UK: Financial Regulatory Developments (FReD) - 14 February 2014

Last Updated: 14 February 2014


  • ESMA warns on complex products
  • Regulators publish CMC complaint guidance
  • OFT updates on CC licensing
  • FCA confirms EU agreement on AIFMs and MiFID
  • Lambert Banking Standards Review consults on recommendations


EU Legislation Tracker

Please follow the relevant link to see the European Parliament's (EP) "OEIL" voting date forecasts and access EP reports and positions on major legislative initiatives:

Bank Recovery and Resolution Directive (BRRD) OEIL file

Single Resolution Mechanism Regulation (SRM Regulation) OEIL file


Money Market Funds Regulation (MMFR) OEIL file

Directive on European long-term investment funds (ELTIF Regulation) OEIL file

Central Securities Depositories Regulation (CSD Regulation) OEIL file

Recast Markets in Financial Instruments Directive (MiFID 2) OEIL file

Markets in Financial Instruments Regulation (MiFIR) OEIL file

Market Abuse Regulation (MAR) OEIL file

Benchmarks Regulation OEIL file

Directive on Criminal Sanctions for Market Abuse (CSMAD) OEIL file

Fourth Money Laundering Directive (MLD4) OEIL file

Recast Insurance Mediation Directive (IMD2) OEIL file

Payment Accounts Directive (PAD) OEIL file

Key Information Document for Packaged Retail Investment Products Regulation (PRIPs Regulation) OEIL file

Review of the Payment Services Directive (PSD2) OEIL file

Types of Alternative Investment Fund Managers RTS OEIL file

Contact: Emma Radmore or Juan Jose Manchado


Council of the European Union (Council)

Presidency seeks new SRM mandate: The Presidency of the Council (Presidency) is seeking an updated mandate to unblock trilogue negotiations on the SRM Regulation. EP had earlier ratified its negotiating position. The Presidency has summarised EP's concerns:

  • involvement of the Council in the adoption of resolution decisions makes the process less independent and more political;
  • the thresholds triggering the need for a vote in plenary of the Single Resolution Board are too low, and the double majority rule politicises the process further; and
  • the final decision on resolution plans and schemes, assessment of resolvability and minimum levels of eligible liabilities should also be taken by the Board, rather than by national authorities.

Work on the SRM also includes an intergovernmental conference on the Single Resolution Fund, which has also proved controversial. (Source: Consideration of the EP's Amendments in Preparation for Political Agreement)

Contact: Rosali Pretorius or Andrew Barber

European Parliament (EP)

EP summarises coherence responses: EP has published a summary of the responses to its consultation on possible measures to enhance the coherence of EU financial services legislation. Respondents highlighted the importance of consultations and of co-ordination of legislative processes that are related. They also showed concern over the short timeframe for ESAs to produce technical standards, which EP believes should be of at least 12 months. EP also calls for a clearer boundary between level 1 and level 2 measures. (Source: EP Summarises Coherence Responses)

Contact: Rosali Pretorius or Juan Jose Manchado

Joint Committee of the European Supervisory Authorities (ESAs)

ESAs report on avoiding mechanistic references to credit ratings: The ESAs have published their final report on mechanistic references to credit ratings in their guidelines and recommendations. The report lists provisions that should be reviewed because they cause "sole or mechanistic reliance" on credit ratings. The report proposes reviewing ESMA's guidelines on money market funds to delete such mechanistic references. The ESAs have also agreed to avoid them when developing the standards on mapping credit ratings to the risk weights applicable under the Standardised Approach. (Source: Final Report on Mechanistic References to Credit Ratings in ESAs' Guidelines and Recommendations)

Contact: Rosali Pretorius or Juan Jose Manchado

European Insurance and Occupational Pensions Authority (EIOPA)

EIOPA reports on Test Achats impact: EIOPA has published a report looking at contracts affected by the Test Achats ruling, which means that use of gender as a risk factor cannot result in differences in premiums and benefits as between men and women, for all contracts concluded from 21 December 2012. EIOPA found most Member States had made any necessary changes to their law before the deadline. (Source: EIOPA Reports on Test Achats Impact)

