Money Covered: Recent Episodes
RPC - Law firm
Hello and welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector. Each episode we will talk to guests about topical issues relevant to those dealing with complaints and claims against FCA regulated entities such as IFA's, asset managers, SIPPS and brokers as well as TPR regulated entities including pension trustees and issues for offshore professionals and accountants.
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In episode 2 of Season 3, our host Ash Daniells is joined by Rachael Healey, George Smith and Rob Morris to discuss what impact ESG and AI may have on the financial services sector, in particular Pensions and Accountants.
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In our first episode of Season 3, our host Ash Daniells is joined by David Allinson, Rachael Healey, Matt Watson, George Smith and Rob Morris to provide their predictions for 2024. The following topics are covered in this episode:
- FCA's review of later-life income - David Allinson
- The rise of 'Superfunds' - Rachael Healey
- Impact on D&O claims of ESG - Matt Watson
- The potential for insolvency regulation reform - George Smith
- Changes to the ICAEW's minimum insurance requirements - Rob Morris
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In our final episode of Season 2, our host Ash Daniells is joined by David Allinson, Rachael Healey, Matt Watson, George Smith and Rob Morris to provide a round up of the key developments that took place during 2023. The following topics are covered in this episode:
- FCA's Consumer Duty - David Allinson
- Liability Driven Investments - Rachael Healey
- The ongoing impact of LLC v. Sequana and the duties owed by directors to creditors - Matt Watson
- The increase in corporate insolvencies and their impact on the insolvency practitioners - George Smith
- Audit market reform – where we are and where we're likely to be - Rob Morris
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In Season 2, Episode 6, our host Ash Daniells is joined by Rob Morris to discuss the Third Party (Rights Against Insurers) Act 2010. Recent County Court decisions suggest limitation involving this Act may not be as straightforward as previously thought. Ash and Rob provide a background to the Acts, why they were introduced and what these recent decisions may mean for claims against Insurers.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In Season 2, Episode 5, our host Ash Daniells is joined by David Allinson to discuss claims involving Equity Release products. Originally popular in the 1980's, find out why they're making a comeback, what the FCA's view is and our predictions about potential claims going forward.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In Season 2, Episode 4, our host Ash Daniells is joined by Matt Watson to discuss recent developments relating to D&O claims. Recent case law appears to extend the scope of duty – but is it all bad news?
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In Season 2, Episode 3, our host Ash Daniells is joined by David Allinson to discuss pension drawdowns. Something that's long been available, but has become more popular in recent years – are problems likely to arise and is this the next big concern for the FCA?
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In Season 2, Episode 2, our host Ash Daniells is joined by Rachael Healey to discuss the FCA's new Consumer Duty of Care. Not due to be implemented until July 2023, the new scheme is already having a big impact on financial firms – and it looks like that impact will only increase once it's in force. Rachael Healey provides a helpful summary of the new duty, as well as the potential impact on firms and insurers.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
We're back for a brand new series! In this episode, our host Ash Daniells is joined by Rachael Healey to navigate the hot topic of Liability Driven Investments (LDI). They hit the news after Liz Truss' mini budget last Autumn, but what are they, why are they such an issue now, what's the lasting impact and can we expect to see claims arising out of them?
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In Episode 14, Rachael Healey is joined by Anthony Cutler and James Parsons. Anthony takes listeners through the Public Accounts Committee's conclusions and recommendations following its investigation into the British Steel Pension Scheme and provides a general update on the s.404 consultation. James discusses the High Court decision in Fitzroy Street Capital Inc and Others v Lee Manning and others [2022] addressing the duties of administrators on the sale of assets. The case provides a useful reminder of the principles the court looks at when considering if an administrator has discharged their duty to achieve a proper price.
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In Episode 13, Rachael Healey is joined by Cory Gilbert-Howarth and David Allinson. Cory distils the 200 page government's response to the white paper "Restoring trust in audit and corporate governance" including its impact on audit services and the audit market, together with its impact for directors. This includes the new 750:750 rule for public interest entities, new powers for ARGA including a function similar to the FCA's s.166 powers, the introduction of challenger firms for the audit of FTSE 350 firms and the extension of corporate reporting and its impact for directors. David then provides an update on the FCA's s.404 consultation on BSPS pension transfers and an Upper Tribunal decision resulting in fines for a number of advisers on pension transfer advice
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In Episode 12, Rachael Healey is joined by Zoe Melegari who discusses the FCA's business annual business plan released in April. Lucy Thorn then gives an update on where we are with the British Steel Pensions Scheme and the Section 404 Consumer Redress Consultation and then discusses the Supreme Court decision to refuse permission in Adams v Carey and what the SIPP market can expect. We hope you enjoy this episode and if you did, please subscribe to stay up to date with future episodes.
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Welcome to Money Covered. In Episode 11, Rachael Healey is joined by Andrew Oberholzer who takes listeners through the FCA's consultation on a consumer redress scheme for members that transferred out of the British Steel Pension Scheme as well as covering the National Audit Report on the British Steel Pension Scheme. Shauna Giddens then discusses the High Court decision in McClean v Thornhill, a decision of relevance for those dealing with tax avoidance claims. We hope you enjoy this episode and if you did, please subscribe to stay up to date with future episodes.
