FIN.

Category - Enforcement & Litigation

FOS feeds back on future funding

FOS has published feedback following its discussion paper on its future funding. Following comments, it will not take forward some of the options on which it sought views, such as charging professional representatives...

FCA reacts to FTX failure

FCA has noted that UK customers of FTX may be alarmed following its provisional liquidation in the Bahamas and filing for bankruptcy in the US. It had previously warned customers that FTX is not regulated in the UK and...

CMA writes to Barclays on PPI breaches

The CMA has written a public letter to Barclays because the bank failed to send reminders to up to 1,306 customers about their payment protection insurance (PPI) policies. This meant a breach of Article 4 of the Payment...

Highlights of FSMB debates from 25 October

The 3rd and 4th sittings of the Public Bill Committee debate on the FSM Bill took place on 25 October.  After the evidence sessions from witnesses on 19 October, the line-by-line scrutiny of the Bill has now started...

Further FSMB revisions released

Parliament has published the latest raft of proposed amendments to the FSM Bill. These include: a change to the very first sub-clause, replacing the revocation of the EU and EU-derived legislation in the schedule so...

FCA publishes H1 complaints data

FCA has published the complaints data for H1 2022, which shows: a 1% increase in complaints from the previous period (1.88m complaints) the biggest increase was in the decumulation and pensions group (15%) with a 5%...

PRA fines MS Amlin for governance failings

PRA has fined MS Amlin Underwriting Limited nearly £10m for failings in its governance, controls and risk management. The failings lasted for over 5 years and related to the governance and oversight of underwriting...

FSMB Committee stage scheduled for 19 October

An update to the Parliament website shows the Committee stage for the Financial Services and Markets Bill will start on 19 October.  After the line by line debate is complete, the Bill will be republished for report...

FCA updates Whistleblowing data

FCA has published data on whistleblowing reports received between April and June 2022. It received 243 new reports containing 474 allegations, mainly through its online reporting form, but a sizeable number by email or...

Ombudsman News and new FOS UCIS pages

The latest edition of Ombudsman News highlights the recent complaints data we’ve previously reported on, and gives guidance on complaints relating to UCIS. FOS is seeing increasing complaints about advice to...

FOS publishes H1 complaints data

FOS has published its regular half-yearly update on complaints data relating to individual businesses. 212 businesses feature, with an average uphold rate of 37% (the same as the previous period). FOS has also reported...

FCA imposes conditions on CiC

On 12 September, FCA announced that it has imposed conditions on a proposed change in control. Dye & Durham is looking to take over the Link Group, which involves the acquisition of 7 FCA-authorised firms. One of...

FCA responds to Premier FX complaints

FCA has upheld or partially upheld 5 out of the 31 complaints it received from people who lost money when money remitter Premier FX collapsed. The issues relate to events which happened some time ago, and in relation to...

FCA consults on transfer advice redress

FCA is consulting on updates to how it calculates redress for unsuitable DB pension transfer advice. The consultation: confirms that FCA has carried out a review that shows that the current methodology is appropriate...

CMA orders bank to send transaction histories

The CMA has ordered Monzo to send transaction histories for 13,000 customers who closed their accounts with the bank but were not sent the history required by the Retail Banking Market Investigation Order.  The breaches...

FCA seeks retrial in insider dealing case

Following the Court’s decision to discharge the jury after they were unable to reach a verdict following an 8-week trial, the FCA has announced that it will pursue a retrial of Stuart Bayes and Jonathan Swann for...

FCA update on market abuse and manipulation

Tackling market abuse is one of the FCA’s strategic priorities. Given recent press reports about the FCA’s approach, the FCA outlined the work it does to tackle insider trading and manipulation and to warn...

Court looks at meaning of “insurance”

A court has considered whether a law firm that offered an indemnity against adverse court orders when acting for claimants on a conditional fee basis was in fact carrying on insurance business. The defendant firm of...

FCA sets up BSPS information page

FCA has published a new page on its website in which it gives answers to requests for further clarification that it has received from respondents to its consultation on the British Steel Pension Scheme redress scheme...

FCA publishes H1 2022 complaints data

FCA has published its H1 2022 complaints data. In 2021 H2, financial services firms received 1.84m complaints, 10% lower than in 2021 H1 (2.04m). This is the lowest level recorded since 2016 H2. The insurance and pure...

FCA to remove credit broker permissions

FCA has published its first supervisory notice against Semantic Business Services Ltd, a secondary credit broker.  It plans to remove the firm’s permissions because: the firm has links with a number of other firms...

