What does the future hold for EU carbon emissions spot trading?

The European Union (EU) is proposing to widen the definition of "financial instruments" to include EU carbon credits (or EU carbon emission allowances).

Cost without benefit? Weighing up the Financial Services Authority's proposals for the packaged bank account market

When the Financial Services Authority (FSA) implemented its Banking Conduct of Business regime on 1 November 2009, it promised to review the packaged bank account market.

All change - the new electronic money regulations

The regulation of electronic money has changed. The second Electronic Money Directive was implemented in the UK on 1 May 2011 through the Electronic Money Regulations 2011 and aims to encourage the growth of the electronic money market.

Test-Achats: still trying to work out what it means for your business?

It is more than six months since the European Court of Justice's landmark decision in Test-Achats was handed down.

Wragge & Co enhances financial services practice with new director

Wragge & Co has promoted a new director in its full-service Financial Services team. Penny Sanders will play a key role in the development of the firm's sector-focused financial services practice.

Wragge & Co appoints seven directors

Wragge & Co has appointed seven new directors, boosting its core and key growth practice areas. According to senior partner Quentin Poole, the promotions underline Wragge & Co's commitment to providing clients with high-calibre experts dedicated to outstanding client service.

Solvency II. Omnibus II. What's new?

In the last few days, the European Presidency has published two versions of the draft "Proposal for a Directive of the European Parliament and of the Council amending the [Prospectus Directive] and the [Solvency II Directive]" (Omnibus II).

Solvency II for captive insurers - all set for the new regime?

Most large corporate groups include a captive insurer but almost one-fifth of those "captives" are dormant.

Solvency II - the impact on fund managers

Solvency II is attracting increasing media attention. But what is it? And how will it affect fund managers?

Solvency II for insurance groups - all set for the new regime?

Solvency II  fundamentally rewrites the prudential rules for insurers, reinsurers and (re)insurance groups. The new rules bring a number of improvements but are complicated, especially if the (re)insurer has a parent or subsidiary outside the EEA.

How are you measuring up to the FSA's guidance on assessing suitability of investments?

In setting out new guidance on assessing suitability in investment choices the Financial Services Authority (FSA) made clear it would be taking an "intrusive" and "intensive" supervisory approach.

Protecting with-profits policyholders - FSA proposals for change

In June 2010, the Financial Services Authority (FSA) published its "With-profits regime review report". On 24 February 2011, the FSA published a consultation paper that proposes amendments to its with-profits regime.

Last call to have your say on equity underwriting commissions

In its 27 January 2011 market study, the Office of Fair Trading (OFT) reached a provisional finding that no referral to the Competition Commission is required in respect of equity underwriting services. Further representations are invited by Friday 11 March 2011.

Electronic Money Directive: approach and key milestones in implementing the new regime

The Financial Services Authority (FSA) has published a web page on the second Electronic Money Directive (2009/110/ec) (EMD) and a draft approach document setting out its role under the Electronic Money Regulations 2011 (si2011/99).

Consultation brings greater clarity on plans for UK financial services regulation

In June 2010, the Government announced its plan for the UK's system of financial regulation. HM Treasury set out its initial thinking in a July 2010 consultation, "A new approach to financial regulation: judgment, focus and stability".

Consumer Credit Directive: key changes and new requirements from 1 February 2011

What are the key changes and new requirements under the UK consumer credit regime? The new legislation came into force on 1 February 2011, following the implementation of the Consumer Credit Directive (2008/48/EC) (CCD).

Alternative Investment Fund Managers Directive: the key provisions

On 11 November 2010 the European Parliament finally approved the Alternative Investment Fund Managers Directive. Here, we provide a summary of the key provisions of the Directive.

Green light for compulsory pension provision

Workplace pension reform emerged this week relatively unscathed from a government review of the policy (Making automatic enrolment work: A review for the DWP).

A drop in carriage clock sales? Time called on default retirement age

The Department for Business Innovation and Skills and the Department for Work and Pensions have issued a joint consultation on the Government's proposal to phase out the default retirement age.

