FIN.

Category - Enforcement & Litigation

FOS sets out approach to CMC fees

The FOS has published a policy statement setting out its approach to charging professional representatives a fee of £250 if they wish to refer a case to its service. The new arrangements will take effect from 1 April...

FCA outlines supervision strategy for CMCs

The FCA has written to claims management companies (CMCs) outlining its supervision strategy, including its updated view of the harms and risks that CMCs pose and its expectations for firms in the sector. The FCA...

FCA charges former WealthTek partner

The FCA has brought criminal charges against John Dance, the principal partner at WealthTek LLP, in relation to 9 criminal offences, including multiple counts of fraud and money laundering. WealthTek, then known as...

FCA confirms pause on non-DCA complaints

The FCA has confirmed new temporary rules for handling motor finance non-DCA commission complaints, that broadly mirror those already in place for DCA commission related complaints. Firms will not have to provide a...

FOS updates on motor finance complaints

The FOS has updated its website to reflect the High Court judgment on DCAs that went in FOS’ favour. It says it is carefully considering what the judgment means for other similar cases in its current workload. The...

High Court backs FOS on DCA complaint

The High Court has dismissed all 3 grounds of appeal brought by a lender under a discretionary commission arrangement (DCA) for motor finance, following a FOS decision to uphold a customer complaint. The grounds of...

Employment cases update – December 2024

We are pleased to introduce into FIN a series of monthly updates from our employment team. This post looks at a few interesting cases. De Bank Haycocks v ADP RPO UK Ltd [2024] EWCA Civ 1291 The Court of Appeal had to...

FOS consults on 2025/26 plans and budget

The FOS is consulting on its proposed plans and budget for 2025/26. The FOS noted that due to the uncertainty around motor finance commission cases, and the wider regulatory review of the redress framework, its plans...

FCA writes to Supreme Court on motor finance

The FCA has written to the Supreme Court supporting the application of the lenders in the Hopcraft, Wrench and Johnson motor finance commission cases for expedition of the court’s decision on the application to...

FCA fines and bans another pensions adviser

The FCA has fined Philip Pryke nearly £1.4m and banned him for failings as a director, compliance officer and adviser at C&I, in relation to defined benefit pension scheme transfer advice during a 4 year period...

FOS notes huge increase in complaints

The latest figures from the FOS show complaints have increased by over 50%, with record increases in complaints about frauds and scams, current accounts and credit cards. The FOS also noted in particular an increasing...

FCA updates whistleblowing data

The latest whistleblowing data from the FCA, covering the quarter ending September 2024 shows: 322 new reports received (up from 253 in Q2 and 280 in the corresponding period last year), with nearly half of reports...

FOS confirms decision to introduce CMC fees

The FOS has published a letter, dated 8 October 2024, from its Chair, Baroness Manzoor CBE, to FCA Chair, Ashley Alder, confirming its board’s decision to introduce a fee for certain claims management companies...

Tribunal disagrees with FCA on fine amount

The FCA had found Arian Financial LLP had breached Principles 2 and 3 in respect of failings in its financial crime prevention systems and controls in relation to business introduced by the now infamous “Solo...

FCA bans director after GBH conviction

The FCA has banned Ari Harris, the sole director of Reeds Motors Ltd, after he was convicted of inflicting grievous bodily harm without intent and deliberately failed to notify the FCA. He had been convicted in 2020 and...

FCA reacts to Mansion House speech

The FCA has reacted to several announcements from the Mansion House speech. It has reiterated that it is committed to supporting growth and says it has fully embraced its secondary international competitiveness and...

FCA improves enforcement disclosure processes

The FCA has completed its review of its disclosure processes in enforcement cases following a recommendation from the Upper Tribunal.  The FCA is required to disclose all documents it relies on to build its case and any...

FOS warns on lack of understanding of s75

The FOS has said that failing to understand the rules around claims under s75 CCA can affect consumers’ chances of getting their money back. Its guidance debunks several myths: that s75 only helps if the purchase...

Latest complaints figures show huge rise

The FOS has published the complaints figures for the first half of 2024. The figures show a rise of over 40% compared to the same period last year, with over 130,000 complaints being received. The increases, and year on...

FCA targets illegal finfluencers

The FCA is interviewing 20 “finfluencers” under caution in a targeted action against social media account holders which may be promoting financial services products illegally. It has also issued 38 alerts...

FCA speaks on enforcement approach

Therese Chambers has spoken on the FCA’s evolving approach to enforcement. She noted the key drivers of: intervening earlier, acting faster and with more focus and taking a targeted, outcomes based approach She...

FCA bans individual after criminal conviction

The FCA has banned an individual from performing regulated activities after he was convicted of involvement in a criminal conspiracy to commit fraud by false representation. Luke Williams was involved in the activities...

FCA publishes Annual Report

The FCA Annual Report and Accounts shows how the FCA has improved its operating statistics for authorisations over the past year. It now meets its statutory deadlines for determining applications in 98% of cases. Other...

FCA releases latest skilled persons stats

In the quarter to end March 2024, the FCA commissioned 27 skilled persons reports. 10 related to retail investments, 7 to wholesale financial markets and 5 to retail banking and payments. 12 related to controls and risk...

FOS publishes quarterly data

FOS has published complaints data covering Q1 2024/5 (April – June 2024). Highlights include: over 76,000 new complaints – an increase of 70% from the same period last year; credit cards were the most...

Unauthorised mortgage broker to pay £4m

The FCA has secured an order of £4m in the High Court against two firms under the directorship of one individual, which respectively arranged mortgages and bought properties and rented them back to the sellers. Neither...

FSR Committee restarts and reopens inquiries

The House of Lords has reappointed the Financial Services Regulation Committee which had originally been created in 2024. The reappointed Committee will now continue the inquiries that were ongoing before the election...

PSR publishes APP scams performance report

The PSR has published the APP scams performance report for 2023. Highlights from the report show: over 250,000 reports were made in 2023, with scams totalling over £340m; reimbursement rates have increased while fraud...

Regulators update on BSPS actions

The FCA, FOS and FSCS have published a report looking at the actions taken and results from the BSPS Redress Scheme exercise, as it comes to an end. Overall: £8.7m has been paid out by firms or the FSCS (significantly...

FOS publishes ADR annual activity report

The FOS has published the annual figures for reports it received in the year to 8 July, It notes the figures don’t include complaints brought by businesses but may include some brought by charities and trustees...

FCA updates whistleblowing data

The latest whistleblowing data from the FCA, covering the quarter to end June 2024, shows: 253 new reports received (fewer than the corresponding period last year and the last quarter), with nearly half of reports made...