Investigations and Enforcement: Financial Services

A practice note tracking developments relating to two European Commission proposals on the use of alternative dispute resolution (ADR) and online dispute resolution (ODR) for resolving consumer disputes in chronological order.

A note setting out some practical steps parties should take when preparing for an appeal before the First-tier Tribunal (Information Rights) against a decision notice issued under the Freedom of Information Act 2000 (FOIA) or the Environmental Information Regulations 2004 (EIR) by the Information Commissioner.

Every two months, Berwin Leighton Paisner LLP's Financial Crime Team, led by partners Daren Allen and Aaron Stephens, share their views on topical financial crime issues with PLC Financial Services subscribers. The team's comments can be accessed below.

In this practice note, Tom Hibbert, a partner at RPC, outlines the causes of action available to individual investors and corporate bodies against financial institutions for misselling under the common law, regulatory and statutory regimes. This includes complaints to the Financial Ombudsman Service (FOS),  claims for breach of statutory duty, claims relating to advice in contract or tort and for misrepresentation. The note also considers possible contractual estoppel and limitation defences.  

This Practice note outlines the types of investigation which the European Commission may carry out in the context of an on-site inspection at a company's premises (a dawn raid), how privilege may be used to minimise the effect of the investigation and the steps to be taken by a company post-raid. It provides an important checklist and precedent company guidelines for handling requests for information from, and investigations by, the Commission.

This practice note considers the FCA's rule-making powers to require a firm to establish and operate a consumer redress scheme under sections 404 and 404A to 404G of the Financial Services and Markets Act 2000 (FSMA). The note outlines the scope of these powers, related FSA and FCA guidance on the use of these powers and some examples of how the power has been used.

This practice note considers the disclosure issues arising where a firm or individual is being investigated by the FCA. It is part of a practical guide to the FCA enforcement process, written by PLC Financial Services. For an index to the FCA enforcement process practical guide, see Practice note, A practical guide to the FCA enforcement process: index.

This practice note provides an overview of the investigation process once a case has been referred to the FCA's enforcement function. It sets out some practical tips for firms and individuals who become subject to this process. This practice note is part of a practical guide to the FCA enforcement process, written by PLC Financial Services. For an index to the FCA enforcement process practical guide, see Practice note, A practical guide to the FCA enforcement process: index.

This practice note outlines how the FCA notifies firms and individuals that they are to be subject to an FCA investigation. It suggests ways in which those under investigation can prepare and deal with some of the issues arising. This practice note is part of a practical guide to the FCA enforcement process, written by PLC Financial Services. For an index to the FCA enforcement process practical guide, see Practice note, A practical guide to the FCA enforcement process: index.

This practice note outlines the process by which matters are referred to, or otherwise come to the attention of, the FCA's Enforcement and Financial Crime division. It also identifies how the FCA uses enforcement as a regulatory tool and selects which cases to investigate. This practice note is part of a practical guide to the FCA enforcement process, written by PLC Financial Services. For an index to the FCA enforcement process practical guide, see Practice note, A practical guide to the FCA enforcement process: index. 

This practice note considers the role of and procedure followed by the Tax and Chancery Chamber of the Upper Tribunal (Upper Tribunal) with regards to financial services cases. It is part of a practical guide to the FCA enforcement process, written by PLC Financial Services. For an index to the FCA enforcement process practical guide, see Practice note, A practical guide to the FCA enforcement process: index. 

Final notices published by the FSA in relation to breaches of The Disclosure Rules and Transparency Rules (DTR) and the Listing Rules (LR).

In this practice note, Jane Tuckley, partner, and Nigel Barratt, Director of Research, from Travers Smith LLP's Financial Services and Markets department, provide a summary of the most significant aspects of the FCA's disciplinary process, including in the context of an FCA enforcement action. This practice note is part of a series of Travers Smith LLP practice notes on the FCA's disciplinary and enforcement powers. For more information, see Practice note, FCA disciplinary and enforcement powers: a guide to content written by Travers Smith LLP.

In this practice note, Jane Tuckley, partner, and Nigel Barratt, Director of Research, from Travers Smith LLP's Financial Services and Markets department, outline the FCA's powers to conduct formal investigations under the Financial Services and Markets Act 2000. Relevant guidance in the FCA's Enforcement Guide is also identified. The FCA has the power to conduct both general investigations and a broad range of specific investigations. The scope and ambit of its powers differs in each case, with the widest powers being conferred for conducting specific investigations. In addition, the FCA has the power to conduct investigations in support of overseas regulators and into collective investment schemes. This practice note is part of a series of Travers Smith LLP practice notes on the FCA's disciplinary and enforcement powers. For more information, see Practice note, FCA disciplinary and enforcement powers: a guide to content written by Travers Smith LLP.

An overview of the framework under which the FCA may make temporary product intervention rules (TPIR) and the circumstances in which the FCA may deploy these powers. This note is part of a series of notes relating to the new UK financial services regulatory structure. For more information, see Practice note, A guide to the new UK financial services regulatory structure: index.

An overview of the regime set out in Part 16A of the Financial Services and Markets Act 2000 (FSMA) under which super-complaints and mass detriment references may be made to the FCA. The aim of the regime is to establish a framework under which the FCA can be alerted to competition issues, or matters that adversely affect the interests of consumers, and then be held accountable for its response. This note is part of a series of notes relating to the new UK financial services regulatory structure. For more information, see Practice note, A guide to the new UK financial services regulatory structure: index.

