UK: Weekly Financial Services Regulatory Update - Week to 15.06.12

This weekly update from Clyde & Co's Financial Services Regulatory Team summarises new developments as reported by the FSA, the UKLA, the Upper Tribunal, the Financial Ombudsman Service and the London Stock Exchange over the past week, with links to the full documents where these are available.

We hope that you will find this update useful.

Consultation papers:

No new developments this week.

Discussion papers:

No new developments this week.

Policy statements:

No new developments this week.

Press releases:

No new developments this week.


14 June: Regulating in a new era of professionalism – what does the FSA want to see from the industry. The FSA has published a speech by Clive Adamson, Director of Supervision at the FSA, which he presented at the IEA's 15th Annual Conference. Adamson outlines the current and ongoing changes that the FSA is undergoing to separate its prudential and conduct regulatory functions. He focuses specifically on the role of the incoming Financial Conduct Authority (FCA) and its new approach to supervision. Adamson also addresses professionalism and the FCA's desire to continue the work of the FSA to improve the clarity of the service provided to consumers, to create a transparent and fair charging system for advice received and to ensure that advice is provided by respected and professional advisers. He concludes by setting out the FSA's and FCA's expectations of the industry in relation to these issues.

Bulletins and newsletters:

No new developments this week.

Final notices:

14 June: Athanass Stefanopoulos. The FSA has issued a final notice, dated 14 June, cancelling Mr Stefanopoulos's Part IV permission. Following the FSA's decision notice, dated 31 August 2011, Mr Stefanopoulos referred the matter to the Upper Tribunal which concluded on 28 May 2012 that he was failing to satisfy the standards of fitness and propriety required of him and did not have sufficient human or financial resources in relation to the regulatory activities that he carried on. The Upper Tribunal therefore directed the FSA to issue a final notice cancelling Mr Stefanopoulos's Part IV permission.

12 June: Choon Hee Patrick Tan trading as Mortgages Mortgages. The FSA has issued a final notice, dated 12 June 2012, cancelling the Part IV permission of Choon Hee Patrick Tan, trading as Mortgages Mortgages, on the basis that he has failed to pay fees and levies owing to the FSA in the sum of £1,787.64. This failure to pay has led the FSA to conclude that Mr Tan has not conducted his business soundly or prudently and is not a fit and proper person and the FSA has therefore cancelled his Part IV permission accordingly.

12 June: Moinul Islam. The FSA has issued a final notice, dated 11 June 2012, refusing Moinul Islam's application for registration as a small payment institution to perform a money remittance service. Mr Islam's application was refused on the basis that it was incomplete when submitted and despite attempts by the FSA to rectify the error, Mr Islam did not provide the further information required and he therefore failed to meet the conditions for registration as a small payment institution.

11 June: Wood Financial Management Limited. The FSA has issued a final notice, dated 11 June 2012, cancelling Wood Financial Management Limited's Part IV Permission. Wood Financial Management Limited had previously been operating under a Supervision Notice, dated 4 April 2012, which removed all regulated activities from the Part IV permission. The FSA has since concluded that the Part IV permission does not need to be in force and must therefore be cancelled. Further, Wood Financial Management Limited has failed to pay fees and levies owing to the FSA in the amount of £4,901.98 and has failed to submit its Retail Mediation Activities Returns for the periods ending 31 May 2010, 30 November 2010, 31 May 2011 and 30 November 2011 which has led the FSA to conclude that Wood Financial Management Limited has been failing to conduct its business soundly and prudently.

Application refusals:

No new developments this week.

Approved person refusals:

No new developments this week.

Research publications:

No new developments this week.

Consumer research:

No new developments this week.

Other FSA publications:

15 June: Modification by consent of COBS. The FSA has announced that it has issued a modification of COBS by consent. Firms that had previously been required to provide Key Investor Information before or during a transaction will now be permitted to do so after the transaction where they have been given instructions by a means of distant communication and are not able to provide the information requested in good time. This modification applies to authorised fund managers of UCITS schemes, ICVCs that are UCITS schemes and firms that sell, personally recommend, or arrange the sale of units in a UCITS scheme or an EEA UCITS scheme that is a recognised scheme.

14 June: Reminder of Single Customer View reporting deadline. The FSA has published a letter that was sent to the Board of Directors of the credit unions in Northern Ireland, reminding them that the deadline for submitting their single customer view pre-implementation report is 30 June 2012.

11 June: Handbook Release 126. The FSA has published a new Handbook release which includes pages to replace in the following areas: the FEES manual, the Glossary of Definitions, the Professional Standards, and Supervision.

UKLA publications:

No new developments this week.

Upper Tribunal (Tax and Chancery Chamber) (formerly Financial Services and Markets Tribunal (FSMT)):

No new developments this week.

Financial Ombudsman Service (FOS):

13 June: Scam Email Alert. The FOS has published a warning to the public that people have been receiving emails purporting to be from the FOS. The FOS would like to reiterate that it does not cold-call consumers or ask for personal details out of the blue. It has recommended that anybody concerned should contact ActionFraud – the UK's national fraud and internet crime-reporting centre.

London Stock Exchange (LSE):

No new developments this week.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.