Borrowers 0 – Lenders 3

There have been three judgments dealing with Consumer Credit Act test cases that lenders need to be aware of. Dealing with allegations of payment protection insurance premium mis-selling, mis-statement of APR rates and breach of the Insurance Conduct of Buisness Rules.

Data protection in Europe

This alert deals with hot topics in European data protection – transferring data and the results of the CNIL's (the French Data Protection Regulator) 2010 annual report.

Liability of issuers in connection with published information – an extension of the regime

Issuers of securities admitted to trading on regulated markets are liable for fraudulent misstatements in periodic disclosures to the market. They are also liable for any dishonest concealment of a material fact in such publications.

Paris office now open

Wragge & Co's new Paris office is now open, offering commercial legal advice from some of France's leading lawyers. A substantial new office in Paris adds serious strength to Wragge & Co's international capabilities.

Alternative Investment Fund Managers Directive - update

Extension of the Approved Persons Rules

The Financial Services Authority (FSA) has extended the Approved Persons Rules beyond the directors of firms to include those "exercising significant influence". Firms have to apply for approval for such persons before 6th February 2010.

Banking update: report and review on recent cases and issues

The meaning of "realisation" under the Insolvency Act, warranty of identity of client, costly late withdrawal from mediation and the underlying requirement for the "without prejudice" rule to apply.

Carbon Reduction Commitment - the basics

The Carbon Reduction Commitment is a mandatory emissions trading scheme. To be introduced under powers taken in the Climate Change Act 2008 its twin aims are to improve energy efficiency and reduce the UK's carbon dioxide (CO2) emissions.

Banking update: report and review on recent cases and issues

Guarantees and variations, unjust statutory demand and civil restraint orders, Wragge & Co's Banking and Finance experts bring you the latest on the cases and issues affecting the lending industry.

Banking update: report and review on recent cases and issues

Valid debentures despite forged signature and invalid board resolutions, costs entitlement following an acceptance of a Part 36 offer and the pre-action protocol seven months on.

Alternative Investment Fund Managers Directive - a sledgehammer to crack a nut?!

This week the European Commission revealed its proposals for a directive on Alternative Investment Fund Managers.

Banking update: report and review on recent cases and issues

Unenforceable terms in existing consumer contracts, guarantee or indemnity, stay upheld in bank charges case and assignment of judgment debts.

Banking update: report and review on recent cases and issues

Wragge & Co's banking and finance experts bring you the latest on the cases and issues affecting the lending industry.

Banking update: report and review on recent cases and issues

Charging orders and intervening bankruptcy, enforcement of undertakings, disclosure under the Proceeds of Crime Act, Wragge & Co's banking and finance experts bring you the latest on the cases and issues affecting the lending industry.

Wragge & Co endorses 'common sense' approach to people issues

Wragge & Co LLP's employment experts have joined calls for employers to be more innovative in managing people costs.

An A-Z of Islamic finance

Do you know your Maliki from your Muamalat? Or your Bai al ina from your Bay? Read a glossary of need-to-know terms from Wragge & Co's Islamic finance specialists.

Banking update: report and review on recent cases and issues

Wragge & Co's banking and finance experts bring you the latest on the cases and issues affecting the lending industry.

Banking update: report and review on recent cases and issues

Unfair Terms in Consumer Contracts Regulations; no time limit on enforcing charging orders; enforcement of an unless order; and the new mortgage arrears pre-action protocol.

Banking Update: report and review on recent cases

Expedited trials, failure to register at HPI and a claim for conversion, possession and the Convention for the Protection of Human Rights, confidentiality of Tomlin orders and a "u-turn" on the proposed general pre action protocol;

Insolvent lenders and market disruption

We are in uncharted waters. Until very recently, few people have ever experienced or even thought about their bank going bust. Most loan documentation focuses on borrower rather than lender default.

Banking Update: report and review on cases

Creditors appointing their preferred administrators; the new rules on service of proceedings; some tell tale signs of mortgage fraud; and submitting a claim form out of time in a Company Voluntary Arrangement.