Contact: Michael Wainwright or Emma Radmore

European Securities and Markets Authority (ESMA)

ESMA warns on complex products: ESMA has published an opinion to remind supervisors and firms of the standards applicable to sales of complex products. ESMA feels firms are not always fully compliant with the standards the Markets in Financial Instruments Directive (MiFID) sets, particularly those on suitability and appropriateness. The opinion looks at:

  • types of complex product;
  • organisation and internal controls;
  • suitability;
  • appropriateness;
  • disclosure;
  • ongoing monitoring; and
  • execution of client orders.

It has also issued guidance to investors on the risks of investing in complex products. (Source: ESMA Warns on Complex Products)

Contact: Rosali Pretorius or Juan Jose Manchado

ESMA consults on CRA3 technical standards: ESMA has launched the consultation on regulatory technical standards (RTS) required under the third Credit Rating Agencies Regulation (CRA3). The RTS are split in three different draft Commission Delegated Regulations, comprising:

  • RTS on disclosure requirements for structured finance instruments (SFI), which specify the content, frequency and format of the information on SFIs that an EU-based issuer, originator or sponsor must provide to investors. This information must be made available on a public website run by ESMA;
  • RTS on the European Rating Platform and the information that CRAs must disclose to it; and
  • RTS on the information and format in relation to fees that CRAs charge to their clients, which should not depend on the outcome of the work performed.

(Source: Consultation Paper on CRA3 Implementation)

Contact: Rosali Pretorius or Juan Jose Manchado

ESMA updates EMIR Q&As: ESMA has updated its EMIR Q&A, with particular focus on trade reporting issues such as Unique Trade Identifiers, empty fields and the UPI taxonomy. (Source: ESMA EMIR Q&As)

Contact: Rosali Pretorius or Juan Jose Manchado

ESMA publishes 2014 work programme: ESMA's work programme for 2014 lists over 200 measures under several pieces of legislation, but mainly MiFID and MiFIR. Some have 2014 deadlines, but many deadlines are yet to be decided, pending adoption of level 1 measures. (Source: ESMA Publishes 2014 Work Programme)

Contact: Emma Radmore or Juan Jose Manchado

European Central Bank (ECB)

ECB supports e-payments regulation: ECB has confirmed its support for the proposed Directive on developing the European market for electronic payments. In particular it supports extending regulation to cover providers of payment initiation and account information services. (Source: ECB Supports E-Payments Regulation)

Contact: Andrew Barber or Juan Jose Manchado

ECB consults on SSM framework regulation: ECB is consulting, until 7 March, on its draft Framework Regulation setting out rules and procedures for the good functioning of the Single Supervisory Mechanism (SSM). The framework includes:

  • principles to govern the Joint Supervisory Teams that enable co-operation between ECB and national authorities in supervising significant credit institutions;
  • specification of the criteria to determine when an institution meets the significance requirement for the purposes of being supervised directly by ECB. These criteria are size, level of cross-border activity, economic significance of the institution, and whether it has received public financial assistance; and
  • other provisions on issues such as applications for authorisation and passporting, investigatory powers and sanctions, dues process, macro-prudential decisions and close co-operation with non-Eurozone States.

(Source: SSM Framework Regulation)

Contact: Emma Radmore or Juan Jose Manchado

ECB names comprehensive assessment banks: ECB has published a Decision identifying the 128 credit institutions from SSM-participating Member States that are subject to the comprehensive assessment in parallel to EBA's stress tests. (Source: Decision Identifying the Credit Institutions Subject to the Comprehensive Assessment)

Contact: Andrew Barber or Juan Jose Manchado

ECB delivers opinion on interchange fees Regulation: ECB has delivered its Opinion to EP and the Council on the Commission's proposal for a Regulation on interchange fees for card-based payment transactions. ECB is concerned by the provision stating that merchants should be obliged to accept other payment instruments of the same brand and/or category that are subject to the same regulated interchange fee. It thinks the decision on whether to accept cards should remain with the merchant. (Source: ECB opinion on Interchange Fees Regulation)

