Compliance Monitor

Compliance update 2000 20 November 2000 The Berkeley Hotel, London Tel: +44 (0) 1932 893 857 Fax: +44 (0) 1932 893 893 Website: www.ibc-uk.com E-compliance for financial services 22 – 23 November 2000 The Hatton, London Tel: +44 (0) 20..

Robert Bell, Partner, Nabarro Nathanson Lacon House, Theobald’s Road, London WC1X 8RW Tel: 020 7524 6000 e.mail: r.bell@nabarro.com

The Human Rights Act 1998 came into force at the beginning of October. It has already had a major influence on the formulation of the Financial Services and Markets Act (FSMA) which, along with all other English law, will now have to be interpreted in accordance with the European Convention on Human Rights. In this article Philip Tebbatt of Clarke Willmott & Clarke considers the Act’s implications for financial services firms in the light of United Kingdom and European legal precedents.

The recent High Court decision of Martin v Britannia Life has again highlighted the extent to which a principal financial adviser is liable for the negligent acts or omissions of an appointed representative. John Virgo and Philip Ryley consider this judgment with references to section 44 of the Financial Services Act 1986 and section 39(4) of the Financial Services and Markets Act 2000.

One of the Government’s aims in modernising the regulation of financial services is to ensure that the UK system is best-placed to reflect the opportunities of new and rapidly evolving communications technology. This aim can be seen in the new financial promotions regime. This regime will replace the current regimes that apply to investment advertisements and cold calling once the Financial Services and Markets Act 2000 (FSMA) comes into force. It reflects the fact that new technology, particularly the Internet, has blurred the boundary between advertisements and unsolicited calls. In this article Ben Blackett-Ord of Bovill Gunn examines the present proposals for financial promotions.

Ashurst Morris Crisp, the City law firm, recently hosted an instructive briefing seminar on understanding the new regime. Unusually and imaginatively the panel of knowledgeable and fluent speakers included a non-lawyer, though he did admit to..

Don Cruickshank, chairman of the much-buffeted London Stock Exchange, offered a public apology to the assembled members of the Association of Private Client Investment Managers and Stockbrokers (APCIMS) for the poor handling of the iX merger..

As part of its review of the training and competence regime in financial services, the Financial Services Authority will commence a comprehensive evaluation of approved examinations in January 2001 . Speaking to trade unions at the Alliance for..

While past endowment sales practices remain a subject for heated debate HMTreasury and the Financial Services Authority press on with plans for mortgage regulation. Both issued consultation papers as Compliance Monitor was going to press. HMT..

Under-endowed and unhappy

Rachel Greenwood and Roy Priestley of DLA take a detailed and critical look at the CP64a, the draft FSA Supervision Manual.