Financial Services Authority definition

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Home reversion plans and home purchase plans—flowchart

Home reversion plans and home purchase plans—flowchart Background to and scope of this flowchart A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). For more information on the implications of a person carrying on a regulated activity, see Practice note: The general prohibition and implications of its breach. For more information about what it means to carry on business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition. For more information about exemptions and exclusions that may be applicable, see Practice Notes: Regulated activities—exempt persons and Exclusions and exemptions relating to the general prohibition—an introduction. In December 2005, the Regulation of Financial Services (Land Transactions) Act 2005 (RFS(LT)A 2005) was enacted which enabled the Financial Conduct Authority (FCA) and its predecessor, the Financial Services Authority (FSA), to regulate activities that are similar...

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Group Litigation Orders and multi-party actions in relation to financial services disputes

Group Litigation Orders and multi-party actions in relation to financial services disputes This Practice Note examines Group Litigation Orders (GLOs) in the context of financial services disputes. It compares GLOs with: • other forms of multi-party litigation: ◦ consolidation of actions (CPR 3.1(2)(g)) ◦ representative actions (CPR 19.8) ◦ ‘omnibus claims’ (CPR 7.3) ◦ test cases following complaints to the Financial Ombudsman Service (FOS) (DISP 3.4.2 R) ◦ the Financial Markets Test Case Procedure (CPR 63A) ◦ collective proceedings for competition law breaches • collective redress that may be obtained through regulatory action by the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA): ◦ consumer redress schemes (FSMA 2000, s 404) ◦ restitution orders (FSMA 2000, ss 382–384) It also considers relevant case law and GLOs in practice. Origins of Group Litigation Orders (GLOs) GLOs were introduced in the Civil Procedure Rules (CPRs) 2000 following recommendations by Lord Woolf in his report on Access to Justice (1996). The objective was to provide means of...

Entering into and administering regulated mortgage contracts and home finance transactions

Entering into and administering regulated mortgage contracts and home finance transactions Background to the regulation of regulated mortgage contracts and home finance transactions The regulation of regulated mortgage contracts as well as home reversion plans, home purchase plans and regulated sale and rent back agreements (together referred to as ’home finance transactions’) came about at different points in time. HM Treasury announced its intention to regulate mortgage lenders in 2000 and revised its proposals in December 2001 to include mortgage intermediaries. On 31 October 2004 (a date known as M Day), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. There followed the enactment of the Regulation of Financial Services (Land Transactions) Act 2005 (RFS(LT)A 2005), which enabled the Financial Conduct Authority (FCA) and its predecessor, the Financial Services authority, to regulate activities that are similar to those that were already regulated in relation to RMCs but that involve the provider acquiring land rather than simply providing finance for its purchase by the homeowner. As...

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What is 'personal data' for the purposes of the Data Protection Act 1998?

What is 'personal data' for the purposes of the Data Protection Act 1998? For the purposes of the Data Protection Act 1998 (DPA 1998), 'personal data' is defined as: 'data which relate to a living individual who can be identified— (a)     from those data, or (b)     from those data and other information which is in the possession of, or is likely to come into the possession of, the data controller and includes any expression of opinion about the individual and any indication of the intentions of the data controller or any other person in respect of the individual' This definition refers to several key terms which are further defined in DPA 1998. The term 'data' is defined to include information which: '(a)     is being processed by means of equipment operating automatically in response to instructions given for that purpose (b)     is recorded with the intention that it should be processed by means of such equipment (c)     is recorded as part of a "relevant filing system" or...

If a business keeps a ‘black book’ of contacts, but keeps it private and does not keep an electronic version, does the Data Protection Act apply to its contents? Can the business send emails to those contacts without the opt out of receiving more emails that usually accompanies marketing shots?

If a business keeps a ‘black book’ of contacts, but keeps it private and does not keep an electronic version, does the Data Protection Act apply to its contents? Can the business send emails to those contacts without the opt out of receiving more emails that usually accompanies marketing shots? Luxury goods retail and 'black books' It is a common practice for luxury goods retailers to hold records of specific information about particular customers—the so-called little 'black book'. 'Black books' can be valuable resources for retailers servicing their big spending clientele to able to look up individual customers' purchasing histories and preferences and other useful information about them. Such customers also demand a high level of discretion and retailers are expected, both by those customers and the law, to put in place appropriate safeguards to ensure that such information, often deeply personal, remains private and is handled properly. Traditionally, these black books have been in hardcopy, although these days more are moving online. When multiple...

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Ransomware—to pay or not to pay?

Information Law analysis: Jonathan Armstrong and André Bywater, partners at Cordery, consider how a ransomware attack works, the potential legal and commercial risks of paying a ransom, and how to prevent or react to ransomware attacks.

Legal professional privilege and the processing of personal data (Dawson-Damer v Taylor Wessing)

IP & IT: What is the scope of the legal professional privilege (LPP) exception provided for under the Data Protection Act 1998 (DPA 1998) and is the right of an individual to receive personal data following a subject access request (SAR) a free-standing right or a right limited by the purpose of the request? Ziva Robertson, partner, and Catrin Hughes, associate at McDermott, Will & Emery, examine the Court of Appeal’s consideration of these matters in Dawson-Damer v Taylor Wessing.