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Is a "Duty of Care" required for financial services firms?

Published on 23 Jul 2018.

On 17 July 2018, the Financial Conduct Authority (FCA) released DP18/5 – its discussion paper on a duty of care and potential alternative approaches. In this article we summarise the discussion paper and then examine briefly whether a new duty is required.

Accountants, auditors and actuaries beware: the FRC continues to show its teeth, as its future stands in the balance

Published on 18 Jul 2018. By Rachel Ford, Partner

In widely publicised news, the Financial Reporting Council (FRC) continues to levy record high fines and has cast criticism on a number of firms. What appears to be an unforgiving stance taken by the regulator seems to come in the wake of the review into whether or not it should be disbanded, or folded into another regulatory organisation.

The future of SIPPs – FCA responds to the Work and Pensions Committee

Published on 05 Jul 2018. By Rachael Healey, Partner

A couple of weeks ago we reported on 5 pointed questions raised by the Work and Pensions Committee of the FCA in relation to the SIPP market. Those questions included whether or not the FCA was considering banning non-standard investments in SIPPs. The FCA has now responded. The response includes the FCA's views on the due diligence it expects of SIPP providers when it comes to non-standard investments.

IMF provides framework to analyse cyber risk for the financial sector

Published on 26 Jun 2018.

The increased risk of cybercrime is well known to all. Attacks against large companies has meant that the International Monetary Fund have taken action by publishing a working paper which predicts the average annual losses to financial institutions.

Action required: mandatory disclosure of cross-border tax planning arrangements – effective (very) soon

Published on 12 Jun 2018. By Ben Roberts, Partner

New EU rules providing for mandatory disclosure of certain cross-border tax planning arrangements by intermediaries and taxpayers will enter into force on 25 June 2018. Although reports to tax authorities will not be required until July/August 2020, the retrospective nature of the new rules means that reportable arrangements implemented after 25 June could be reportable in this first batch of (2020) reports. Preparations for the new regime should therefore begin now.

ESMA formally adopts new measures to restrict the sale of binary options and CFDs

Published on 08 Jun 2018. By Charlotte Thompson, Associate

On 1 June 2018, the European Securities and Markets Authority (ESMA) formally adopted new measures to prohibit the sale of binary options and to place restrictions on the provision of contracts for difference (CFDs) to retail investors. The measures will apply to binary options from 2 July 2018 and CFDs from 1 August 2018.

EFAMA publishes revised Stewardship Code

Published on 08 Jun 2018.

On 31 May 2018, the European Fund and Asset Management Association (EFAMA) published its Stewardship Code, setting out best practice principles for asset managers (the Code).

Pension watchdogs formalise information sharing

Published on 31 May 2018. By Sarah Dowding, Senior Associate

The Pensions Ombudsman and The Pensions Regulator have signed an information-sharing agreement in light of the recent rise in pension scams. The agreement will see the organisations share information about complaints and concerns with the aim of protecting scheme members.

SIPPs – the work and pensions committee asks some pointed questions of the FCA

Published on 31 May 2018. By Rachael Healey, Partner

The Work and Pensions Committee has sent a letter to the FCA following its review of defined benefit pension transfers raising 5 pointed questions in relation to SIPPs.

Crypto and Blockchain

Published on 25 May 2018.

In February, the House of Commons Treasury Committee announced an inquiry in to digital currencies. The inquiry covers the role of digital currencies in the UK and the potential impact of distributed ledger technology (blockchain) on financial institutions and financial infrastructure.

Cybercrime and its impact on D&O insurance

Published on 15 May 2018.

Cybercrime has risen in recent years, perhaps more than anybody ever expected. For a long time, the focus was on defending businesses against such crimes. Now, with more people aware of cybercrime and the risks, insurers are becoming increasingly aware of the impact such crime may have on D&O policies.

FSCS – reviewing the funding of the fund of last resort

Published on 09 May 2018. By Sarah Dowding, Senior Associate

In its third consultation paper on this topic, the FCA has recently confirmed that: - FSCS claims in respect of investment advice will benefit from an increased compensation cap, from £50,000 to £85,000; - product providers will have to start making contributions to FSCS funding for insurance and investment advice claims; and - it proposes new rules to prevent personal investment firms' insurers excluding cover for claims where the firm or a third party becomes insolvent.

Cryptocurrency pre-ICO funding – a regulatory overview

Published on 04 May 2018.

The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

Pension transfers

Published on 30 Apr 2018.

The FCA tries again to get it right with new rules and a further consultation paper.

The FCA publishes its 2018/19 Business Plan

Published on 23 Apr 2018. By Charlotte Thompson, Associate

On 9 April 2018 the FCA published its Business Plan for 2018/19, demonstrating its continued focus on culture and governance in firms, tackling financial crime and the role of technology in the financial services industry.

FCA success in the High Court: Compensation of £16.9m awarded to misled investors

Published on 16 Apr 2018.

A five-year court battle between the Financial Conduct Authority ("FCA") and Capital Alternatives Limited concluded on 26 March 2018 when the High Court used its restitution powers under the Financial Services and Markets Act 2000 to award compensation to investors who lost money invested with Capital Alternatives.

