Category Enforcement

Treasury responds on pension scams

Treasury has confirmed its plans to ban cold calling, emails and texts in respect of private pensions as part of its measures to address pension scams.  It will also tighten rules to ensure that only active companies which produce up-to-date accounts can register pension schemes and introduce measures to help prevent money being transferred from […]

MoJ publishes Plevin guidance for CMCs

The Ministry of Justice has published guidance for claims management companies when they handle cases relating to Plevin. The guidance mainly explains what FCA’s expectations are and stresses that CMCs must not mislead clients about likely levels of redress. It also cautions against referring complaints to FOS without properly engaging with the relevant financial business […]

BoE NEDs review conflicts policies

The BoE’s non-executive directors have published a review of its approach to identifying and managing conflicts of interest within the BoE set up. There will be an update to the Bank’s Code of Conduct to update and clarify requirements. Among changes will be the appointment of a designated Conflicts Officer, together with other organisational and technological […]

ASA unhappy at Amex ad

ASA has found a TV advert for American Express breached the BCAP rules on misleading advertising, qualification and exaggeration.  On the ad, a voiceover claimed that “there is a card that could give you 5% cashback on all purchases”. In fact, this amount was available only for the first 3 months, was subject to a […]

Tribunal upholds IFA ban

The Upper Tribunal has upheld FCA’s decision to ban a former CEO of an adviser network. FCA has banned Charles Palmer and fined him over £86,000 for failing to act with due skill, care and diligence.  The network had nearly 400 Appointed Representatives and over 500 registered individuals who, between them, provided advice to around […]

FCA releases details of consultations on the extension of SM&CR to all firms

The long-awaited consultations on the extension of the SM&CR have been released: CP17/25 – Individual accountability – extending the Senior Managers and Certification Regime to all FCA firms. Banks are told to read Chapters 9 and 10 in the CP about the extra SM&CR regulations that will affect the banking sector. CP17/26 – Individual accountability – extending […]

FCA makes new rules

At FCA’s July Board meeting it made several new rulebook instruments. Key changes are: to make minor changes to approved persons application forms with effect from 12 September; to set the fees payable to the PSR from 21 July; to amend COBS in respect of pension projections from 24 July so firms can prepare risk […]

ICO fines Moneysupermarket.com £80,000

ICO has fined Moneysupermarket.com Ltd £80,000 for sending 7.1 million unsolicited direct marketing emails over a period of ten days to update its customers on its Terms and Conditions. Crucially all the recipients of the emails had previously opted out of direct marketing, and Moneysupermarket sent the T&Cs by email which included a section noting the […]

Complaints Commissioner publishes report on FCA complaints

The Complaints Commissioner has published its annual report looking at complaints against FCA. It was disappointed that it had had to repeat some previous recommendations, particularly on the time FCA takes to action complaints. Other criticisms included FCA’s perceived tendency to take a defensive attitude and to act slowly to remedy acknowledged wrongs.

ICO fines loan firm for nuisance texts

The Information Commissioner’s Office has fined Provident Personal Credit Ltd £80,000 for sending nearly 1 million unsolicited texts promoting personal loans. The company used third party affiliates to send the communications, to which the recipients had not consented.