Quotes on financial services topics by our CMS team in the national and trade press January 2014 Humiliation for UK as Europe overrules finance veto City AM, 23/01/14, Ash Saluja comments on the ECJ decision with regard to ESMA’s powers to ban short selling. December 2013 EC fines banks record sums for interest rate rigging International Bank Association, 17/12/13, Simon Morris comments on the EC’s recent enforcement action against banks for benchmark rigging. November 2013 FCA to crack down on fund manager fees to brokers Reuters, 25/11/13, Simon Morris comments on FCA’s proposals with regard to dealing commission. October 2013 Crowd-Funding Sites Will Be Forced to Boost Capital by U.K. 24/10/13, Bloomberg, Simon Morris discusses FCA’s proposals on crowdfunding. UK finance watchdog to warn earlier on suspected wrongdoing Is FCA move to name & shame firms just a publicity stunt? FCA may warn sooner when wrongdoing is suspected Fca's decision to name firms under investigation slated as "unfair" FT, Citywire, Reuters, 15/10/2013, Insurance Age 16/10/13, Simon Morris comments on FCA’s policy on the publication of enforcement warning notices. July 2013 Swinton fined £7.4m for mis-selling FT 17/07/13, Paul Edmondson comments on the implications of FCA’s enforcement action for the insurance sector. EU: More UK bankers paid above 1m euros Bonuses shrink for top UK bankers Bank pay falls but UK still has 77 per cent of €1m financiers UK Wired News 15/0713, FT 16/07/13, City AM 16/07/13, Nicholas Stretch comments on an EBA report on bankers’ bonuses. FSA paid three directors £800,000 after leaving Outgoing chiefs of City watchdog get £803,000 for handover Guardian, 10/07/13, Independent, 11/07/13, Simon Morris comments on FSA/FCA insider dealing statistics. Bankers guilty of misconduct may never face jail, say lawyers/Legal fears Lawyers slam bank jail plan Reckless Bankers Seen Avoiding Jail Even as Osborne Backs Plan FT 8/07/13, City AM 9/07/13, Reuters 9/07/13, Simon Morris and Nicholas Stretch comment on the Government’s response to the Parliamentary Committee on Banking Standards report. June 2013 Executive remuneration reforms passed ICSA Global, 27/06/13, Nicholas Stretch comments on the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013. US bankers face decade bonus delay and criminal sanctions Parliamentary Commission lobbies for new banking remuneration code Moneynews 19/06/13, Employee Benefits 26/06/13, Isobel Pooley comments on aspects of the Parliamentary Commission on Banking Standards final report. Traders Said to Rig Currency Rates to Profit Off Clients Bloomberg (and others, including Washington Post) 12/06.13, Ash Saluja comments on issues in the spot FX market. U.K. FCA Bans Marketing of Some Complex Products to Consumers Was the UCIS ban for the greater good? Bloomberg, 4/06/13, IFA Online 6/06/13, Simon Morris comments on FCA’s UCIS PS. May 2013 Noyer sees European Transaction Tax generating no income Bloomberg (including Washington Post), 28/05/13, Richard Croker comments on the financial transaction tax. 2 London bankers plan to dodge new EU crackdown on bonuses EU set to widen cap on bonuses Bankers' bonuses: European watchdog says many more staff will face curbs U.K. Regulator Hits Back at Bonus Cap as EU Readies Expansion EBA consults on bankers' bonuses Observer, 18/05/13, FT, Bloomberg 21/05/13, Employee Benefits 22/05/`13, Nicholas Stretch discusses EU proposals for bank bonuses. New regulatory powers and how they will work Why the FSA was split into two bodies The new focus and approach of the FCA Is focus shifting from firms to individuals? FT Adviser, 8/05/13, Simon Morris discusses aspects of the new regulatory regime. April 2013 Gensler-Wheatley Panel Aims to End Conflicts in Benchmark Rates - Bloomberg Bloomberg (and others) 16/04/13, Simon Morris comments on FSB’s stance on benchmarks. 'Twin peaks' regulation to cost £646m City watchdogs to push up fees by 20 per cent Supervisory shake-up bumps up costs for banks Fca announces £430m funding requirement 'Twin peaks' regulation to cost £646m Revamped City-watchdogs get£87m lift for extra bite FT, City AM, Insurance Age, Citywire, Reuters (and others) 9/04/13, Daily Express 10/04/13. Simon Morris comments on the costs of UK financial regulation. March 2013 City hit by record fines as watchdog vows to keep up pressure Independent 30/03/13, Simon Morris comments on FSA’s stance on fines. Board of FCA financial regulator named FT 28/03/13, Simon Morris comments on the composition of the FCA board. 