Contact: Andrew Barber or Juan Jose Manchado



Fiduciary Duties Bill in Parliament: A Private Member's Bill, the Investment Management (Fiduciary Duties) Bill has had its first reading in the Commons. The Bill aims to place a fiduciary duty on investment managers to "act in the best interests of investors, including pension savers, in a transparent and accountable way". The Bill is due its second reading on 28 February, at which time the full text should be available. (Source: Fiduciary Duties Bill in Parliament)

Contact: Rosali Pretorius or Josie Day

HM Treasury (Treasury)

Treasury updates sanctions lists: Treasury has updated the sanctions lists in relation to terrorism and Liberia, and has renewed designations under the Terrorist Asset Freezing etc Act (TAF Act). It has also published its response to the third independent report on operation of the TAF Act. (Source: Treasury Response on TAF Act and Treasury Updates Sanctions)

Contact: Emma Radmore or Howard Cohen

Ministry of Justice (MoJ)

Regulators publish CMC complaint guidance: The MoJ, FCA, FOS and Financial Services Compensation Scheme (FSCS) have published a guide on how consumers' complaints about financial services companies should be handled when they use a claims management company (CMC). For firms, it explains how regulated firms should deal with complaints that come through CMCs and how they should address general requests for information and standard template letters. It also looks at what a firm should do if it feels a CMC is targeting it unfairly. (Source: Regulators Publish CMC Complaint Guidance)

Contact: Andrew Barber or Josie Day

Office of Fair Trading (OFT)

OFT updates on CC licensing: OFT has updated its website to confirm how it will treat applications for consumer credit (CC) licences made to it before 31 March. It notes there is still time to process low risk applications before CC regulation transfers to FCA, and that it will start to process high risk applications. However, if the process is not complete before handover, it will pass the application to FCA to continue from 1 April. (Source: OFT Updates on CC Licensing)

Contact: Andrew Barber or Howard Cohen


Financial Conduct Authority (FCA)

FCA confirms EU agreement on AIFMs and MiFID: FCA has confirmed the EU has changed its former position that Alternative Investment Fund Managers (AIFMs) would not necessarily be able to use the single passport to carry on MiFID services in other Member States. FCA reports that the MiFID 2 negotiations have resulted in an agreement to change the AIFM Directive (AIFMD) to clarify that AIFMs can passport any services for which they are authorised in their home state. It says, therefore, that host states should accept notifications relating to UK firms. It may take some time for the changes to the AIFMD to be adopted and take effect. (Source: FCA Confirms EU Agreement on AIFMs and MiFID)

Contact: Rosali Pretorius or Emma Radmore

FCA publishes transition management review: Following publication of its fine on State Street UK for failings in its transition management business (see FReD 7 February), FCA has published the results of a thematic review on transition management. It has carried out its first review of the 13 specialist providers in the sector. It found the firms broadly meet its requirements but saw variations in the quality and effectiveness of controls, marketing materials, governance and transparency. The review notes the benefits of transition management when carried out effectively but warned firms that customers may be unfamiliar with the process and therefore with potential conflicts and how the transition handling could affect the value of their assets. The review sets out the key regulatory expectations on providers and notes FCA's intention to continue to focus on the areas of perceived inconsistency. (Source: FCA Publishes Transition Management Review)

Contact: Rosali Pretorius or Kam Dhillon

Up next from FCA: Before the end of the first quarter of 2014, FCA expects to publish:

  • feedback on FSCS management levy and fees policy and consultation on rates for 2014-15;
  • a policy statement on crowdfunding;
  • possibly feedback on the client assets review although this may not be until Q2;
  • feedback on mutuality and with profit funds;
  • a policy statement on the detailed regime for consumer credit; and
  • a policy statement on competition for services provided by recognised investment exchanges.

