All editions are available on the KIT the briefing page. Please us with any comments.

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1 All editions are available on the KIT the briefing page. Please us with any comments. Banking Payments Council publishes latest current account switching service figures On 23 April 2015, the Payments Council published the latest current account switching service figures. The figures show Halifax and Santander had the highest net current account switch gains. Barclays and NatWest had the highest net losses. The current account switch service dashboard has also been updated to show customer awareness and confidence and service performance from April 2014 to March [name removed] is our policy team contact for this. Lloyds Banking Group s head of legal on "ethical intelligence" in financial services The latest edition of Journal of International Banking Law and Regulation includes an article entitled Ethical intelligence for lawyers. The article considers the need for financial services lawyers to develop "ethical intelligence" skills in order to understand how the decision-making of courts, regulators and other stakeholders is affected by their ethical perceptions. The author, Andrew M Whittaker Group General Counsel Lloyds Banking Group, argues concerns about ethics have been heightened by the mis-selling of PPI and other "conduct scandals" and proposes four tests to strengthen "ethical intelligence" as a skill when making judgements and decisions Previous editions can be browsed or searched through the Westlaw journals menu. LSB review of compliance with Lending Code provisions on complaints On 24 April 2015, the Lending Standards Board (LSB) published a report setting out the findings of a review into its subscribers' compliance with Lending Code provisions requiring subscribers to have internal procedures to enable root causes analysis to assist in identifying risks. The LSB concludes that no further recommendations are necessary to strengthen the Lending Code. The Review did find that there was mixed evidence on whether these issues were being reviewed against the requirements of the Lending Code and recommends that all subscribers should assess their internal processes against the report's findings. Our policy team worked with the LSB on this Review. [name removed] is our policy team contact for this. Consumer Credit Latest edition of BCCA Review The April 2015 edition of BCCA Review is now available. The quarterly magazine is the journal of the payday loan, instalment, guarantor loans and credit brokerage trade association. The edition includes articles on: Proposed changes to complaints handling procedures. CMA payday lending market investigation and final remedies. Thematic review on arrears and forbearance. Cheque imaging. the briefing 29 April 2015

2 Insurance FCA fines insurance intermediary 159,300 for telephone sales failings On 23 April 2015, the FCA published the final notice it has issued to general insurance intermediary Moorhouse Group Ltd. Moorhouse was fined 159,300 for telephone sales failings. Moorhouse sells motor and liability-related insurance products to small and medium sized enterprises. Latest edition of Insurance Law Monthly The April 2015 edition of Insurance Law Monthly is now available (press Ctrl and click link to open in new PDF). The edition includes articles on: Property insurance: the meaning of loss and damage Motor insurance: Measure of damage Motor insurance: Ex turpi causa Directors and officers insurance: Complaints to the Financial Ombudsman Service This publication is strictly for internal use only. EU Focus journal on ECJ EU motor insurance premiums ruling The latest edition of EU Focus includes an article entitled Motor insurance premium must cover accidents throughout EU. The article considers the ECJ ruling in Litaksa UAB v BTA Insurance Co SE. Previous editions can be searched or browsed through the Westlaw journals menu. CII group launch data protection best practice guide On 28 April 2015, the Chartered Insurance Institute (CII) published a best practice guide relating to requests made under the Data Protection Act, which allows organisations to share data with a third party to prevent and detect financial crime within the insurance profession. The CII's Claims Faculty New Generation Group has launched the guide after two years of work supported by the Insurance Fraud Bureau. CII publishes briefing on Insurance Act 2015 On 21 April 2015, the Chartered Insurance Institute (CII) published a policy briefing entitled Insurance Act 2015: Bringing Commercial Insurance into the Twenty-First Century. Property Law Bulletin on McWilliam v Norton Finance and fiduciary duty The latest edition of Property Law Bulletin includes an article entitled Agency: fiduciary duty. The article reports on the case of McWilliam v Norton Finance (UK) Ltd on whether a broker that arranged a loan had been subject to fiduciary duties and, if so, whether these had been breached by the undisclosed receipt of commission for the sale of PPI at the rate of 45 per cent of the premium. Previous editions can be browsed or searched through the Westlaw journals menu. Latest edition of Insurance People The April 2015 edition of Insurance People is available. Use keyboard arrow keys to view next page.

