UK:
Complaints Commissioner Decides Against The FSA
14 April 2014
Shearman & Sterling LLP
To print this article, all you need is to be registered or login on Mondaq.com.
On 27 March 2014, the Complaints Commissioner published a
decision on a complaint that the FSA, the predecessor of the FCA
and the PRA, failed to act fairly, as required under the Financial
Services and Markets Act, in publishing the Final Notice relating
to the Complainant. The Complaints Commissioner found that the FSA
did not exercise fairness in its decision and recommends that the
FSA apologise to the Complainant for the delay in the investigation
of his complaint, pay certain sums to the Complainant, reviews its
procedures to ensure that there is an assessment of fairness of the
publication of Final Notices going forwards and considers
withdrawing the publication of the Complainant's Final Notice.
The Complaints Commissioner is investigating a related complaint
from the same Complainant regarding the FSA's conduct of the
enforcement investigation, in particular the exercise of a search
and seizure warrant.
The decision is available at: http://www.fscc.gov.uk/documents/final/FSA01600.pdf
.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
Q&A: Safe Harbours For VASPs - Part 1
Ogier
Asian Legal Business was keen to hear from our experts on how this will allow virtual asset services providers (VASPs) to anchor in theses jurisdictions, despite increased regulatory burdens...
Q&A: Safe Harbours For VASPs - Part 2
Ogier
In 2023, Jersey and the British Virgin Islands passed legislation indicating they were welcoming virtual asset service providers, joining the likes of the Cayman Islands...
CRD VI And Its Impact On Lending Into Europe
Cadwalader, Wickersham & Taft LLP
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package' that makes significant changes to the Capital Requirements Directive known as ‘CRD VI'.
Financial Promotion Exemptions – UK Government U-Turn
Shepherd and Wedderburn LLP
In response to criticism, the UK Government announced in the 2024 Spring Budget that recent changes to the financial promotion exemptions eligibility criteria would be partially reversed from 27 March 2024.