(Source: Policy Developments Update 10)

Contact: Emma Radmore or Juan Jose Manchado

FCA appoints new adviser: FCA has appointed James Kelly as a new adviser in its wholesale banking and investment management division. (Source: FCA Appoints New Adviser)

Contact: Rosali Pretorius or Kam Dhillon

FCA's Market Watch focuses on best execution: The latest issue of FCA's Market Watch newsletter serves as a reminder to firms of their duties under best execution rules and guidance. It lists some concerns that have arisen in the context of FCA's ongoing thematic review of compliance with best execution. FCA observes that:

  • some brokers in CFD and spread-bet firms, and among those that offer rolling spot forex, are failing to recognise that they are subject to the rules;
  • best execution also applies to orders in OTC financial instruments;
  • a firm must not induce a client to give specific instructions with the objective of satisfying best execution requirements by following those instructions;
  • positive price movements before execution of an order must be passed on to the client; and
  • where price transparency is poor, best execution can be achieved by using public reference prices and disclosing the methodology for calculating fees and charges.

(Source: Market Watch No. 45)

Contact: Rosali Pretorius or Juan Jose Manchado

FCA publishes EMIR factsheets: FCA has published factsheets on the obligations under EMIR to report trades in derivatives and for non-financial counterparties (NFCs) to calculate and communicate whether they exceed the clearing threshold. FCA reminds firms that outsourcing obligations apply when delegating trade reporting. Firms should also bear in mind conflicts between the reporting obligation and certain jurisdictions' bank secrecy and data protection laws. Regarding NFCs, FCA is satisfied that they are identifying which trading constitutes hedging activity. It also points out that NFCs delegating EMIR requirements to financial counterparties within their same group are still responsible for compliance and have to monitor the activities undertaken on their behalf. (Source: EMIR Reporting – Is the Industry Ready? and NFCs Subject to EMIR)

Contact: Rosali Pretorius or Luca Salerno

Prudential Regulation Authority (PRA)

PRA publishes Solvency II reporting Q&A: PRA has published a Q&A document on regulatory reporting during the preparatory phase and on implementation of Solvency II. (Source: Solvency II Regulatory Reporting Q&A)

Contact: Michael Wainwright or Emma Radmore

Financial Ombudsman Service (FOS)

FOS speaks on insurance: Tony Boorman, chief ombudsman, has spoken on the challenges FOS faces in respect of insurance-related claims. He looked at particular issues presented by customers buying insurance based on price comparison sites and the challenges of a "data rich" world, which means much more information is available to customers than their insurers may expect to be disclosed. (Source: FOS Speaks on Insurance)

Contact: Michael Wainwright or Emma Radmore

Upper Tribunal (Tribunal)

Tribunal backs FCA on direction: FCA had given a second supervisory notice to Noel Walker, a sole trader, telling him of its decision to remove all regulated activities from his permission with immediate effect as it considered he no longer met its threshold conditions. Mr Walker referred the decision to the Tribunal and also applied for the decision to be suspended pending the Tribunal's determination of the reference. The Tribunal has not yet determined whether the ban should be upheld but agreed it should not suspend the ban pending that determination. (Source: Tribunal Backs FCA on Direction)

Contact: Felicity Ewing or Sam Coulthard


Banking Standards Review

Lambert Banking Standards Review consults on recommendations: The review by Sir Richard Lambert on banking standards, commissioned by leading banks and building societies, has published a consultation paper. The paper works on the basis that there will be a new organisation set up to supervise banking standards, which will be independent from the industry though funded by it. The paper asks 19 questions and seeks views on:

