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Latest Newsletters
Directors of a debt advice firm in Keighley disqualified for 6 years
Read all the top tax news from December 2012 including about how the government are considering £1.8bn raid on tax relief
Latest News & Events
Good News for Consumers who for pay for advice on managing their debts. A New Debt Management Plan protocol will seek to ensure that consumers will not be charged any fees before…
Director Disqualification - Rental Company. Daniel Richard Maurice McCarthy, the director of Jupita Ltd, a rental company based in the Wirral, has been disqualified as a director…
News & Events
05 Jan 2012 21:13
No more nodding NEDs
No more nodding NEDs (Non Executive Directors) - FSA to make non-execs consumer champions
NEDs (and their D&O insurers) will be increasingly exposed to regulatory risk because of the FSA’s new guidance. If the common law has failed to sanction NEDs of non-compliant firms effectively, then the FSA clearly intends to do so now. It wants the financial services sector to be free of nodding ‘yes men’ – and certainly will not tolerate any NEDs nodding off! By shifting its focus on NEDs from financial and prudential matters to conduct, culture and the fair treatment of customers, the FSA is effectively expanding their roles and responsibilities.
This year has seen significant changes to the regulated sector; with the FSA focussing particularly on senior management, directors and now non-executive directors (NEDs). In preparation for the ‘shadow split’ in the FSA from April 2012, the regulator has been talking up the conduct role of the FCA, including a revival of the ‘treating customers fairly’ agenda and particularly the increasing burden to be placed on NEDs as ‘consumer champions’ within firms. It is ironic that this increased focus on NEDs was followed within a week by the FSA’s publication of its report into RBS explaining why no directors were responsible.
Article Source : Robbie Contance (of RPC) – extract only provided
Read More News
HM Revenue and Customs has saved about £126m by introducing online filing of tax returns, but it needs a better understanding of the costs and benefits of the project to inform future…
Leader of Brentwood’s Liberal Democrats, Cllr David Kendall, has called for the resignation of a senior member of Brentwood Council’s Tory administration after the council failed to…
The number of English and Welsh companies going bust was 4.4 per cent higher in the second quarter than a year earlier, as firms struggled to compete in the current economic climate.
Limited liability is not complete protection for directors and they must carefully consider their actions and, indeed, failures to act in order to avoid “piercing the corporate veil”.…
Bankrupt clients from Ireland have used a Leicester solicitor and UK courts to wipe out more than €1bn debts taken out in the republicplus read Thatchers seven steps for Irish…
A director has been disqualified for 15 years for property scam, report the Insolvency Service. A director of Maple Grow Limited, Mahmood Anwar Yaqub, has been disqualified from being a company…
Almost 300,000 businesses failed last year, according to a new report by the Office of National Statistics.
Following action taken by the director of the Serious Fraud Office (SFO) in the High Court, an order has been made for Mabey Engineering (Holdings) Ltd to pay more than £130,000 in…
National money education charity Credit Action today revealed that one person is declared insolvent or bankrupt every 60 seconds during the working week.
Fewer people were declared insolvent in 2011 in England and Wales than during the previous year, but the number of companies going bust increased.
Director Disqualification and Farepak. Business secretary Vince Cable has stepped up the pressure on HBOS to boost the coffers of the Farepak compensation fund, after the bank was rebuked for…
Director Disqualification - Rental Company. Daniel Richard Maurice McCarthy, the director of Jupita Ltd, a rental company based in the Wirral, has been disqualified as a director for eight…
Good News for Consumers who for pay for advice on managing their debts. A New Debt Management Plan protocol will seek to ensure that consumers will not be charged any fees before signing a…