ESMA cracks down on the sale of binary options and CFDs to retail investors

Published on 29 Mar 2018.

The European Securities and Markets Authority (ESMA) has announced its intention to prohibit the sale of binary options to retail investors and to place restrictions on the sale of contracts for difference (CFDs). This is the first use of ESMA's new intervention powers under MiFID II.

FCA reviews approach to enforcement and penalties

Published on 28 Mar 2018. By Sarah Dowding, Senior Associate

The FCA has announced plans in its recent consultation paper on enforcement to review how it applies penalties which have gone from record highs to record lows over the past 5 years.

Changes on the horizon - FCA consults on non-workplace pensions

Published on 22 Feb 2018. By Rachael Healey, Partner

The FCA has issued a discussion paper targeted at the non-workplace pension market. The paper marks the start of the FCA's work looking at whether there is harm in the non-workplace pension market and to better understand the potential presence, nature, extent and cause of any harm.

Privilege: A welcome respite from ENRC?

Published on 05 Feb 2018. By Davina Given, Partner and Mafruhdha Miah, Senior Associate

Are interviews held with employees to prepare a report intended to deter a governmental authority from taking legal action privileged?

ESMA to use new powers to attack the sale of CFDs and binary bets to retail investors

Published on 25 Jan 2018.

ESMA has launched a public consultation on measures to protect retail investors investing in contracts for difference (CFDs) and binary bets. Potential changes include wide-ranging restrictions on the marketing and sale of CFDs, and a complete prohibition on the sale of binary bets to retail investors. An intervention would mark ESMA's first use of its new powers under MiFID II, which came into force on 3 January.

The FCA pledges to take action against providers of contracts for difference

Published on 12 Jan 2018.

The FCA has concluded that consumers are at "serious risk of harm" due to the poor practices of some providers and distributors of CFDs. The regulator will take further action against at least one firm in its latest crack-down on these "complex, high-risk" products.

Thoughts on the FCA's fund fee transparency proposals

Published on 11 Jan 2018.

Alternative investment funds may soon be required to report total cost of ownership in a standardised form. Work on new templates in ongoing, and fund managers need to be aware of the situation and to be involved in this important debate that has so far been largely overlooked.

Initial Coin Offerings – the digital financing process under global scrutiny

Published on 08 Dec 2017. By Rachel Ford, Partner

In an era of social media platforms and the like, the technological world creeps into its corporate counterpart of today. Initial Coin Offerings (ICOs) storm the corporate world by force, but what does the future hold for the new phenomenon?

FCA revisits FSCS funding proposals, and abandons plans for significant changes to professional indemnity insurance requirements

Published on 01 Nov 2017. By Robert Morris, Partner

The FCA has published a second consultation paper on the thorny subject of FSCS funding. Although not widely reported so far, the new consultation makes it clear that the FCA will not, after all, consult on significant changes to personal investment firms' professional indemnity insurance requirements.

FCA allows confidential report to be scrutinised by Treasury Select Committee

Published on 31 Oct 2017.

The FCA has allowed the Treasury Select Committee to review its s.166 report into RBS' Global Restructuring Group (GRG) and has published an interim summary of the report. It is possible that the threat of publication will play on the minds of firms subject to s.166 reports, which may reduce cooperation with skilled persons and therefore the efficacy of this investigatory power.

The FCA makes clear its expectations of financial advisers

Published on 18 Oct 2017. By Charlotte Thompson, Associate

FCA, regulatory, financial services

FCA criticised by Complaints Commissioner for its handling of enforcement limitation issues

Published on 04 Oct 2017.

The Office of the Complaints Commissioner recently upheld two complaints against the FCA for making a "serious mistake" in its management of limitation issues for two connected investigations. The Commissioner criticised the FCA not only for its mismanagement of the limitation issue, but also for the unnecessary delays in concluding its own internal investigation into these complaints.

DB Transfers - now what?

Published on 04 Oct 2017. By Rachael Healey, Partner

We know that the FCA is looking closely at defined benefit transfers; we already have the FCA's review of redress methodology and the defined benefit transfer rules. We now have the results of the FCA's review, into defined benefit transfers and it makes for uncomfortable reading for the financial services industry.

The FCA: key themes for 2017/18

Published on 29 Sep 2017.

A look at key developments for the FCA in 2017 and looking forward to 2018

MiFID II & Inducements

Published on 21 Sep 2017. By Matthew Watson, Partner

FCA MiFiD Inducements Consultation Paper

Corporate tax update - Final quarter 2015

Published on 29 Jan 2016.

Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this edition we highlight some of the key tax developments of interest to UK corporates from the final quarter of 2015.

FTT prevents HMRC from having two bites of the cherry!

Published on 22 Oct 2014. By Dan Wyatt, Partner

In Lady Henrietta Pearson v HMRC [2014] UKFTT 890 (TC), the First-tier Tribunal (Tax Chamber) ('FTT') concluded that HMRC had "ignored" its previous decision by seeking to reduce the amount of a VAT refund which it had ordered HMRC make to Lady Henrietta Pearson ('the taxpayer').

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