Since our last publication, the Ministry of Justice has published a supplementary guidance note: Direct marketing guidance for claims management companies. In other news, the High Court has considered liabilities and agency issues under an appointed representative agreement. 


MoJ publishes direct marketing guidance for claims management companies

The Ministry of Justice published a supplementary guidance note: Direct marketing guidance for claims management companies. The guidance is intended to provide clarification of the relevant legislation and set clear standards for businesses. The Claims Management Regulator can take enforcement action which includes financial penalties and cancellation of authorisation against non-compliant CMCs. This guidance supplements the Marketing and Advertising Guidance already published. The guidance covers:

  • buying or renting data, leads and referrals including verification of provenance, opt-ins and affiliate marketing;
  • supplying data, leads or referrals including compliance with the Data Protection Act 1998;
  • dialler management including silent or abandoned calls, persistent calls and calling line identification; and
  • forthcoming changes including the General Data Protection Regulation (EU (2016/679)) and the statutory code of practice on direct marketing to be introduced under section 96 of the Digital Economy Act 2017.

MoJ, 18 August 2017

High Court considers liabilities and agency issues under appointed representative agreement

In Ovcharenko and another v Investuk Ltd and another [2017] EWHC 2114 (QB) (16 June 2017) the High Court considered the application of section 39(3) of the Financial Services and Markets Act 2000 (FSMA) (Exemption of appointed representatives) and the extent to which an agency relationship existed at common law with regard to an appointed representative (AR) and the authorised firm that appointed him.

16 June 2017.

BoE, PRA, FCA and PSR MoU on UK payment systems - second annual review

The Bank of England (BoE) has made an announcement on the Memorandum of Understanding (MoU) that sets out the high-level framework that Authorities use to cooperate with one another in relation to payment systems in the UK. They say the MoU is working well and that they have identified a number of areas to further improve cooperation and coordination which are largely procedural in nature and should be implemented over the coming year.

BoE, 23 August 2017

Findings from PRA's 2017 assessment of category 4 and 5 credit unions

The PRA has published letters it has sent to the directors of category 4 and 5 credit unions which sets out the findings from its 2017 annual assessment. There were different letters depending on the total assets of the union.

PRA, 22 August 2017

Lloyd’s Market Association working group to examine banking regulation

A press release from Lloyd's Market Association has announced a political risk working group has been set up to examine regulatory issues affecting banking clients, which will be co-led by the head of global financial risks at Liberty Specialty Markets, Peter Sprent, and the global practice leader for political lines at Talbot Underwriting, James Bamford.

Lloyd's Market Association, 21 August 2017


ECB amending Decision on SSM supervisory data reported to NCAs published in OJ

The Official Journal of the EU has published Decision 2017/1493 of the European Central Bank which amends Decision 2014/477/EU on the provision to the ECB supervisory data reported to the national competent authorities (NCAs) by supervised entities pursuant to Commission Implementing Regulation 680/2014. The new decision relates to the reporting requirements that apply to credit institutions under the Capital Requirements Regulation (Regulation 575/2013) and Commission Implementing Regulation 680/2014, which contains implementing technical standards (ITS) relating to supervisory reporting of institutions.

Official Journal of the EU, 22 August 2017


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Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation

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