FSA Guidance

Further enforcement action by UK FCA in relation to suitability issues in wealth management

The UK’s Financial Conduct Authority (FCA) has imposed a £1,802,200 fine on AXA Wealth Services Ltd (AXA) for failing to ensure the investment advice given to its customers was suitable, and putting customers at risk of buying unsuitable products.  The case is … Continue reading

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Filed under FCA, FSA Guidance, UK, UK Regulations

UK: FCA bans/fine in mortgage fraud failures hints at differences in lenders’ processes

The Financial Conduct Authority (the Authority) has issued final notices banning two former directors of Which Mortgage Limited in respect of their failure to act with due care and skill to ensure that the firm had appropriate controls  to verify mortgage applications … Continue reading

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Filed under Banking, FCA, FSA Guidance, FSA Rules, Retail Banks, UK

Remuneration: FSA Guidance replaces tiering with new proportionality regime

The FSA has recently published finalised guidance on proportionality and remuneration in respect of its Remuneration Code.  The changes, which came into force on 25 September 2012, see the end of the current four tier proportionality system (based on capital … Continue reading

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Filed under FSA Guidance, UK

Herbert Smith financial incentives schemes checklist: Key points from FSA review and ESMA consultation on remuneration policies and practices

Both the FSA and ESMA have recently launched consultations on proposed guidance relating to firms’ financial incentive schemes.   The FSA’s consultation marks the beginning of a programme of work which will be taken forward by the Financial Conduct Authority (FCA).  The … Continue reading

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Filed under FCA, FSA, FSA Guidance, JURISDICTIONS, Retail Banks, UK

FSA Remuneration Code

The FSA have recently published two consultations in relation to its Remuneration Code. The first relates to a proposal to replace the current four tier proportionality system with three proportionality levels based on total assets and the second introduces proposed … Continue reading

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Filed under FSA, FSA Consultations, FSA Guidance, JURISDICTIONS, UK

Block Listing: FSA publishes procedural note and other LPDT guidance

The FSA has published its second Primary Market Bulletin.  The Bulletin states that the FSA is planning to completely re-launch its technical and procedural notes, (together the ‘Notes’) which provide guidance on the LPDT Rules.  The reformatted Notes are currently available … Continue reading

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Filed under FSA, FSA Consultations, FSA Guidance, JURISDICTIONS, UK

Time barring PPI complaints

In its Policy Statement 10/12 on “The assessment and redress of Payment Protection Insurance complaints” published in August 2010, the FSA was quite firm that the publicity about PPI mis-selling, which, even then, had been very significant, would generally not … Continue reading

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Filed under FSA, FSA Guidance, JURISDICTIONS, Retail Banks, UK

Product intervention: some thoughts on the FCA’s interactions with Europe

As regulatory rules are increasingly made in Europe, within the UK, the new Financial Conduct Authority (FCA) will move to becoming – as Hector Sants put it – a “supervisory arm” of Europe in relation to conduct issues.  But has … Continue reading

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Filed under Draft Legislation, Europe, European Regulation, FCA, FSA Guidance, JURISDICTIONS, Regulatory Reform, UK, UK Legislation

Regulating bidding in emissions allowances auctions: FSA proposals on authorisation, standards and market abuse

Auctions of EU Emissions Allowances may begin as early as July 2012 on the central common European auction platform.  The regulatory framework for the auctioning of aviation and phase III emissions allowances is set out in the Commission Regulation (EU) No … Continue reading

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Filed under European Regulation, FSA Guidance, FSA Rules, JURISDICTIONS, Sanctions and Money Laundering, UK, UK Government, UK Regulations

FSA publishes proposed Remuneration Code guidance

On 21 April 2011, the FSA published a number of draft guidance documents to assist firms in complying with the revised FSA Remuneration Code (the “Code”). The revised Code came into force on 1 January 2011 implementing the remuneration principles … Continue reading

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Filed under FSA, FSA Guidance, JURISDICTIONS, UK