Tag Archives: Retail

UK: Retail product distribution payments under the FCA spotlight – finalised guidance on inducements and conflicts of interest

The FCA has set an uncompromising compliance standard for what it sees as unacceptable payments from product providers to advisors in the retail investments sector; and laid down a marker for similar payments in the mortgages, protection and other ICOBS sectors. … Continue reading

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Filed under Banking, FCA, Insurance, Investment Funds, Retail Banks, UK, UK Regulations

Court of Appeal allows LIBOR claims to proceed

The Court of Appeal has allowed parties to two claims against LIBOR panel banks to amend their pleadings to include allegations that the banks made implied representations relating to the accuracy of LIBOR. In doing so, the Court held that … Continue reading

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Filed under Banking, Commercial Litigation, UK

Australia: ASIC releases reports on capital protected products

ASIC has released two reports on ‘capital protected’ and ‘capital guaranteed’ investment products: a report that ASIC describes as a ‘health check’ on the capital protected and capital guaranteed products market (Report 340); and a research report into retail investors’ … Continue reading

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Filed under Australia, Banking, Retail Banks

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

UK OFT publishes guidance on its power to suspend consumer credit licences

The OFT has published guidance on how and when it will use its new power to suspend consumer credit licences.  Section 108 of the Financial Services Act 2012 amends the Consumer Credit Act 1974 by adding new sections 32A (mechanics of the new … Continue reading

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Filed under UK, UK Legislation

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

French AMF calls on investors to take basic precautions in relation to non-financial investments: consumer responsibility?

The French AMF has issued a public warning to investors who may, in the light of current low interest rates, be tempted to invest in unregulated sectors.  Highlighting an increase in the number of parties offering favourable investment returns for non-financial products … Continue reading

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Filed under France, FSA, FSA Consultations, Retail Banks, UK

UK FSA consults on new capital regime for Self-Invested Personal Pension (SIPP) operators

In light of the failure and near failure of a number of SIPP operators since 2007, the FSA has concluded that its current prudential requirements are no longer sufficient to support the orderly wind-down of a SIPP operator.  The FSA has therefore today … Continue reading

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Filed under FSA, FSA Consultations, UK, UK Legislation

Dear CEO: please confirm your asset management firm has identified and mitigated the risk of conflicts of interest between it and its customers

Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks is a ‘Dear CEO’ publication in which the FSA summarises the output of a thematic review undertaken between June 2011 and February 2012.  The review was … Continue reading

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Filed under Asset management, FSA, Funds, UK, UK Legislation

Thematic work by Hong Kong’s SFC identifies deficiencies in selling practices

The Securities and Futures Commission of Hong Kong (the SFC) has published a report summarises the findings of a thematic inspection of the selling practices of ten licensed corporations, including IFAs, wealth management operations of global financial institutions and stock … Continue reading

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Filed under Hong Kong, Non-UK regulation, Retail Banks