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Mis-selling: the case for regulation and redress
Archive
31 May
2016

Mis-selling: the case for regulation and redress

This month, the House of Commons Committee of Public Accounts released its forty-first report of session 2015-16 which looks at ‘financial services mis-selling: regulation and redress’.  The Committee is tasked with ensuring value for money of public spending and generally holds the government and its civil servants to account for the delivery of public services...

21 Apr
2016

Regulatory burnout and Brexit

A vote in favour of Brexit in the UK will have huge repercussions for the financial services sector. The issues of political sovereignty, economic benefits, market upheaval or immigration aside, the consequences for the people within financial services will be huge. Whether it is their job or how they are supervised, Brexit will require a..

04 Apr
2016
financial services regulation, fs regulation summary

RegRoundup 4 April: the pursuit of clarity

In the post-Easter week, regulators were busy shining a spotlight on remuneration practices in the industry.  We saw the EBA releasing a report looking at the high earners in EU banks and ESMA focusing on sound remuneration policies under the UCITS Directive and AIFMD. The FSB also met in Tokyo to discuss their priorities for..

18 Mar
2016
mis-selling, national audit office, FCA, Financial Ombudsman

The clampdown on mis-selling practices

On 24 February, the National Audit Office of the UK published the findings of a report carried out by the Comptroller and the Auditor General which looked at financial services mis-selling.  The definition of mis-selling is currently “a failure to deliver fair outcomes for customers” and this includes providing customers with misleading information or recommending..

03 Mar
2016
benchmark regulation, benchmarks regulation, benchmarking, esma discussion paper benchmarks, wheatley review, LIBOR, EURIBOR,

On your marks for the Benchmarks Regulation

On 15 February, ESMA released a discussion paper with the purpose of consulting stakeholder opinions on the technical implementation of the incoming Benchmarks Regulation.  This regulatory process was initiated on 18 September 2013 at an EU level when the Commission published a legislative proposal for a new regulation on benchmarks, which falls in line with..

26 Feb
2016

SMR remains challenging despite less than two weeks until full effect!

Only hours before JWG’s Customer Data Management Group (CDMG) met on 23 February, an announcement was made that more than a third of firms that submitted their responsibilities under the Senior Managers Regime (SMR) had been rejected for technical reasons. The UK FCA/PRA SMR passed its first major milestone for grandfathering on 8 February and..

16 Feb
2016

RegRoundup 16 February: Steps in multiple directions; a delay, another agreement and a whole new round of fines

This week, the EU commission published the responses to their call for information on the impact of EU regulation so far.  The FCA’s response, also published this week, has been similar to other feedback in citing the constraints on both the banks and the real economy of financing themselves, overly complex reporting obligations and spill-over..

05 Feb
2016
Online Dispute Resolution, ODR

Online dispute resolution is here

The European Commission is in the final stages of launching its online dispute resolution (ODR) platform to the public.  This has been an extended process which involved the publication of a designated regulation on online dispute resolution for consumer disputes back in 2013.  As of 7 January 2016, the launch of the platform was heralded..

26 Jan
2016

Taking stock of EU financial services regulation

In December of 2015, the European Parliament released a report “on stocktaking and challenges of EU financial services regulation” and, on Tuesday 19 January, the text was adopted by a majority vote of the Parliament in Strasbourg. So, what does it say? Compiled by the Committee on Economic and Monetary Affairs (ECON), the report assesses..