Mis-Selling

Motor finance claims – the current state of play

The prospects of claims against motor finance lenders continues to develop rapidly as courts, the Financial Ombudsman Service, and the FCA continue to grapple with the issues raised by the large volume of cases being initiated. Here’s the current state of play at a glance: We are aware of enormous amounts of activity on all … Continue Reading

FCA marks principal firms’ homework on appointed representatives – must try harder

By Chris Webber on September 12, 2024 Posted in Fraud and Financial Crime, Investigations, Investment Management, Mis-Selling, Regulation

The FCA says principal firms need to do more to comply with enhanced appointed representative rules… Continue Reading

Too soon to move on? Supreme Court changes limitation in secret commission cases

By Chris Webber on November 15, 2023 Posted in Banking, Mis-Selling

The Supreme Court has today provided important clarification on when “deliberate concealment” or “deliberate commission of a breach of duty” by a defendant will extend the limitation period for bringing claims. The decision is bad news for financial services firms affected by PPI mis-selling claims and other claims in which firms are accused of making … Continue Reading

Financial Promotions Data Analysed – An Increase in Intervention

By Chris Webber, Katherine Wakeham and Alex Villers on May 4, 2023 Posted in Investigations, Mis-Selling

Earlier this year, the Financial Conduct Authority published its analysis of its financial promotions data for 2022. That report sheds some interesting light on the FCA’s actions taken against authorised firms, and unauthorised entities and individuals, for breaches of financial promotion rules. The standout message is clear – the FCA has significantly increased its interventionist activity, in … Continue Reading

Ready or not, here comes the Consumer Duty

By Chris Webber and Ian Debbage on February 8, 2023 Posted in Banking, Insurance, Investment Management, Mis-Selling, Pensions, Regulation

Since July 2022 when the FCA published its rules and guidance to implement the Consumer Duty, much ink has been spilled on what it will mean for affected firms. Now, with the clock ticking down to implementation on 31 July 2023, the FCA has published the findings of its review of a number of larger … Continue Reading

FCA tightens appointed representative regime

By Chris Webber and Mariyam Harunah on October 19, 2022 Posted in Mis-Selling, Regulation

In August 2022, the FCA released a policy statement introducing improvements to the appointed representative (“AR“) regime. In its policy statement, the FCA provides feedback on its earlier consultation, and sets out new rules to make authorised financial firms more responsible for their ARs. In its press release, the FCA says that whilst some principal … Continue Reading

FCA to crack down on conduct in the payment services and e-money sectors

By Squire Patton Boggs on September 19, 2018 Posted in Mis-Selling, Regulation

The FCA published a consultation paper on 1 August 2018 to revamp its rules and guidance for payment service providers (“PSPs”) and e-money institutions, alongside proposing a crack down on the marketing and promotion of currency conversion services. The proposals are designed to tackle recent concerns over confusing and misleading marketing material and exchange rates … Continue Reading

Closing out derivative contracts following Brexit

By Chris Webber on July 5, 2016 Posted in Banking, Mis-Selling

Since the shock Brexit vote on 23 June there have been big movements in a number of financial markets, as participants of all types reposition themselves for the period of uncertainty that the leave vote has ushered in. Regardless of the eventual terms of a UK exit from the EU, market movements that have already happened can be … Continue Reading