April 2013 Archive

Twin peaks regulation: what difference will it make?

The Financial Conduct Authority and the Prudential Regulation Authority took up the reigns from the Financial Services Authority on 1 April. The big question that will be unanswered for some months is what difference will it make? The FCA now regulates 26,000 financial services businesses, to provide protection for consumers and promote competition. The PRA is to ensure that deposit takers and insurers are financially secure, to promote confidence and security in the market.

How much does it cost to contest a will?

It is well known that any litigation is expensive and contesting a will is no different. If anything, inheritance claims can be more expensive than other forms of litigation due to the nature of the claim and the amount of work and investigation involved. It is often misconceived that costs in inheritance disputes automatically come out of the estate. This is not necessarily true as in the first instance the general rule is that the unsuccessful party will pay the costs of the successful party.

Interest rate swap mis-selling: recent developments

The mis-selling of interest rate swaps (formally known as ‘Interest Rate Hedging Products’) is likely to follow PPI as the trigger for another wave of claims against banks and other financial professionals accused of selling inappropriate financial products to unsophisticated business customers. We assess the current position of such complaints and claims.

The risks and dangers of Unregulated Collective Investment Schemes

Some months after the Financial Services Authority published proposals to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and similar products to most retail investors in the UK, a number of recent decisions and claims have highlighted the risks and exposure for advisers who have recommended and/or sold UCIS, without sufficient explanation of risk or consideration of suitability.
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