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Phase four of the Financial Conduct Authority’s multi-firm supervision exercise on defined benefits pensions transfers is now in progress, with questionnaires being sent to every firm with permission to advise on these pension transfers.
Case review 09/10/2018
On 23 April 2018, judgment was handed down by the Privy Council in the long running dispute of Investec Trust (Guernsey) Limited and another v Glenalla and others. The judgment has a number of important implications in respect of trustees' limitations of liability, but also in aspects of private international law that reach beyond trustee law.
Since October 5, 2017, the date on which The New York Times first ran its report exposing the numerous sexual harassment and assault allegations made by several women against Hollywood producer Harvey Weinstein, the flood gates have opened on high-profile allegations of sexual harassment in the workplace and beyond.
Each year, the Financial Conduct Authority (FCA) sets out its priorities for the next 12 months in its annual Business Plan. Unsurprisingly, assisting the government with the UK’s withdrawal from the EU dominates the 2018/19 document.
The FCA’s recent discussion paper “Transforming Culture in Financial Services” presents the views of industry leaders, academics and practitioners. It is hoped these essays will encourage further debate on what constitutes, and how to promote, a healthy culture in this sector.
In the UK, the price of financial products has historically been set by market forces rather than by regulation. Since 2014 the current regulator, the Financial Conduct Authority (FCA), has intervened on pricing in a limited number of areas, but that has been the exception rather than the rule.
Case review 17/08/2018
The High Court confirmed that external factors for which professionals had no responsibility would be taken into consideration when assessing damages.
Cyber attacks represent a growing danger that threatens businesses of all sizes, irrespective of sector. This became increasingly evident in 2017 following the WannaCry and NotPetya attacks and unfortunately, the severity and frequency of attacks is continuing to grow.
On 1 April 2019 the FCA will assume regulatory conduct for claims management companies (CMCs) established or serving customers in England, Scotland and Wales. At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs.
Case review 04/06/2018
The much anticipated judgment of the Court of Appeal in the dishonesty case of Malins v SRA was handed down in March 2018.