UK Regulations

FCA orders listed company to compensate investors following market abuse

The Financial Conduct Authority (FCA) has ordered that Tesco plc and Tesco Stores Limited (together, Tesco) pay compensation to certain Tesco shareholders and bondholders following the FCA's finding that they committed market abuse in relation to a trading update published … Continue reading

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Filed under UK, UK Regulations

#MAR_bitesize

New Market Abuse powers for the FCA   The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 On 29 June 2016, the Government adopted the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations").  This left … Continue reading

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Filed under Estonia, EU, Europe, European Regulation, FCA, France, Germany, Italy, Liechtenstein, UK Regulations, Uncategorized

The UK’s risk-based approach to the “Politically Exposed Persons” regime – section 30 of the Bank of England and Financial Services Act 2016

The Bank of England and Financial Services Act 2016 (the "Act") paves the way for a more risk-based approach to the Politically Exposed Persons ("PEPs") regime in the UK, in response to what the House of Lords has identified as … Continue reading

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Filed under Bank of England, FCA, Sanctions and Money Laundering, UK Regulations

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: New FCA and PRA whistleblowing rules

The FCA and the PRA have both published policy statements on their new rules on whistleblowing as part of their series of policy changes focused on strengthening individual accountability within the banking and insurance sectors: FCA policy statement (PS15/24) entitled … Continue reading

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Filed under FCA, PRA, UK, UK Regulations

UK Ofgem’s open letter on REMIT market abuse prohibition: a prelude to enforcement

The Office of Gas and Electricity Markets (Ofgem) issued an open letter to draw to the attention of wholesale market participants its views on: behaviour that it has observed in the UK market which may constitute market manipulation; issues in relation to … Continue reading

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Filed under UK, UK Regulations, Uncategorized

Authorising third country insurance firms: has the Commission got it wrong?

Geoff Maddock, partner Email | Profile tel: +44 20 7466 2067 mobile: +44 7785 255016 By Geoff Maddock, corporate insurance partner Commission view on authorisation In July 2015 a Commission official expressed a controversial view on when third country insurance … Continue reading

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Filed under Europe, Insurance, UK, UK Legislation, UK Regulations, Uncategorized

Ombudsman determinations, fraud and nemesis

Ombudsmen within the Financial Ombudsman Service (FOS) make decisions on complaints by customers of financial firms. An example of such a decision is an award of compensation for mis-selling of payment protection insurance. An ombudsman’s decision becomes final and binding … Continue reading

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Filed under Insurance, UK Regulations, Uncategorized

Can one contract into the Consumer Credit Act 1974?

The Consumer Credit Act 1974 From 1998 to 2008 the Consumer Credit Act 1974 only applied to agreements to lend consumers less than £25,000. The financial limit was removed completely in 2008. Over the period 1998-2015, however, some lenders did … Continue reading

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Filed under Banking, UK Regulations, Uncategorized

The BoE approach to Solvency II

Geoff Maddock,  partner Email | Profile tel: +44 20 7466 2067 mobile: +44 7785 255016 By Geoff Maddock, corporate insurance partner A speech by Sam Woods of the Bank of England (BoE) says a lot about its approach to Solvency II and leaves a lot … Continue reading

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Filed under Bank of England, EU, Europe, Insurance, PRA, UK Regulations, Uncategorized