In this practice note Jane Tuckley, a partner in Travers Smith LLP's Financial Services and Markets department, and Nigel Barratt, Director of Research in the same department, outline the complaints handling procedures of the Financial Ombudsman Service (FOS). For an overview of the FOS' statutory framework, constitutional issues and funding, see Practice note, Financial Ombudsman Service: statutory framework, constitution and funding. For a description of the three jurisdictions comprising the FOS scheme, see Practice note, Financial Ombudsman Service: jurisdiction. This practice note is part of a series of practice notes written by Travers Smith LLP outlining the FSA's disciplinary and enforcement powers. For more information, see Practice note, FSA enforcement regime: overview. This practice note, and the other FOS practice notes referred to above, are in the process of being updated by the authors to reflect the new UK regulatory structure that came into effect on 1 April 2013.

In this practice note Jane Tuckley, a partner in Travers Smith LLP's Financial Services and Markets department, and Nigel Barratt, Director of Research in the same department, outline the jurisdiction of the Financial Ombudsman Service (FOS). For information on the FOS' statutory framework, constitutional issues and funding, see Practice note, Financial Ombudsman Service: statutory framework, constitution and funding. For an overview of the FOS' complaint handling procedures, see Practice note, Financial Ombudsman Service: complaint handling procedures. This practice note is part of a series of practice notes written by Travers Smith LLP outlining the FCA's disciplinary and enforcement powers. For more information, see Practice note, FCA enforcement regime: overview. This practice note, and the other FOS practice notes referred to above, are in the process of being updated by the authors to reflect the new UK regulatory structure that came into effect on 1 April 2013.

This tracker resources document contains links to every issue of ombudsman news, the regular newsletter published by the Financial Ombudsman Service (FOS), together with related PLC Financial Services Legal updates, where these are available. A summary of the key content of each issue of ombudsman news is also provided. The information is presented in reverse chronological order, for ease of reference. This tracker is not intended to be an exhaustive list of all material relevant to the FOS. For the full range of content on the FOS available to PLC Financial Services subscribers, see Practice note, A guide to PLC Financial Services' materials on the Financial Ombudsman Service.

In this practice note Jane Tuckley, a partner in Travers Smith LLP's Financial Services and Markets department, and Nigel Barratt, Director of Research in the same department, outline the statutory framework under which the Financial Ombudsman Service (FOS) is established and operates. They also consider constitutional matters for the FOS, and the funding of the FOS. For a description of the three jurisdictions comprising the FOS scheme, see Practice note, Financial Ombudsman Service: jurisdiction. For an overview of the FOS' complaint handling procedures, see Practice note, Financial Ombudsman Service: complaint handling procedures. This note is part of a series of practice notes written by Travers Smith LLP outlining the FSA's disciplinary and enforcement powers. For more information, see Practice note, FSA enforcement regime: overview.

An overview of the sanctions for breach by unauthorised persons of the financial promotion regime under the Financial Services and Markets Act 2000 (FSMA), and the disciplinary action that may be taken against authorised persons for breach of the FCA Handbook in the communication or approval of financial promotions.

An overview of the powers available to the FCA and PRA to enforce their responsibilities under the controllers regime in Part 12 of the Financial Services and Markets Act 2000 (FSMA). This note forms part of a suite of notes on Part 12 of FSMA and the FSMA controllers regime. For more information, see Practice note, FSMA controllers regime: overview.

An overview of HM Treasury's review of resolution arrangements for investment banks and firms. The review, which was carried out under powers granted in the Banking Act 2009, resulted in the introduction, in February 2011, of a special administration regime (SAR) for investment banks and firms.

This note considers the prohibition of insurance against fines imposed by the FCA or the PRA.

This note contains links to a suite of materials, written by PLC Public Sector, on the jurisdiction of, and procedure in, the magistrates' courts.

An overview of the impact of reforms introduced by the Financial Services Act 2012 on the Financial Services Compensation Scheme (FSCS), the Financial Ombudsman Service (FOS), the Money Advice Service (MAS), the Upper Tribunal and the Financial Services Complaints Commissioner. This note is part of a series of notes relating to the new UK financial services regulatory structure. For more information, see Practice note, A guide to the new UK financial services regulatory structure: index.

A tracker providing details of key final notices issued by the FCA and the FSA relating to the sale of payment protection insurance (PPI). The tracker also identifies the relevant regulatory requirements, and outlines common themes and lessons that may be drawn from the final notices.

This note explains what the Court of Justice of the European Union (formerly known as the European Court of Justice (ECJ)) is, why a reference would be made to it and who can make a reference. The note gives examples of questions which might be referred to the ECJ and sets out a brief summary of the procedure to be followed and the effect of a ruling by the ECJ on the question referred.

An overview of the recommendations made by the EU high-level expert group on reforming the structure of the EU banking sector, chaired by Erkki Liikanen, and the responses of EU authorities to the group's recommendations. The group published its report (also known as the Liikanen report) in October 2012, making recommendations on reforms to the EU banking sector. These recommendations included mandatory separation of proprietary trading activities and other significant trading activities from deposit banks.