Working closely with clients’ compliance, legal and risk teams, we advise on all aspects of financial services regulatory supervision and enforcement, including becoming and remaining authorised or exempt, and related issues of fitness and propriety. These issues are also features of projects we’ve handled relating to governance and HR aspects of the senior managers and certification regime (SMCR).
Our ability to deploy expertise on a pragmatic basis means we’re regularly instructed to handle internal investigations, notifications and other reporting to regulators, including where a business has been subject to, or itself sought to effect, whistleblowing.
Our clients include established institutions and participants, and new entrants to financial services markets. We’ve advised on numerous applications and materials involved in businesses becoming authorised or exempt as appointed representatives. This work includes major projects in consumer and commercial markets, and where businesses intend to be outside the scope of financial services regulation.
Our work in relation to the ‘controllers’ (change in control) regime, includes advising on which entities fall within the regime and on formulating business plans that meet regulators’ requirements. Features of this work are also shared with multiple projects we’ve handled for cross-border business post-Brexit.
Regulatory supervision and enforcement, and related processes on which we advise include ‘risk mitigation programmes’ (RMP), ‘skilled person reports’, and complaints, including ‘root cause analysis’, ‘customer redress’ and Financial Ombudsman Service (FOS) referrals.
Our team was involved in a series of related matters for a multi-jurisdiction insurance group which was accused of providing misinformation on financial reports, returns and notifications. We succeeded in addressing the inconsistent information, and in reassuring the relevant regulators that the client had not caused, nor intended to cause, any misimpression. This included working with overseas counsel in order to avert the commencement of proceedings in a non-UK jurisdiction.
An EU-based payment services provider which was required to undertake an analysis of its multinational customer base of businesses that provided a range of financial services products to UK consumers, including some identified as banned in the UK.
Claims arising from interest-only mortgages have been farmed in volume. Many such claims to date have sought to drive a narrative that interest-only mortgages are an inherently toxic product and brokers were negligent simply for suggesting them. Taylor is a helpful recalibration, focussing instead on what the monies raised by the mortgage product were being used for and whether the client understood the inherent risks.
As you probably know by now, the acronym 'ESG' stands for environmental, social and governance. Although the investment community initially coined the term, it has grown into a larger concept that can be applied more broadly to any business or practice.
To operate lawfully, firms that broker credit to consumers by way of business must be registered with and authorised and regulated by the Financial Conduct Authority (FCA).
In September 2019 Lloyd’s of London “… announced … actions designed to make [its] market a place where everyone can feel safe, valued and respected …” Read about the findings here.
Browne Jacobson has advised BGF and the shareholders of long-standing client TCL Group on the sale of the TCL business to idverde Group.
This article addresses the regulatory issues around Lloyd’s’ evidence of inappropriate personal behaviour (sexual discrimination / harassment, and alcohol / substance abuse).
The aim of the newsletter is to provide our clients and contacts across the financial services market with quarterly updates and insights on topical legal and regulatory issues.
Following an “explosion” in online promotions for high yield investment opportunities, the FCA says a “strong case” could be made for regulating how investment products are marketed to retail investors.
Companies should undertake a comprehensive review and audit to identify those products and legacy contracts that are LIBOR-linked and carry out an in-depth risk assessment of discontinuation. Where possible, companies should look at appointing an individual to oversee the programme.
This series of articles explores the extent to which the general insurance (“GI”) market has recently become a primary target of regulators’ activities, or is merely the ‘collateral’ victim of banking regulation.
On 5 May 2019 BEIS (the Department for Business, Energy & Industrial Strategy) published a consultation on options to enhance the role of Companies House and increase the transparency of UK corporate entities.
The UK general insurance market has for some time now been experiencing significant regulatory scrutiny, even pressure. There has been particular focus on the intermediation that procures customers' agreements with insurers, and the influence of intermediation on claims.
Despite all of the media attention around Brexit, very little is being said about the effect of Brexit on the accounting and financial reporting requirements for businesses operating cross-border.
Browne Jacobson has appointed Peter Allen as Partner to its Manchester office, as it continues to grow its North West corporate practice.
Momentum is gathering in the call to take a tougher approach to how large businesses tackle modern slavery issues in their supply chains.
