Trainee Solicitor and Richard Seymour, Associate and Robyn Crowter, Associate and Samantha Cresswell, Associate and Helen Young, Associate and Dilara Devin, Associate

What could be more festive than our December edition of Lawyers Covered – so here it is, a gift from the Lawyers Liability and Regulatory Group at RPC, to all of you, our lovely readers! And it’s a bumper edition with links to 3 full articles as well as our usual snippets. Happy holidays!

Financial Crime Time - Your update from RPC: 2024 Q4

Published on 17 Dec 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

Lawyers Covered - November 2024

Published on 29 Nov 2024. By Will Sefton, Partner and Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Victoria Lawman, Trainee Solicitor and Richard Seymour, Associate and Robyn Crowter, Associate and Samantha Cresswell, Associate and Helen Young, Associate and Dilara Devin, Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the November edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

The future of financial crime under the new Labour government

27 Nov 2024

Join Lord Peter Hain, Labour peer and former government minister, and Sam Tate, Head of White Collar Crime and Compliance at RPC, as they discuss the practical implications of the future of financial crime prevention and enforcement under the new Labour government.

Regulatory Radar: quick takes - November 2024

Published on 11 Nov 2024. By Gavin Reese, Partner, Head of Regulatory

Welcome to the November 2024 of our bi-monthly Regulatory Radar: quick takes, which pulls together the latest developments from across the UK's regulators.

Failure to prevent fraud: key guidance released

Published on 08 Nov 2024. By Sam Tate, Partner and Thomas Jenkins, Senior Associate and Robert Semp, Associate

On 6 November 2024, the Home Office released its much-anticipated guidance on the new failure to prevent fraud offence and the procedures that organisations can implement to prevent associated persons from committing fraud offences. Running to 44 pages, this guidance is crucial as it provides a framework for large organisations to establish effective fraud prevention measures.

The EU Compliance headache you don't know you have? A priority primer on the European Accessibility Act

Published on 31 Oct 2024. By Oliver Bray, Senior Partner and Hettie Homewood , Senior Associate

It is now less than a year until the EU Accessibility Act (EAA) comes into force, which will require businesses to ensure a range of products (eg smartphones and computers) and services (eg e-commerce services, consumer banking services, and ebooks) are accessible for persons with disabilities.

Lawyers Covered - October 2024

Published on 28 Oct 2024. By Will Sefton, Partner and Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Caroline Shiffner, Senior Associate and Victoria Lawman, Trainee Solicitor and Helen Kerr, Senior Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the October edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

Seeing the wood for the trees: preparing for new deforestation due diligence rules in the UK and EU

Published on 24 Oct 2024. By Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

PLC QTRLY - Q3 2024

Published on 15 Oct 2024. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

Lawyers Covered - September 2024

Published on 26 Sep 2024. By Kirstie Pike, Partner and Carmel Green, Partner and Sarah Herniman, Associate and Charlotte Thurlow, Associate and Nick Cumming, Associate and Victoria Lawman, Trainee Solicitor

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the August edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

Financial Crime Time - Your update from RPC: 2024 Q3

Published on 25 Sep 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

First conviction under section 2 CJA 1987 overturned – RPC Analysis

Published on 23 Sep 2024. By Sam Tate, Partner

On 16 September 2024, the first conviction for failure to comply with a notice to provide documents or information required by the Serious Fraud Office ("SFO") was overturned by Judge Nicholas Rimmer at Southwark Crown Court. Although this case was highly fact specific, it may result in a less enthusiastic approach towards pursuing such convictions in the future.

Regulatory Radar: quick takes - September 2024

Published on 09 Sep 2024. By Gavin Reese, Partner, Head of Regulatory

Welcome to the September 2024 of our bi-monthly Regulatory Radar: quick takes, which pulls together the latest developments from across the UK's regulators.

Tax Bites – September 2024

Published on 03 Sep 2024. By Adam Craggs, Partner

Welcome to the latest edition of RPC's Tax Bites – providing monthly bite-sized updates from the tax world.

Lawyers Covered - August 2024

Published on 30 Aug 2024. By Will Sefton, Partner and Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Caroline Shiffner, Senior Associate and Victoria Lawman, Trainee Solicitor and Helen Kerr, Senior Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the August edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

Supply chain sustainability: new rules, new risks

Published on 05 Aug 2024. By Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead and Eve Matthews, Associate

On 25 July 2024, the EU's new flagship supply chain law, the Corporate Sustainability and Due Diligence Directive (CSDDD), came into force.

Green claims update: July 2024

Published on 31 Jul 2024. By Oliver Bray, Senior Partner and Ciara Cullen, Partner and Hettie Homewood , Senior Associate and Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

Welcome to our round-up of the key legal and regulatory developments relating to green claims.

PLC QTRLY - Q2 2024

Published on 31 Jul 2024. By Connor Cahalane, Partner, Head of Public Companies and James Channo, Partner and Karen Hendy, Partner, Head of Corporate

This is our regular quarterly update to help our listed company clients and other market participants keep up to date with key developments relevant to issuers on the Main Market and AIM market of the London Stock Exchange.

Lawyers Covered - July 2024

Published on 30 Jul 2024. By Will Sefton, Partner and Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Caroline Shiffner, Senior Associate and Victoria Lawman, Trainee Solicitor and Helen Kerr, Senior Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to the July edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

CAT Collective Proceedings - Summer 2024 update

Published on 24 Jul 2024. By Chris Ross, Partner and David Cran, Partner, Head of IP & Tech and Zoe Mernick-Levene, Partner

Developments in the UK’s competition collective proceedings regime continue apace with new claims recently issued in the Competition Appeal Tribunal (CAT).

HNWs: Understanding HMRC's Offshore Information Gathering Capabilities

Published on 24 Jul 2024. By Michelle Sloane, Partner and Liam McKay, Senior Associate

Wealthy individuals have long been the focus of a substantial part of HMRC’s compliance activities, but a difficult economic climate together with a looming general election and possible change of government is likely to lead to even greater scrutiny of HNWs by HMRC in the short term.

UK government updates NSIA market guidance and statement on call-in powers

Published on 10 Jul 2024. By Yexi Tran, Associate

Recent developments such as the removal of Huawei from the UK's 5G networks and President Biden's 2023 executive order on outbound investment in sensitive technologies have brought into focus potential national security risks arising from global trade and investment.

The Corporate Sustainability Due Diligence Directive expert briefing

Published on 08 Jul 2024. By Sam Tate, Partner and Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead and Thomas Jenkins, Senior Associate and Robert Semp, Associate and Sarah Barrie, Associate and Eve Matthews, Associate

The Corporate Sustainability Due Diligence Directive (CSDDD) was adopted on 24 May 2024 and was published in the Official Journal of the EU on 5 July. This means the law will enter into force 20 days later on 26 July, and will apply to companies from 2027.

Entering the codified world – Code of Conduct for directors

Published on 03 Jul 2024. By Matthew Watson, Partner

The Institute of Directors (IoD) has recently published a consultation paper on a Code of Conduct for Directors (the Code) to assist directors in making better decisions given their increasingly "vital, complex and challenging" roles and responsibilities.