FSA Rules

Financial firms: protecting customer personal data

A recent case provides a rare example of the criminal prosecution of an individual (in this case the former employee of an insurer) for breach of the Data Protection Act 1988 (DPA).  David Barlow Lewis was a former employee of … Continue reading

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Filed under Europe, European Regulation, FSA, FSA Rules, Insurance, Sector Updates by Herbert Smith Freehills, UK, UK Legislation, UK Regulations, Uncategorized

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

Temporary Product Intervention Rules: inadequate safeguards

The FSA is consulting (as it is required to do under the Act) on the new power given to the FCA under the Financial Services Act 2012 to issue temporary product intervention rules without the chore of a consultation (CP12/35). … Continue reading

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Filed under FCA, FSA, FSA Consultations, FSA Rules, Herbert Smith Freehills, Regulatory Reform, Retail Banks, UK

Suitability and systems: UK FSA fines wealth management firm as further thematic review work continues

Following on from its initial thematic work on wealth management firms, the FSA has fined Savoy Investment Management Limited (Savoy) £412,000 for failures to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients between … Continue reading

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Filed under Asset management, Banking, FSA, FSA Rules, UK, UK Regulations

FSA prioritises effective corporate governance in insurers

Effective corporate governance within insurers, including in particular those operating with-profits businesses, has been a high priority for the FSA for some time.

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Filed under FSA, FSA Penalties, FSA Rules, Insurance

Special administration order under the Investment Bank Special Administration Regulations 2011: Worldspreads

In Re Worldspreads Limited [2012] EWHC 1263 (Ch),  the High Court granted an urgent application for a special administration order under the Investment Bank Special Administration Regulations 2011 (the Regulations) to prevent further loss to client money.  Although the special administration order was … Continue reading

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Filed under FSA Rules, JURISDICTIONS, UK

Product intervention – what should the future hold?

The Herbert Smith financial services team recently hosted a roundtable discussion with high profile members of the financial services industry and a key policymaker at the FSA, to discuss product intervention and what shape the future landscape should take.       

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Filed under Draft Legislation, FCA, FSA, FSA Rules, JURISDICTIONS, UK, UK Legislation

Listing Rules – FSA fines company for breach of related party transaction rules

The FSA has fined Exillon Energy, a premium-listed Isle of Man company, £292,950 for breaching the rules on related party transactions in LR 11 of the Listing Rules.

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Filed under Europe, FSA Rules, JURISDICTIONS, UK

MiFID II: a greater step away from the RDR?

Key recommendations by the Rapporteur on the investor protection elements of the proposed MiFID II Directive, contain some potentially significant concessions for firms.  However, the recommendations are at odds with the UK’s Retail Distribution Review (RDR) rules.  If the Rapporteur’s … Continue reading

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Filed under Europe, European Regulation, FSA Rules, JURISDICTIONS, Regulatory Reform, Spain, UK

Duties of brokers liquidating positions on behalf of clients in state of default

In the current economic climate, brokers will find the decision of the High Court in Euroption Strategic Fund Limited v Skandinaviska Enskilda Banker AB [2012] EWHC 584 (Comm) of considerable interest, since it considers the duties of a broker who … Continue reading

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Filed under FSA Rules, Herbert Smith Freehills, JURISDICTIONS, Negligence, UK