  • the proposed status of the organisation as independent, with no statutory powers. Membership will be voluntary and the industry should take collective action and responsibility for shaping the standards;
  • how the organisation should work with regulators, its membership (all UK banks and building societies, and UK activities of foreign-owned banks;
  • the distinction between codes of conduct, which should apply to all bank employees and competence requirements which should apply only to those in certain functions;
  • the ability of the organisation to set standards by which institutions can benchmark themselves against their peers;
  • the structure of the organisation. The initial recommendation is that there should be a small, varied and credible board that works together rather than representing interest areas. The paper seeks views on what is necessary in terms of composition and accountability to make it credible;
  • whether at least initially the organisations should be the members, but this might move to individual membership over time;
  • whether there should be a more proactive approach to managing ethical responsibilities;
  • how to provide appropriate guidance without duplication of existing requirements;
  • certification and training issues, and on whether the new organisation should provide a canopy for existing ones;
  • the metrics and questions banks should use if respondents agree the benchmarking exercise would be worthwhile;
  • whether some form of kitemark might be useful for members to use when disciplining their staff for breaches of any code, since the commission would have no disciplinary powers; and
  • how the organisation could provide thought leadership without becoming a bank lobbying entity.
    Consultation closes on 7 March and the final recommendations will be published at the end of March.

(Source: Lambert Review on Banking Standards Consults on Recommendations)

Contact: Andrew Barber or Emma Radmore

Lending Standards Board (LSB)

LSB publishes vulnerable customer review: LSB has published a themed review of vulnerable customers. It found the 15 subscribers it reviewed all had policies for dealing with customers with mental health problems, but firms may wish to consider enhancing the management information about these customers. (Source: LSB Publishes Vulnerable Customer Review)

Contact: Andrew Barber or Josie Day


Lloyd's publishes Solvency II guidance: Lloyd's has published its 2014 Guidance Notes on Solvency II and risk assurance. The guidance looks at Lloyd's approach to Solvency II implementation and its 2014 timetable. It also sets out Lloyd's expectations on managing agents during the period of what Lloyds's refers to as "soft landing". (Source: Lloyd's Publishes Solvency II Guidance)

Contact: Michael Wainwright or Juan Jose Manchado

International Organisation for Securities Commissions (IOSCO)

IOSCO consults on CRA Code review: IOSCO is proposing a review of the Credit Rating Agency (CRA) Code that:

  • improves the integrity of the credit rating process, management of conflicts of interest, transparency and safeguarding of private information;
  • adds measures on governance, training and risk management; and
  • adds and clarifies definitions.

(Source: Code of Conduct Fundamentals for CRAs)

Contact: Andrew Barber or Juan Jose Manchado

International Swaps and Derivatives Association (ISDA)

ISDA publishes note on levels of interest rate derivatives clearing: ISDA has published a research note that shows a quick progress toward central clearing of interest rate derivatives. Less than 10% of clearable transactions are not being cleared, and 13% of the market consists of non-clearable transactions. ISDA regrets the ongoing misconceptions about non-clearable transactions, and calls for more research into their uses and benefits. The note also looks at the reduction in outstanding notionals achieved via trade compressions. (Source: A Progress Report on Clearing and Compression)

Contact: Rosali Pretorius or Juan Jose Manchado


Forthcoming Events

FReD Live: Capital Resources for Investment Firms: In the first FReD Live breakfast briefing of 2014, Michael Wainwright will highlight the most significant changes CRD IV has brought to the prudential and systems and controls rules and will give practical guidance on how to meet the new requirements.

Recent Publications

New This Week: Cloudy or Clear? The Changeable Outlook for the Use of Derivatives in UCITS Funds: Rosali Pretorius and Josie Day wrote an article for the Global Asset Management and Service Review.

