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Pensions adviser drops Upper Tribunal appeal and agrees £200k FSCS payment
A pensions adviser is to pay £200,000 to the Financial Services Compensation Scheme in lieu of an FCAfine of nearly £1.5 million that he can no longer afford to meet.
Online Published Date:
10 November 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
Ex financial adviser faces up to ten-year sentence for mortgage fraud
A former regulated financial adviser and a suspended chartered accountant face maximum punishments of ten years in prison and/or a fine when they are sentenced in February for false representation on mortgage applications. The prosecutions were brought by the FCA and both men have been found guilty at a hearing in Southwark Crown Court.
Online Published Date:
20 November 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
PayPal and QVC give undertakings as FCA tackles unfair BNPL contracts
PayPal and QVC have both offered Undertakings to the FCA under the Consumer Rights Act 2015 after the regulator raised concerns about "potentially unfair and unclear contract terms" in their unregulated BNPL (Buy Now Pay Later) consumer contracts.
Online Published Date:
20 November 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
FTSE healthcare company censured for false financial statements
A FTSE 100 company that traded in 19 companies and excluded two-thirds of its debts from its financial reports has been censured by the FCA. No fine is being levied on NMC, the UAE-based healthcare operator, because it went into administration in 2020 and a fine would reduce the amounts paid to existing creditors.
Online Published Date:
20 November 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
Labelling regime tackles misleading and confusing ESG claims
The Financial Conduct Authority has confirmed an anti-greenwashing rule, standardised labels, along with a ban on non-labelled products being called 'sustainable' - in what it calls "a crucial cornerstone of our ESG strategy".
Online Published Date:
28 November 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
Welsh pension advisers fined as FCA aborts transfers out of British Steel scheme
The FCA has intervened to stop a Llanelli firm transferring out 141 people from the British Steel Pension Scheme after it had already switched out 25 people into "riskier" defined contribution schemes.
Online Published Date:
30 November 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
Up to 1,550 personal investment firms in line for 'redress capital' provisions
The FCA is beginning an "extensive programme of outreach" to the personal investment sector aboutproposed rulesthat will require firms which give "bad advice" to set aside "enough capital to compensate for it".
Online Published Date:
30 November 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
What's next for financial regulation? Hot topics for 2024
As winter days shorten and another year draws to a close, it's time to look ahead to what's in store for the coming 12 months. Lucy Hadrill and Emma Radmore explore regulatory hot topics to watch out for in 2024.
Online Published Date:
04 December 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
'Ownership' and 'control' in financial sanctions: a global perspective
The bitter war in Ukraine has intensified focus on firms' sanctions controls, as successive rounds of sanctions against Russia have been introduced by jurisdictions around the world. Tom Cummins and Olivier Dorgans analyse US, EU and UK approaches to the key issues of 'ownership' and 'control'.
Online Published Date:
04 December 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
Hello, Goodbye - GC23/2 heralds a fond farewell to FG15/4
As the regulator consults on updating its guidance for financial promotions via social media - with a particular emphasis on the often troubling role of influencers - Adam Samuel reviews the features of both documents.
Online Published Date:
04 December 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
TCFD status report - passing the baton
The recommendations of the Task Force on Climate-related Financial Disclosures are supported by over 4,800 organisations around the world and have been recognised as the 'gold standard' for climate-related disclosures. Charlotte Hill and Daniel Hirschfield consider key observations of the Task Force's sixth and final status report on the TCFD-aligned disclosures by firms and the transition to the International Sustainability Standards Board's disclosure standards.
Online Published Date:
04 December 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
Supreme Court judgment unleashes fresh round of PPI compensation
A case that tested the time limit for claims of unfairness under the Consumer Credit Act has opened the door for more litigation over undisclosed PPI commissions. Banks face paying out billions more under an ensuing class action, reports Denis O'Connor.
Online Published Date:
04 December 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023
Firms face tougher fraud liabilities
Legislation passed in 2023 has put in motion key initiatives for fighting financial crime, which will significantly shift institutions' accountability moving forwards. Emma Radmore recaps new APP fraud reimbursement rules and the 'failure to prevent fraud' offence.
Online Published Date:
04 December 2023
Appeared in issue:
Vol 36 No 4 - 30 October 2023