'Pragmatic' UK regulator excludes most joint ventures from AIFMD Investment & Pensions Europe, 28/03/13, Melville Rodrigues comments on FSA’s recent AIFM Directive consultation paper EU hints at easing fund manager bonus plan FT, 27/03/13, Isabel Pooley comments on the EU proposals to restrict fund managers’ bonuses. 3 TCF offers advisers shield against FCA's renewed regulatory vigour Citywire 26/03/13, Simon Morris comments on FCA’s regulatory stance. Farewell to the FSA – and the bleak legacy of the light-touch regulator The Observer, 24/03/13, Paul Edmondson is quoted on the creation of FSA. FSA fines servicing firm £2.4m for market update failures Money Marketing, 19/03/13, Simon Morris comments on FSA’s enforcement action against Lamprell plc. UK consumer body threatens to shut down payday lenders Reuters, 7/03/13, Bill McCaffrey comments on OFT’s action against payday lenders. Former Lehman Derivatives Banker Helps Paschi Unravel Contracts Bloomberg, 5/03/13, Nigel Dickinson comments on accounting-driven restructurings of complex derivatives transactions. February 2013 The FSA’s theology of suitability FT Adviser, 22/02/13, Simon Morris is interviewed on suitability requirements. EU seeks deal on fixed-salary cap for bankers' bonuses Guardian 19/02/13, Isabel Pooley comments on EU negotiations on bankers’ bonuses. Is financial advice a high-risk occupation? Is financial advice a high-risk occupation? IFA Online, 7/02/13, Mortgages Solutions 13/02/13, Simon Morris discusses FCA powers and TCF. Market view: Does ringfencing kill the level playing field? Osborne’s bank plan set to hurt City and economy FT Adviser, City AM, 5/02/13, Ash Saluja comments on the Government plans for banking reform. Time to act Brokers face shift in balance of power Insurance Age, 4/02/13, Stephen Netherway comments on the implications of the Consumer Insurance (Disclosure and Representations) Act 2012. 4 January 2013 Swift Trade fined £8m for market abuse Tribunal upholds FSA decision to fine firm £8m for market abuse Daily Telegraph, Investment Week, 28/01/13, Simon Morris comments on FSA’s enforcement action. New guidance to stop future PPI scandals City AM, 25/01/13, Bill McCaffrey is quoted on FSA/OFT’s payment protection products guidance. ABI at odds with BIBA over FSCS funding model Insurance Age, 18/01/13, Simon Morris comments on FSCS funding rules. Law firm issues mis-selling warning after FSA guidance Insurance Age, 17/01/13, Simon Morris comments on FSA’s recent finalised guidance on risks to customers from financial incentives. December 2012 FSA vows to keep pressure on wealth firms amid new probe Citywire 18/12/12, Ash Saluja comments on FSA’s stance towards the wealth management sector. Fund chiefs risk prosecution FT 17/12/12, Simon Morris comments on FSA’s “Dear CEO” letter to asset managers regarding conflicts of interest. November 2012 FSA SIPP capital rules could force 18% out of market FT Adviser 22/11/12, Paul Edmondson comments the implications of FSA’s recent paper on SIPPs. PFS conference: Advisers should be wary of 'politically savvy' FCA Set your own pace to chartered status Money Marketing, 15/11/12 (also reference in FT Adviser, 23/11/12), Simon Morris comments on FCA’s powers. FSA to scale down consultation papers Cover, 15/11/12 (also Mortgage Solutions 16/11/12), Simon Morris comments on FCA’s stance towards consumers. Dual-regulated firms may face double fines under FCA-PRA rulle Citywire, 1/11/12, Simon Morris comments on dual regulation. London Frets Future as Financial Hub Outside Bank Union Bloomberg, 1/11/12, Ash Saluja comments on the banking union. 5 October 2012 CMS Cameron McKenna warns of the FCA’s long tail ‘FCA rules may put free banking at risk’ FT Adviser, 29/10/12 and 31/10/12, Simon Morris comments on FCA and RDR. The City in Crisis, day five: London vs rest of the world Independent, 26/10/12, Maxine Cupitt discusses how businesses in the City operate in a less litigious environment. European Commission backs 10 country FTT plan Accountancy Live 24/10/12, Ash Saluja comments on the proposed financial transaction tax. SFO needs to bounce back and catch some big ones Independent 19/10/12, Omar Qureshi comments on SFO. CII raises question over FCA’s ‘draconian’ means FCA to "revolutionise" consumer behaviour FT Adviser, 16/10/12, Insurance Post 17/10/12, Simon Morris comments on the “Journey to the FSA” paper. Solvency II deadline doubt as European vote delayed again FT Adviser, 15/10/12, Tim Scott comments on Solvency II delays. Separate risky financial activities from retail banking, EU report recommends EU plans curbs on bank risk-taking EU Group Seeks Bank Firewall, Bonus Curbs in No-Bailout Plan EU group proposes mandatory bank ring-fencing Guardian, Telegraph, Bloomberg, 2/10/12, FT Adviser 3/10/12, Paul Edmondson comments on the Liikanen Review.