The following Financial Services practice note Produced in partnership with Stephen Bonner of KPMG provides comprehensive and up to date legal information covering:
Appropriate use and handling of personal data is very much at the heart of the objectives of the Financial Conduct Authority (FCA)—to ensure that financial markets function well and consumer protection. This theme was reinforced in the October 2012 paper Journey to the FCA. Page 27 outlines the FCA's Firm Systematic Framework (FSF). The FCA assesses a firm's conduct risk by looking at various areas of a firm, such as business models and strategy (eg use of outsourcing and offshoring for costs savings, centralisation of administration etc) and how firms embed fair treatment of customers (eg through transaction processes, product design and after sales). This involves consideration of the firm's approach to systems and controls in general, thereby bringing a firm's approach to information security into the FCA's remit. Much of the guidance provided by the Financial Services Authority (FSA) remains of value.
From a prudential point of view, the Prudential Regulation Authority (PRA) will need to know financial institutions are on top of risks arising from information security requirements, and that their safety and soundness is not at risk (eg where this links into a systemic financial crime risk). The Memorandum of Understanding between the FCA and the PRA sets out how the PRA and FCA should coordinate. For example, the PRA is required to alert the FCA to
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The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
NOTE: This Practice Note is being reviewed in light of the changes to CPR 81 that will be introduced by the Civil Procedure (Amendment No 3) Rules 2020, SI 2020/747, which is available here. The changes to CPR 81 involve a substitution of the entirety of CPR 81, which will be renamed ‘Part 81
One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary blip in the company's performance, or it may signal the need for more extensive restructuring to come. It will be crucial to check how often the
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