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In episode 10, Rachael Healey is joined by Tom Challen who discusses due diligence obligations of SIPP providers following a recent Financial Ombudsman Service decision involving the SIPP provider, Rowanmoor and Ben McHardy takes us through the published report from the Financial Reporting Council on the state of the audit market and in particular the Audit Committee's Chair's views on the approach to audit quality.
We hope you enjoy this episode and if you did, please subscribe to stay up to date with future episodes
In episode 9, Rachael Healey is joined by Carina McFadden to discuss claims brought by Pure Legal against mortgage brokers for the alleged mis selling of interest only mortgages and what the administration of Pure Legal means for these claims. Zoe Melegari takes us through the proposed changes to the appointed representative regime put forward in a recent FCA consultation.
We hope you enjoy this episode, if you did please subscribe to stay up to date with future episodes
Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In episode 8, Rachael Healey is joined by David Allinson to discuss the key news and developments in the industry for the October and beyond.
We hope you enjoy this episode and if you did, please subscribe to stay up to date with future episodes
Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In episode 7, Rachael Healey is joined by Shauna Giddens and Chris Cole to discuss the key news and developments in the industry for the month of September. Shauna and Chris provide an update on recent developments involving SIPPs and the FSCS following a recent pension ombudsman decision in the SIPP area and High Court judicial review involving the FSCS.
Other topics covered include an update on the British Steel Pension saga, with the FCA deciding against a redress scheme for former members (and instead encouraging consumers to complain to FOS); new guidance on how firms should compensate complainants in relation to their defined benefit (DB) transfers; and the FCA's new business plan which includes changes to the authorised representative notification process.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In episode 6, Ash Daniells is joined by Andrew Oberholzer and Sarah Dowding to discuss the key news and developments in the industry for the month of August. Andrew and Sarah provide listeners with a recap of the history of authorised fund managers and authorised corporate directors (including explaining the difference between the two), as well as discussing some well-known examples, and recent calls for reform.
Other topics covered include an update on the British Steel Pension saga; a busy month for the Court of Appeal after they upheld the FCA's findings in FCA v Avacade, as well as overturning the Upper Tribunal's decisions to confirm that two film schemes were trading with a view to a profit – rejecting claims they were tax avoidance schemes; and the Financial Ombudsman Service revealing plans on proposed changes to the time in which business have to respond to complaints – despite an increasing backlog of complaints.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In episode 5, Rachael Healey is joined by George Smith and Lucy Thorn to discuss the key news and developments in the industry for the month of July. July was a very busy month for the FCA, and so episode 5 is an FCA special. Lucy discusses the FCA's business plan for 2021/22 which was released this month. In particular, the impact of proposed changes to the supervision of authorised representatives. George then analyses the new 'consumer duty of care' which is currently being consulted on, noting that the FCA are consulting on whether a breach of FCA principles should be actionable by an individual as a breach of statutory duty – sure to have a wide ranging impact.
Other topics covered include the FCA revealing that the scope and coverage of FSCS compensation is to be reviewed, as well as the FCA review of authorised fund managers. New rules for authorised corporate directors have been revealed, whilst the Court of Appeal decision in Avacade v FCA is awaited after the hearing took place this month. And finally, the FCA has confirmed they have ordered various s166 reviews in respect of defined benefit transfer advice.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In episode 4, Ash Daniells is joined by Rebekah Bayliss and newly promoted Senior Associate Carina McFadden to discuss the key news and developments in the industry for the month of June. Episode 4 considers the wide-reaching impact of the Supreme Court decision of Manchester Building Society v Grant Thornton, before considering the impact of plans for compulsory professional indemnity insurance for tax advisers.
Other topics covered include the FCA's plans to scrutinise firms applying for defined benefit transfer permissions; the SRA launching a consultation to consider implementing a limit on fee charges relating to financial mis-selling scandals, and wider Financial Reporting Council updates, plus much more.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In episode 3, Rachael Healey is joined by Anthony Cutler and Matt Watson to discuss the key news and developments in the industry for the month of May. Episode 3 focuses on the first judgment in an interest only mortgage claim being brought by Pure Legal, as well as the impact of pre-pack sales on D&O insurers, and other wider issues arising from company insolvencies.
Other topics covered include the announcement of a joint initiative between the Financial Conduct Authority and The Pensions Regulator, requesting input to improve the consumer experience; new proposals from the FCA which will see a new consumer duty of care created, intended to offer greater protection for consumers in retail financial services; news that the FCA will continue its thematic review in DB pension transfers until Spring 2022; and finally, the FOS annual data showing an increase in complaints against SIPP providers.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In episode 2, Ash Daniells is joined by co-host Rachael Healey and newly promoted Partner David Allinson to discuss the key news and developments in the industry for the month of April including; the FCA's plans for Special Purposes Acquisition Companies (SPACs); further published guidance in respect of final salary pension transfers and the Financial Ombudsman's 2021/22 plans and budget – with a focus on improved service delivery. We then go on to focus our main topic chosen by our guests – complaints against mortgage brokers in relation to interest only mortgages.
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Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector. In this episode we are joined by RPC Partner Rob Morris and we will be discussing the key developments for the month of March with a particular focus on DB transfers and the Adam's v Carey decision. We hope you enjoy this update and if you did please subscribe.
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