3 Investment Investment Association publishes statement of principles for investment managers On 28 April 2015, the Investment Association published a Statement of Principles for Investment Managers. The statement sets out what the responsibility of managing other people s money means in practice for corporate culture and individual mind-set. The statement goes further than the regulatory requirement of treating customers fairly and expresses the core principle that investment managers always put clients interests first and ahead of our own in the execution of their duties. Latest edition of Moneyfacts ILP The April 2015 edition of Moneyfacts Investment Life and Pensions is now available (press Ctrl and click link to open in new PDF). The edition includes feature articles on: Small Self-Administered Schemes Income protection The publication also provides product and markets news and commentary and product information tables for annuities, bonds, endowments, equity release, ethical investments, income protection, junior ISAs, term assurance, personal pensions, SIPPS, structured products, unit trusts, investment trusts, ISA funds, life funds and pension funds. Latest edition of Moneyfacts UK Savings Trends Report The April 2015 edition of the Moneyfacts UK Savings Trends Report is now available (press Ctrl and click link to open in new PDF). The report shows ISA rates and product numbers increasing. Pensions Pensions Policy Institute report on the new pensions landscape On 23 April 2015, the Pensions Policy Institute published a report entitled Transitions to Retirement - How might the UK pensions landscape evolve to support more flexible retirements? The report considers how the UK pension and retirement income system might evolve in the context of changes in the retirement landscape. The report also considers the impact of the new flexibilities introduced from April An executive summary is available. CII publishes briefing on pension freedoms and Pension Wise On 21 April 2015, the Chartered Insurance Institute (CII) published a policy briefing entitled Pension freedoms and Pension Wise: rollout and some early observations. Latest edition of Pensions World The May 2015 edition of Pensions World is available. Click on view whole: issue to see all articles.

4 Secured Loans and Mortgages IMLA report on the mortgage market one year on from MMR In April 2015, the Intermediary Mortgage Lenders Association (IMLA) published a report entitled The new normal - one year on: Is the march back to a sustainable market on track? The report provides an update on the mortgage market s performance since the new rules arising from the Mortgage Market Review (MMR). Business Law Bulletin on AIB Group v Redler breach of trust dispute The latest edition of Business Law Bulletin includes an article on the case of AIB Group (UK) Plc v Mark Redler & Co Solicitors. In the case solicitors acting for both the claimant bank and the consumer in a loan transaction released funds to the borrower without first redeeming an existing mortgage in full. Previous editions can be searched or browsed through the Westlaw journals menu. Journal of International Banking Law and Regulation on mortgage contracts The latest edition of Journal of International Banking Law and Regulation includes an article entitled Loan agreements - variation clauses. The article examines the case of Alexander (As Representative of Property 118 Action Group) v West Bromwich Mortgage Co. The case concerned a dispute on the lender s contractual right to vary the interest rate payable by its borrower and to terminate a mortgage on notice. Previous editions can be browsed or searched through the Westlaw journals menu. Scots Law Times on NRAM Plc v Steel The latest edition of Scots Law Times on NRAM Plc v Steel includes an article on the case of NRAM Plc v Steel on whether a bank's claim for damages against a solicitor representing a borrower could succeed where the bank's reliance on statements made by the solicitor regarding the repayment of the loan and release of a standard security was unreasonable and its reliance and the resulting loss were unforeseeable. Previous editions can be searched or browsed through the Westlaw journals menu. Financial Conduct Authority Financial Ombudsman Service instruments published On 24 April 2015, the FCA published the following Handbook instruments: Alternative Dispute Resolution Directive Instrument This instrument sets out the changes we re making to our rules to make sure they re consistent with the Directive; these changes come into effect on 9 July If you have any questions about these please contact [name removed] in the policy team. Voluntary Jurisdiction Rules (Advising on Conversion or Transfer of Pension Benefits) Instrument This instrument sets out the changes we re making to our rules to bring them in line with recent amendments made to the Regulated Activities Order (RAO). The Government has updated the RAO to make advice to transfer from a defined benefit scheme to an occupational defined contribution scheme an FCA regulated activity. The FCA issued a rule change so that from 6 April 2015 complaints about such advice will fall within our compulsory jurisdiction this means we will be able to consider such complaints. This instrument also extends our voluntary jurisdiction. Changes to our compulsory jurisdiction came into force on 6 April 2015 and changes to our voluntary jurisdiction came into force on 24 April The two instruments were made by the ombudsman board on 20 April The instruments were made or approved, as applicable, by the FCA board on 23 April [name removed] is the policy team s contact for this. These and other FCA instruments were published in FCA Handbook Notice 21.

5 FCA fines Deutsche Bank 227 million for LIBOR and EURIBOR misconduct On 23 April 2015, the FCA published the final notice it has issued to Deutsche Bank. Deutsche Bank was fined 226,800,000 for serious misconduct in relation to LIBOR and EURIBOR and for failing to deal with the FCA in an open and co-operative way. Card security product holders invited to vote on compensation scheme On 24 April 2015, the FCA announced details of the Affinion International Limited compensation scheme. Two million consumers bought a card security product and are entitled to vote on the compensation scheme agreed through discussions with Affinion International Limited and 11 banks and credit card issuers. Financial Services Compensation Scheme FSCS announces final levy for 2015/16 On 28 April 2015, the Financial Services Compensation Scheme (FSCS) announced its levy for 2015/16. The figure stands at 319m - an increase of 32m from the amount forecast in FSCS s Plan and Budget in January. The increase is primarily because of a rise in claims relating to self-invested personal pensions. FSCS will levy businesses in the life and pensions intermediation sector 100m in 2015/16 to fund the compensation costs for these claims. [name removed] is the policy team s contact for this. FSCS have also published the April edition of its Outlook newsletter. Personal Finance Society Personal Finance Society launch consumer website On 24 April 2015, the Personal Finance Society announced the launch of a new consumer website yourmoney. The website is designed to help consumers make better-informed decisions about money and provide information about key personal finance topics. The site is timed to coincide with the Government's latest pension reforms and regulators' growing concerns over fraud. Corporate Governance Latest edition of Company Secretary's Review The 8 April 2015 edition of Company Secretary's Review is available. Click on view whole: issue to see all articles. Latest edition of Privacy and Data Protection The May 2015 edition of Privacy and Data Protection is available. Click on view whole: issue to see all articles.

