The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Financial Conduct Authority's (FCA) Principles for Businesses are a general statement of the fundamental obligations of firms under the regulatory system. Principle 6 requires that firms regulated by the FCA must pay due regard to the interests of customers and treat them fairly (see PRIN 2.1.1 R). This requirement covers those firms that are regulated only by the FCA as well as the conduct requirements of firms that are also regulated for by the Prudential Regulation Authority.
TCF is a concept that the FCA inherited from its predecessor, the Financial Services Authority (FSA). It remains a fundamental part of the expectations the FCA has in relation to firms’ conduct. Simply put it is code for the expectation that firms place their customers' well-being at the centre of decision-making when running their business.
The current regulatory structure (in which the FCA has a specific objective to protect consumers) places greater emphasis on Principle 6 and the concept of TCF. The FCA has made it clear that all firms need to pay greater attention to the impact of their actions on consumers.
The FCA believes that customers need to be able to expect to get financial services and products that meet their needs. It follows that firms are expected to differentiate in their offerings to different types of clients—so they should not offer the
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
This Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care breached?Breach of
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