Tag Archives: Conflict of interest

Amendments to the regulatory regime for dark pool operators in Hong Kong

On 15 May 2015, the Securities and Futures Commission (SFC) published its consultation conclusions concerning the regulation in Hong Kong of dark pools, largely adopting the recommendations set out in its February 2014 consultation paper.  Dark pools (also known as … Continue reading

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Filed under Asia, Hong Kong

Some positive FCA feedback on conflicts of interest for Wealth Management firms

In welcome news for the industry, the FCA in late November 2014 expressed pleasure in reporting generally positive findings from its thematic review assessing whether wealth management firms and private banks identify and manage conflicts of interest that might arise when … Continue reading

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Filed under Banking, FCA

USA: Delaware Chancery Court finds bank’s “unclean hands” bar contribution from co-defendants, orders payment of $76 million damages

On October 10, Vice Chancellor J. Travis Laster of the Delaware Chancery Court issued an opinion ordering RBC Capital Markets LLC (“the Bank”) to pay USD $75.8 million of a $91.3 million damages award to a class of former Rural/Metro Corp. … Continue reading

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Filed under Americas, US

UK: FCA publishes some final changes (and further proposals for change) to the Sponsor Regime

On 26 September, the FCA published its response to its January consultation paper in relation to sponsor competence (CP14/2), together with a further consultation on joint sponsors and a call for views on sponsor conflicts.  A summary of the paper … Continue reading

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Filed under FCA, UK Regulations

Banking Litigation update

We have published our latest Banking Litigation Update, summarising some of the more important cases and developments affecting UK financial institutions over the first half of 2014, including:

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Filed under Americas, Australia, Banking, UK, US

EU: MiFID Review – phase two begins

The European Securities and Markets Authority (ESMA) is consulting on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).  MiFID II and MiFIR are expected to come into application by end 2016/early 2017, and will apply across … Continue reading


Filed under Asset management, Banking, Client Money, EU, Europe, European Regulation, Retail Banks

RDR in practice: FCA concerns that inducements may be undermining RDR objectives (Thematic Review and Guidance Consultation13/5)

The FCA has published findings from its recent thematic review into payments (and other benefits) by life insurers to advisory firms, which highlights the FCA’s serious concerns over payments (and other benefits) in service or distribution agreements that it considers … Continue reading

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

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 provisional decision to fine and ban former NED of financial firm for failing to disclose conflicts of interest

The FCA has published a notice of its decision to fine a former non-executive director (NED) of two mutual societies £154,800, and to ban her from performing any role in regulated financial services.   The FCA considers that she breached the requirement to act with integrity … Continue reading

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Filed under Banking, FCA, Retail Banks, UK, UK Legislation

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