Ombudsman News looks at storm damage

The latest edition of Ombudsman News from FOS covers not only its plan and budget for 2022/23 (which FIN has covered separately) but also guidance for consumers about storm damage complaints. The guidance contains...

CMA issues SME banking directions to HSBC

CMA has issued directions to HSBC under the SME banking undertakings 2002. The directions stem from breaches notified over the past 18 months in respect of 221 loans impacting 204 customers since 2002. They primarily...

FOS outlines strategic plans for 2022/23

FOS has published its plans and budget for 2022/23. In the coming year, FOS: expects to receive 177,000 complaints and resolve 220,500 complaints; will continue to ensure it is equipped to respond to complexity and...

ASA cracks down on misleading crypto ads

ASA has issued an Enforcement Notice to over 50 firms which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated...

NAO reports on BSPS

The National Audit Office has published its report on its investigation into the British Steel Pension Scheme.  When BSPS was restructured in 2017 44,000 of its members had the opportunity to transfer out of the scheme...

Lloyd’s responds to market misconduct

Lloyd’s has issued a notice of censure to Atrium, a managing agent in the Lloyd’s market. The firm admitted three charges of misconduct, and Lloyd’s Enforcement Board levied its largest ever fine of...

FCA responds on LCF Complaints

FCA has set out its response to the Complaints Commissioner’s report on its handling of the failure of LCF in respect of assessing complaints against it.  It says it is sorry for the mistakes it made. It has...

CAT determines the ‘domicile date’

CAT has published its Judgment giving further guidance on the ‘domicile date’, which is the date specified in a CPO. The domicile date operates to determine the persons who fall within the class definition...

FCA publishes Consumer investments data review

The FCA has published its third Consumer investments data review. The review provides an overview of FCA’s work to protect consumers from investment harm between April and September 2021. This follows FCA’s...

BBRS publishes Post-Implementation Review

The Business Banking Resolution Service (BBRS) has published the first part of its Post-Implementation Review (PIR). The aim of this review was to assess how well the BBRS has delivered the recommendations contained in...

FCA makes new rules

The FCA’s latest Handbook Notice confirms changes to: apply the rules set out in the Funeral Planning Conduct of Business (FPCOB) sourcebook to funeral plan providers selling their own plans directly to customers...

FOS publishes latest quarterly complaints data

The Financial Ombudsman Service (FOS) has published its latest quarterly data on complaints in relation to financial products. This data covers the period October to December 2021, and is available in full as a...

FCA responds to APPG letter before claim

The FCA has responded to a letter before claim under the pre-action protocol for judicial review from the All Party Parliamentary Group on Fair Business Banking (APPG). APPG’s letter before claim refers to the...

OFSI updates penalties table

OFSI has updated its table of penalties imposed for breach of financial sanctions restrictions and requirements to include a fine imposed over a year ago, but just publicised, The payment services provider in question...

Final report: London Capital & Finance

The Complaints Commissioner has published its final report on the FCA’s oversight of London Capital & Finance plc (LCF). The report splits the complaints about FCA’s regulation of LCF into three...

FCA gets BNPL firms to change contract terms

FCA has secured voluntary agreement from Clearpay, Klarna, Laybuy and Openpay to make changes to terms in their contracts.  Although FCA does not yet regulate the contracts, it used its powers under the Consumer Rights...

FCA publishes 2021 fin proms data

FCA has published its analysis of its data from 2021 relating to action it took against authorised firms breaching financial promotion rules. Key conclusions included: an increase in amendment and withdrawal of...

CMA writes to Monzo on RBO breach

The CMA has written to Monzo about its breach of the Retail Banking Market Investigation Order 2017. Monzo breached the Order when it failed to disclose its Monthly Maximum Charge in its Fee Information document between...

FOS looks at current initiatives

The latest edition of Ombudsman News reminds firms there is still time to respond to its consultation on its plan and budget, and at its wider work, including the wider implications framework and how it is working on...

Quincecare Duty – Supreme Court Appeal

The Court of Appeal decision in Stanford International Bank Ltd (in liquidation) v HSBC plc [2021] EWCA Civ 535  comes before the Supreme Court this week as SIB appeal the decision to strike out the loss claim it...

FOS responds on action plan

The Treasury Committee has published a response from FOS, received in December, answering various questions the Committee had posed about FOS’ action plan. The letter addresses several issues, including: the...