News and Resources

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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The Perils of Crowdfunding

1 / 1 / 2018

Darragh Connell considers the recent High Court decision, Re BBH Property 1 Ltd & Ors [2017] EWHC 2584. Roth J appointed the Official Receiver as the provisional liquidator of 13 separate companies where it was likely they would be wound up in the public interest. The companies in question were involved in one of two […]

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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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Pension Transfer Advice Failing

1 / 11 / 2017

Susanne Muth considers the FCA’s recent update on systemic failings in the provision of advice on pension transfers. The update focuses in particular on the advice (or lack thereof) being given on transfers from defined benefits schemes to defined contributions personal pension schemes. If you think you have lost out as a result of unsuitable pension transfer advice, we are […]

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