News and Resources

RBS GRG: Another Coat of Whitewash

14 / 6 / 2019

The FCA has just published its report into its own ‘further investigative steps in relation to RBS GRG’. David McIlroy comments here.

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Case Note: Perry v Raleys Solicitors — Nothing to Prove

7 / 5 / 2019

Susanne Muth examines the Supreme Court’s recent decision in Perry v Raleys Solicitors (A Firm) [2019] UKSC 5, which concerns the dividing line between issues of causation which concern the claimant’s own actions (which a claimant has to prove on the balance of probabilities) and issues of causation which concern the actions of third parties […]

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Berkeley Burke SIPP v FOS: High Court rejects challenge to FOS decision on SIPP mis-selling

8 / 11 / 2018

Susanne Muth considers the implications of the High Court’s recent rejection of a SIPP operator’s challenge to a FOS’s decision upholding a customer’s complaint about a mis-sold SIPP investment. The ruling is likely to result in a sharp increase in SIPP mis-selling complaints to the FOS. You can download Susanne’s case analysis here.

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SIPP Mis-selling: Unmasking a Flawed Business Model

20 / 9 / 2018

Susanne Muth considers the Upper Tribunal (Tax and Chancery Chambers) decision in Burns v the Financial Conduct Authority [2018] UKUT 246 (TCC), in which the Tribunal endorsed the FCA’s assessment that the business model operated by the TailorMade brand (and substantially replicated by many other IFA firms) was fundamentally flawed. You can download Susanne’s case analysis here.

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SMEs and Banks: Balancing the Scales

17 / 9 / 2018

David McIlroy considers the implications of the FCA’s announcement that it does not have the power to take action against the Royal Bank of Scotland (RBS) for the failures of its Global Restructuring Group (GRG) department. He analyses potential reforms to the law that could give additional protections to small businesses in their dealings with […]

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Case Analysis: FCA Validation Orders and Consumer Detriment

14 / 9 / 2018

Susanne Muth has considered the Upper Tribunal (Tax and Chancery Chambers) decision in Plaxedes Chickombe and 44 others v Financial Conduct Authority [2018] UKUT 258 (TCC). You can download the document here.

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FCA Consults on New Rules Aimed at Improving Pension Transfer Advice

31 / 1 / 2018

In June 2017 the FCA issued a consultation paper (CP17/16) entitled “Advising on Pension Transfers”. The declared purpose of that consultation is to bring the COBS rules into line with the new pension freedoms environment and equip advisers with a framework which will better enable them to give the right advice, so that consumers, in […]

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FCA Acknowledges Widespread Adviser Failings in Pension Transfer Business

31 / 1 / 2018

As a consequence of the pension freedoms introduced in April 2015 consumers have increased choice in how to access their pension savings. Previously pension savings could be used only to provide an income on retirement, through purchasing an annuity or by drawdown. Now pension savings can be accessed to provide an income or cash or […]

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Ruhi Sethi-Smith writes in CLAN Newsletter

14 / 1 / 2018

The activities of the Royal Bank of Scotland’s Global Restructuring Group (“RBS GRG”) have been subject to widespread criticism in the media. The headlines have been welcome for affected customers and unpalatable for RBS. But what does it mean for your business?

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CGL: unexpected, illogical and unfair

1 / 1 / 2018

David McIlroy and Nathan Webb consider the recent Court of Appeal decision in CGL v RBS [2017] EWCA Civ 1073, which addressed the scope for small businesses bringing claims against banks for alleged mis-selling in breach of regulatory rules. The decision involved three conjoined appeals and in each case the claimant alleged that it had […]

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