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FOS under threat from civil-servant-speak
The Government's talk of reforming the Financial Ombudsman Service is couched in baffling misconceptions that the latter acts as a "quasi-regulator" and a "drag on investment". Adam Samuel cuts through political jargon, along with legal and judicial illiteracy, to discuss a body that, for all its shortcomings, is genuinely "world leading".
Online Published Date:
01 May 2025
Appeared in issue:
Vol 37 No 8 - 01 May 2025
'Red tape' review will rebalance regulatory risks
The Government has tasked the Financial Conduct Authority with reviewing and streamlining its rules in order to "free up resources for businesses to innovate and to grow". Emma Radmore examines what changes are already happening or are under consultation, along with other initiatives we might expect from the regulator in the next year or so.
Online Published Date:
01 May 2025
Appeared in issue:
Vol 37 No 8 - 01 May 2025
Odey's overreach tested accountability at own firm
When the executive committee of Odey Asset Management sought to conduct a disciplinary process against the founder and owner, he wasn't having a bar of it. Denis O'Connor explores the events that led to a clash between a colourful industry figure and the regulator's interpretation of its conduct rules.
Online Published Date:
01 May 2025
Appeared in issue:
Vol 37 No 8 - 01 May 2025
How to tackle the 'other side' of misconduct
Financial and non-financial misconduct tend to walk hand-in-hand. Rob Mason explores the regulator's recent focus on behavioural wrongdoing in the industry, its impacts on culture, along with steps firms can take to address conduct risks.
Online Published Date:
01 May 2025
Appeared in issue:
Vol 37 No 8 - 01 May 2025
Regulator floats ban on borrowing to buy crypoassets
The FCA is asking firms and other interested parties whether it should restrict the use of credit cards to buy most cryptoassets as part of the regulatory framework it will propose later this year.
Online Published Date:
02 May 2025
Appeared in issue:
Vol 37 No 9 - 01 June 2025
Asset managers must reassess systems after non-compliance found in small-firm review
All asset managers are being asked to review their systems regarding high-risk investments, conflicts of interest and the Consumer Duty, after an FCA examination of small managers found variable results.
Online Published Date:
08 May 2025
Appeared in issue:
Vol 37 No 9 - 01 June 2025
FCA consults to thin out the insurance rulebook
A range of measures are due to be changed in the insurance rulebook - including removing the 12-month review requirement and clarifying the definitions that take out large commercial insurance customers from the conduct rules and the Consumer Duty.
Online Published Date:
14 May 2025
Appeared in issue:
Vol 37 No 9 - 01 June 2025
Credit Suisse ex-VP banned after guilty plea and FBI co-operation
A third former Credit Suisse employee involved in making $1.3 billion of corrupt loans to Mozambique has been banned by the FCA.
Online Published Date:
23 May 2025
Appeared in issue:
Vol 37 No 9 - 01 June 2025
Final consultation for stablecoin rules and crypto custody regime
The FCA is in its last stage of consultation on the design of rules to govern the issuance of stablecoins and the custody of cryptoassets.
Online Published Date:
28 May 2025
Appeared in issue:
Vol 37 No 9 - 01 June 2025
Pension Schemes Bill seeks to boost returns and UK investment
Plans to overhaul parts of the pensions sector - through consolidation, a greater focus on overall returns, the possibility of some mandatory UK investment and other measures - are to be introduced through the Pension Schemes Bill.
Online Published Date:
29 May 2025
Appeared in issue:
Vol 37 No 9 - 01 June 2025
Upper Tribunal explains tax and interest rate calculation changes on levying of fines
Detailed guidance has been provided by the Upper Tribunal on the calculation of fines, in the case of two directors from Birmingham who operated a "flawed advice model" for pension transfers that saw 1,470 transfers made away from the British Steel Pension Scheme and those of other employers.
Online Published Date:
30 May 2025
Appeared in issue:
Vol 37 No 9 - 01 June 2025