Financial Crime

The Bribery Act – Has It Made A Difference?: We have updated our previous overview of the Bribery Act to take into account the Serious Fraud Office's latest guidance. (updated October 2012)

UK authorities move forward on tougher financial crime prevention: Emma Radmore wrote an article for Financial Regulation International on current consultations on sentencing and deferred prosecution agreements. (August 2013)

Sanctions restrictions do not prevent payment of debts: Richard Caird and Tom Rocher comment on the judgement in DVB Bank SE and others v. Shere Shipping Company Limited and others. (August 2013)

Deferred Prosecution Agreements: Emma Radmore has written an article for Financial Regulation International on the introduction of Deferred Prosecution Agreements in the UK. (June 2013)

Anti-Bribery and Corruption Laws in Key Jurisdictions: Lawyers from Dentons offices in six jurisdictions prepared a table comparing key provisions of anti-corruption laws for Thomson Reuters Compliance Complete. (May 2013)

Preventing Financial Crime: Emma Radmore has written an article for Financial Regulation International on recent developments in financial crime prevention. (April 2013)

The Evolving Financial Sanctions Landscape – UK and US Perspectives: Emma Radmore, Thomas Laryea, Michael Zolandz and Peter Feldman have written an article for Financial Regulation International on financial sanctions under the UK and US regimes. (November 2012)

Dealing with Anti-Corruption Laws – the Bribery Act and FCPA in Context: This article summarises the effects of the Bribery Act and US Foreign Corrupt Practices Act. For further information, please contact Emma Radmore or Dominic Sedghi (London), or Michelle Shapiro (New York). (May 2012)

Investment Services and Markets Reform

Regulators respond to roar of crowdfunding: Emma Radmore and Juan Jose Manchado have written an article for Compliance Monitor on the FCA's views on, and proposals for the regulation of, crowdfunding.

Consumer Credit Regulation: Are you ready for the seismic shift?: Please contact Andrew Barber, Emma Radmore or Howard Cohen if you have any questions about what you need to do to prepare for the transfer of consumer credit regulation to FCA.

Are you clear on EMIR: Rosali Pretorius and Emma Radmore have written an article for Compliance Monitor on EMIR's application and recent developments. (October 2013)

Mobile Banking - FCA sets out the risks: Candice Chapman, Andrew Barber and Winston Green comment on FCA's thematic review of mobile banking. (See also FReD 30 August.) (August 2013)

Mobile Network Operator Billing: Andrew Barber and Alex Haffner have written an alert on the effects of the Payment Services Directive on the development of direct-to-phone-bill purchases by mobile network operators. (August 2013)

US Government announces six-month delay in FATCA rules: John Harrington, Jeffrey Koppele, Marc Teitelbaum and Jerome Walker have written an update on the delay in implementing certain elements of FATCA. (July 2013)

Take aim for AIFMD implementation: Emma Radmore and Kam Dhillon have written an article for Compliance Monitor on the final steps towards implementation of the AIFMD. (July 2013)

Taking the Credit - the Transfer of Consumer Credit Regulation: Andrew Barber, Emma Radmore and Juan Jose Manchado have written an article for Compliance Monitor on the transfer of consumer credit regulation to FCA. (April 2013)

Last Lap to Legal Cut-Over: Emma Radmore has written an article for Compliance Monitor on FSA's first two consultations on preparing for the new regulatory regime. (January 2013)

A New Handbook for a New Era?: Emma Radmore has written an article for Thomson Reuters Compliance Complete on FSA's proposals to update the General Provisions Sourcebook for legal cut-over. (October 2012)

Treasury Publishes Banking Reform Bill: Read our summary of the Bill implementing the Vickers reforms into FSMA. (October 2012)

RDR: How Long Can it Last?: Emma Radmore and Andrew Barber have written an article for Compliance Monitor on the future of the Retail Distribution Review. (October 2012)

What's next for LIBOR? Summary of the Wheatley Review Recommendations: We have written a summary of the Wheatley 10-point plan for the reform of the LIBOR process. (September 2012)

Rate Setting and Regulation: In Everyone's Interests?: Rosali Pretorius and Katharine Harle wrote an article for Financial Regulation International on the background to LIBOR setting and potential regulatory action. (August 2012)

Money through your mobile – regulation of m-payments: Andrew Barber and Emma Radmore have written an article for Compliance Monitor on the regulatory aspects of mobile payments. (May 2012)

