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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Commercial Property Standard Enquiries (CPSEs) are industry standard pre-contract enquiries used in commercial property transactions. CPSEs are endorsed by the British Property Federation and are free to use. The CPSEs include specific environmental enquiries at enquiry 15 and there are several
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and considered against the general background of
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
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