6 Case Law High Court grants application for judicial review of IRHP scheme On 24 April 2015, the High Court granted an application for judicial review of the FCA's interest rate hedging product (IRHP) redress scheme. The application was made on behalf of Holmcroft Properties, a nursing home operator, in a case relating to the alleged mis-selling of interest rate swaps by Barclays. The application specifically questioned the role of independent assessors in the compensation process - in this case KPMG, which is the defendant in the case. The date for the full judicial review has not yet been set. The decision was reported in the Daily Telegraph on 25 April ECJ rules insurers need to include economic consequences of policies On 23 April 2015, in the case of Jean-Claude Van Hove v CNP Assurances SA the Court of Justice of the EU (ECJ) ruled on an allegedly unfair contractual term in a disability insurance contract protecting two mortgages. Following an accident at work the insurer s refused to meet an insurance claim, stating the consumer could continue to work on a part-time basis. The consumer took legal action in the French courts claiming the terms relating to total incapacity for work were unfair. The case was referred to the ECJ. The ECJ ruled that that even if the contract is in plain language, the policyholder must be able to understand using "precise intelligible criteria" the economic consequences of the whole contract. Crédit Agricole loses suspicious transaction case On 24 March 2015, in the case of Credit Agricole Corporation and Investment Bank v Papadimitriou the Privy Council upheld earlier rulings that Credit Agricole had been negligent in accepting a transaction following the fraudulent sale of an art collection. An All England Report and Westlaw case analysis are available. Appeal court rules schemes amount to collective investment schemes under FSMA On 25 March 2015, the appeal court dismissed the appeal in the case of Financial Conduct Authority v Capital Alternatives Ltd and others. The court had previously found that the schemes were collective investment schemes and as such they could not be lawfully operated by the defendants. Westlaw case analysis and Practical Law Company case report are available. Trade Press Latest trade press articles The latest financial services trade press articles from the Westlaw News menu: Financial Adviser articles Investment Adviser articles Investment Week articles Professional Adviser articles Investors Chronicle articles The Economist articles Money Management articles Money Marketing articles Post Magazine articles Insurance Age articles Credit Management articles Professional Pensions articles Retirement Planner articles

7 Legal journals Latest edition of New Law Journal The 24 April 2015 edition of New Law Journal is available. Click on view whole: issue to see all articles. Latest edition of Law Society Gazette The 27 April 2015 edition of Law Society Gazette is available. Click on view whole: issue to see all articles. Latest articles from Legal Week The latest Legal Week articles from the Westlaw News menu. Health and Safety journals Latest edition of Health and Safety Bulletin The May 2015 edition of Health and Safety Bulletin is available. Click on View whole of Issue, to see all articles. Latest edition of Tolley's Health and Safety at Work The May 2015 edition of Tolley's Health and Safety at Work is available. Click on View whole of Issue, to see all articles. Finance journals Latest edition of Simon's Tax Briefing The latest edition of Simon's Tax Briefing is available. Click on view whole: issue to see all articles. Latest edition of Tax Journal The 24 April 2015 edition of Tax Journal is available. Click on view whole: issue to see all articles. Latest edition of Taxation Magazine The 30 April 2015 edition of Taxation Magazine is available. Click on view whole: issue to see all articles. Latest edition of Tolley's Practical Tax Newsletter The latest edition of Tolley's Practical Tax Newsletter is available. Click on view whole: issue to see all articles.

8 Human Resources journals Latest edition of Pay & Benefits The May 2015 edition of Pay & Benefits is available. Click on View whole of Issue, to see all articles. Latest edition of Tolley's Employment Law Newsletter The April 2015 edition of Tolley's Employment Law Newsletter is available. Click on View whole of Issue, to see all articles. The briefing is produced by the Research and Library service for internal use in the Financial Ombudsman Service. This Briefing is intended to provide general information only as at the date of first publication and does not reflect any changes in law or practice after that date. It is not designed to provide legal advice or guidance on our approach and should not be relied on as such. All content and documents linked to are strictly for internal use only. If you have any queries regarding any of the matters covered in the briefing please contact the briefing.