Analysis

Ombudsman Poised To Take Consumer Duty Power From FCA

By Alex Davidson

Pending legislative reforms to the Financial Ombudsman Service could hand the dispute-arbitrator power to assess whether businesses have complied with the consumer duty and other broad rules set by the Financial Conduct Authority, regulatory lawyers say.

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MFS Faces FCA Probe After Collapse With £1B Debts

By Alex Davidson

The City watchdog said Friday that it has launched an enforcement investigation into Market Financial Solutions Ltd., a U.K. provider of property loans that collapsed in February with debts of more than £1 billion ($1.3 billion).  

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FCA Halts Co.'s Operations Due To Manager's 10-Year Ban

By Ronan Barnard

The U.K.'s finance regulator said Friday that it had ordered a consumer credit company to stop operating and to return funds to clients, saying it found that a senior manager at the company had been banned from running a company for a decade.

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Adviser Can't Get Success Fee For Fund's €150M Investment

By Eddie Beaver

A London court dismissed a real asset advisory firm's claim that the founder of an investment fund owes it a success fee for helping secure a €150 million ($173 million) seed investment, finding on Friday that no such agreement ever existed.

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OneCoin Investors Agree To Lift Financier's Asset Freeze  

By Max Austin

Investors pursuing litigation over the alleged $4 billion OneCoin cryptocurrency fraud have struck a deal to lift a worldwide freezing order against a British financier. 

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Roundup

UK Litigation Roundup: Here's What You Missed In London

By Laura Stewart Liberty

The past week in London has seen an ex-professional footballer revive a dispute with Charles Russell Speechlys, Virgin Media face a group data protection claim after hundreds of thousands of customers' personal details were exposed online for months, and Mishcon de Reya sued by a real estate private equity firm founded by a former Morgan Stanley executive.

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Upper House Strips Pensions Bill Of Investment Mandate

By Joel Poultney

The House of Lords has voted to remove a controversial measure from forthcoming pensions legislation mandating that retirement plans commit to certain investments, a step criticized as government overreach by the political opposition and the financial sector.

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Misconduct Reports To FCA Double In Number Since 2020

By Joel Poultney

The number of reports the FCA has received about misconduct by financial services firms has more than doubled in the last five years, law firm Littler has said.

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FCA Warns Pension Sector Over New Transfer Demands

By Martin Croucher

The Financial Conduct Authority warned pension administrators Friday to be ready for a surge of inquiries on savings transfers when groundbreaking new online portals go live.

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