MiFID 2 – Prescription and Change: Emma Radmore wrote an article for Compliance Monitor on the breadth of the proposals to amend the Markets in Financial Instruments Directive (MiFID 2). (January 2012)

Prudential Regulation

UK Treasury Publishes Banking Structure Reform Plans: This article summarises the June 2012 White Paper on implementation of structural change to UK banking (as covered in FReD 15 June). For more information, please contact Rosali Pretorius, Emma Radmore or Andrew Barber. (June 2012)

EU Living Wills Plans – the Key Proposals: This article is the latest in our suite of articles about Living Wills and Recovery and Resolution Plans looks at the European Commission's proposals. For further information, please contact Rosali Pretorius or Andrew Barber. (June 2012)

Living Wills update: We have produced an update on FSA's current plans for Recovery and Resolution Plans. For further information, please contact Rosali Pretorius or Andrew Barber. (May 2012)

Asset management

The Alternative Investment Fund Managers Directive – Theory Becomes Reality: Rosali Pretorius and Emma Radmore wrote an article on implementation of the AIFMD for the Global Asset Management & Servicing Review 2013/14 published by Euromoney Yearbooks.

Product Regulation

More Protection for Retail Markets – the EU's PRIPs Package: We have written a detailed summary of the PRIPS, IMD2 and UCITS V proposals. (July 2012)

Another Stable Door?: Emma Radmore and Katharine Harle wrote an article for Thomson Reuters Complinet on IOSCO's proposals for complex product distribution. (April 2012)

Enforcement and Litigation

It is not a misrepresentation to state interest rate swaps carry no premium: Sam Coulthard, Richard Caird and Thomas Rocher have written an article on the summary in another swap mis-selling claim, Nextia Properties Limited v. National Westminster Bank plc and The Royal Bank of Scotland plc. (December 2013)

Court of Appeal dismisses interest rate swap appeal: Richard Caird and Kattalin Truman have written a briefing on the Court of Appeal judgment in the appeal by Mr Green and Mr Rowley against the decision that RBS had not missold an interest rate swap. (October 2013)

Appeal dismissed in first interest swap case: Richard Caird and Kattalin Truman have written an article on the Court of Appeal's decision in the first interest rate swap case in the English courts. (August 2013)

It's all in the detail: a cautionary tale for handling complaints: Richard Caird and Felicity Ewing have written an article on the FCA's fine on Policy Administration Services.

Having Your Cake and Eating It: FOS Award is no Bar to Issuing Proceedings: Katharine Harle has written an article for Compliance Monitor on the High Court award in Clark and another v. In Focus Asset Management & Tax Solutions Ltd. (January 2013)

The Not So Remote Risks of Recommendations: Richard Caird, Sam Coulthard and Kattalin Truman have written an article on the case of Rubenstein v. HSBC Bank plc. (September 2012)

The Long Arm of FSA: Overseas Firms and Senior Management Beware: Emma Radmore and Katharine Harle have written an article for Compliance Monitor on the lessons from recent FSA enforcement cases involving overseas firms and their approved persons. (August 2012)

More Confusion on Client Money: Rosali Pretorius and Josie Day have written an article on the Supreme Court decision in the Lehman client money case. (March 2012)

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.

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Events from this Firm
28 Sep 2017, Seminar, London, UK

On 26 July the FCA published its long-expected consultation paper on the extension of the SMCR to all FCA-authorised firms. The so-called "core regime" introduces the key concepts of regulator-approved senior managers, firm-approved certification staff and conduct rules applicable to virtually all staff.

3 Oct 2017, Conference, Zurich, Switzerland

As the founding Partner of the Europe-Iran Forum, Dentons Europe will once again support this year’s event. This compelling event which explores all Iran-related topics will take place in Zürich on 3rd and 4th October.

4 Oct 2017, Conference, Munich, Germany

Dentons Global Real Estate Group is delighted to be exhibiting once again at EXPO REAL, the International Trade Fair for Property and Investment which takes place on 4-6 October, 2017 in Munich, Germany.

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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.