Financial assistance from 1 October 2008

Few bankers and professions involved in leveraged finance, management buy-outs or management buy-ins will lament the passing of the prohibition on private companies giving financial assistance for the purchase of their holding company's shares.

Money laundering and terrorist financing

On 8 August 2008, the Joint Money Laundering Steering Group (JMSG) issued guidance on the meaning and importance of "equivalent jurisdictions". 

Banking update: report and review on cases

The obligation to value the correct property, the need for certainty when agreeing security for loans, immunity from enforcement actions and taking a party's disabilities into account;

New money laundering registration guidance: HMRC clarifies position for trustees of occupational pension schemes

On 31 July 2008 Her Majesty's Revenue & Customs published updated guidance on the registration requirements for Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs) under the new Money Laundering Regulations.

Maternity leave and pension contributions

Rules covering non-cash benefits will change this year for pregnant employees with a childbirth expectance week of 5 October 2008 or later.

Everyone is created equal (but some are more equal than others). Latest developments in discrimination law

The courts and tribunals have been busy as ever, delivering decisions in discrimination cases.

Financial Ombudsman Service not bound by common law

In determining a complaint under the Financial Services and Markets Act 2000, the financial ombudsman's opinion as to what is fair and reasonable in all the circumstances of the case carries more weight than the common law.

Are your terms and conditions up to scratch?

The Financial Services Authority's (FSA) paper, "Fairness of terms in consumer contracts: a visible factor in firms treating their customers fairly", lays bare its views regarding the terms and conditions used in firms' standard form consumer contracts.

Immigration update

Wragge & Co's legal experts bring you the latest immigration news.

Banking Update: report and review on recent cases

Wragge & Co's banking and finance experts bring you the latest on the cases and issues affecting the lending industry.

CC finds fault with PPI industry

On 5 June 2008, the Competition Commission (CC) published its provisional findings regarding competition in the Payment Protection Insurance (PPI) industry.

High Court ruling on bank charges

The High Court has handed down judgment in the first stage of the OFT's challenge to the legality and fairness of bank charges. For all you need to know on the judgment, read Wragge & Co's expert analysis.

Banking update: report and review on recent cases

The proposed new general pre-action protocol, traceability of payments, receivers and foreign debts, unfair relationships and the Consumer Credit Act and the Uniform Rules for Collection; Wragge & Co's Banking & Finance experts bring you the latest news.

Banking Update: report and review on recent cases

Wragge & Co's banking and finance experts bring you the latest on the cases and issues affecting the lending industry.

Banking update

Employment legislation diary - 2008 and beyond

Banking update: report and review on recent cases

Smithson v Hamilton - correcting errors in pension scheme documents

How readily should courts correct errors in documents signed off by trustees and employers? What role should trustees have in scrutinising those documents in the first place? The case of Smithson v Hamilton suggests some interesting answers.

Pensions Regulator: the Telent determination

The Regulator's Determination Panel has issued a determination in relation to a case involving the acquisition of an employer. It relates to the proposed takeover of Telent plc by Pension Corporation.

Seller beware!

The Court of Appeal has held that there's no inconsistency between a simple retention of title clause and an implied, or even express, right of a buyer to sell on the goods before paying the seller.

Banking Bulletin September 2007

Consumer Credit Act 2006: Post-contract information on arrears and default sums

Consumer Credit Act 2006 - Post-contract information

VFS Financial Services (UK) Limited v Euro Auctions & Others Limited [2007] EWHC 1492

Volkswagen Financial Services (UK) Limited v George Ramage

HM Treasury consults on collective investment scheme exemption amendments for property transactions

Payment Protection Insurance market referred to the Competition Commission

Commission publishes final report on retail banking sector inquiry

Banking Bulletin - January 2006

Banking Bulletin - January 2002

Avoiding Undue Influence

The House of Lords handed down its judgment in the eight conjoined appeals making up the Royal Bank of Scotland v Etridge (No.2) [2001] UKHL 44 on 11 October 2001.