News & Insights

Our Thinking · Public Funds · Regulatory & Compliance

The FCA’s TR14/19 Review on conflicts of interest arising out of the use of IHPs

The FCA have issued a report on their findings of a review of conflicts of interest arising from wealth management and private banking firms’ use of in-house investment products (“IHPs”) in retail discretionary and advisory investment portfolios. The regulator’s review was based on a sample of 18 wealth management and private banking firms with a […]

Emma Cleveland10 December 2014

Our Thinking · Investments & Capital Markets · Regulatory & Compliance

PFOF, HFT and the bigger picture

In its TR 13/14 thematic review, the FCA discussed the implications of payment for order flow on best execution and the integrity of the financial markets. The regulator took a clear stance against payment for order flow and declared its active pursuit against the practice. However, the commercial impact of payment for order flow and […]

Emma Cleveland9 December 2014

Our Thinking · Regulatory & Compliance

FCA issues regulatory fees and levies policy proposals for 2015/2016

On 27 November 2014 the FCA issued their regulatory fees and levies policy proposals for 2015/16 (CP14/26 Regulatory fees and levies: policy proposals for 2015/16). In the paper they have set out the proposed policy changes to the regulator’s fee and levy regimes. The fees policy directly affects all regulated firms and this is reflected […]

Emma Cleveland2 December 2014

Our Thinking · Investments & Capital Markets · Regulatory & Compliance

Dark Liquidity – Why hide orders from the market?

Following the MiFID II conference on 18 September 2014, the FCA have expressed their pursuit towards more lit and transparent trading venues. MiFID II will set new caps on dark trading and will aim to achieve a balance between allowing for the maintenance of sufficient liquidity and bringing orders into the light. Dark trading as […]

Emma Cleveland27 November 2014

Our Thinking · Commercial & Corporate

Gross Negligence in English Contract Law

The distinction between Negligence and Gross Negligence in English contract law has been an issue in many commercial contracts for over a century. In order to reduce the confusion surrounding such matters we have written a brief of the leading case law on the matter and the most recent definition of Gross Negligence provided by […]

Emma Cleveland19 November 2014

Our Thinking

Fiduciary duties explained (Article 1 of our “Fiduciary Duties” Series)

The fiduciary relationship between a lawyer and their client is at the core of the English legal system. Regardless of its paramount importance to the proper functioning of the legal services industry, a degree of confusion remains around the particular duties owed by a fiduciary. For an explanation of the nature of fiduciary duties in […]

Emma Cleveland18 November 2014

Our Thinking · Investments & Capital Markets · Regulatory & Compliance

FCA Thematic Review 14/13 – best execution and payment for order flow

The FCA has recently completed its thematic review on best execution and payment for order flow (“PFOF”). The TR14/13 report expresses the regulator’s growing concern with PFOF arrangements and their popularity amongst firms. Firms owe a regulatory duty to their clients as agents to obtain the best possible execution (take all reasonable steps to obtain) […]

Emma Cleveland5 November 2014

Our Thinking · Public Funds · Regulatory & Compliance

IOSCO Consultation Report on Principles regarding the custody of CIS Assets

On 10 October the International Organization of Securities Commissions (IOSCO) published a consultation report on principles regarding the Custody of Collective Investment Schemes’ Assets. The aim of the report is to gather views of investment managers, custodians, institutional investors and other interested parties on the development of a set of principles for the custody of Collective […]

Emma Cleveland4 November 2014

Our Thinking · Regulatory & Compliance

The FCA’s Innovation Hub – Open for Business

The FCA has opened its Innovation Hub as part of Project Innovate. Project Innovate is aimed at supporting innovators to foster competition and growth of both large and small businesses, which offer an innovative product or service to consumers. The Innovation Hub will consist of a team of dedicated FCA staff who will offer direct […]

Emma Cleveland30 October 2014

Our Thinking · Investments & Capital Markets · Regulatory & Compliance

Patrick Spens – Speech on Market Abuse

In a speech at the British Bankers’ Association’s (“BBA”) Market Abuse Conference on the 7th of October, Patrick Spens, the FCA’s Head of Market Monitoring, addressed the regulator’s concern with, and ongoing pursuit of, market abuse. Mr Spens outlined that market abuse remains a high priority for the FCA as it is integral to maintaining […]

Emma Cleveland29 October 2014

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