Tag Archives: Client Money and Assets

Assessing and enhancing the legal and contractual aspects of CASS compliance

In the years since the Lehmann collapse there is no doubt that firms have been heavily focussed on CASS compliance, particularly on operational detail and accuracy. But last week’s record CASS fine is a reminder of the critical need to understand, … Continue reading

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Filed under Banking, FCA, Investment banking, Retail Banks, UK, UK Regulations

UK: FCA finalises rules to improve the protection of client money and custody assets

On 10 June, the FCA published PS14/9: Review of the client assets regime for investment business, providing feedback and made text on changes to the rules in CASS, proposed in CP13/5, to address specific risks, to clarify the requirements firms … Continue reading

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Filed under FCA, UK, UK Regulations

A new statutory cause of action against credit rating agencies – inconsistent messages from Europe

On 31 May 2013, new European legislation was passed to amend the Regulation on credit rating agencies which was first introduced in the aftermath of the financial crisis. Its primary objective is to help discourage the high level of reliance … Continue reading

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Filed under European Regulation, FSA, Uncategorized

UK: the FCA’s thematic review of insurance claims processes

In a speech on the growth of UK insurance entitled “Meeting the growth challenge”, Martin Wheatley, Chief Executive of the Financial Conduct Authority (FCA), announced the launch of a thematic review of the claims process in the insurance market.  Although this review will … Continue reading

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Filed under FCA, Insurance

UK: Interim report on independent review of the Investment Bank Special Administration Regime

Peter Bloxham has completed the first phase of his independent review of the Investment Bank Special Administration Regulations 2011 and in February 2013 presented an interim report, which HM Treasury has now published.   In addition to making a number of immediate … Continue reading

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Filed under Banking, UK, UK Legislation, Uncategorized

UK: Financial Conduct Authority (FCA)’s Risk Outlook and Business Plan for 2013 published

The FCA’s Risk Outlook (FCA RO) has been published today, setting out the regulator’s current thinking on conduct in financial markets by analysing the root causes and emergence of conduct risk, and identifying the forward-looking risks that the FCA deems pose the greatest … Continue reading

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Filed under Asset management, Banking, Client Money, Europe, FCA, Funds, Insurance, Investment Funds, Regulatory Reform, Retail Banks, UK

FSA consults on overhauled client money rules for insurance intermediaries

The FSA has issued a consultation paper on significant changes to the Client Money Rules in CASS 5 which apply to insurance intermediaries. The proposed changes will be of significant interest both to intermediaries themselves, and to insurers, whose contractual … Continue reading

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Filed under Client Money, FSA Consultations, UK

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

The Lehman client money judgment: Supreme Court upholds Court of Appeal decision

The Supreme Court handed down its judgment yesterday in relation to the client money application relating to Lehman Brothers International (Europe) (LBIE). The judgment has a number of implications for firms which hold client money, and for firms who hold money … Continue reading

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Filed under Client Money, Commercial Litigation, FSA Rules, Herbert Smith Freehills, JURISDICTIONS, UK

Client Money and Assets: emerging issues

FSA fines for client money and asset failings continue to make the headlines. In the attached briefing, we look at the enforcement decision in relation to ActivTrades Plc, and consider the main implications for firms of the FSA’s feedback on … Continue reading

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Filed under France, FSA, FSA Penalties, JURISDICTIONS, UK, US