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Briefings in English - 2008

The Carbon Principles

The adoption in February of the Carbon Principles by major US banks Citi, JPMorgan Chase and Morgan Stanley indicates a growing willingness among financial institutions to look beyond their own companies’ environmental impact and consider the social and environmental effects of the projects they finance. Whether their adoption materially affects credit decisions remains to be seen, but with Bank of America adding its name to the list of signatories on 1 April the Carbon Principles seem to be gathering momentum. (May 2008)

To remit or not to remit – part 3?

The House of Lords has ruled that English assets of the HIH group of companies are to be remitted to the Australian liquidators for distribution under Australian law. This briefing discusses the background to McGrath and another and others v Riddell and others [2008] UKHL 21 and the implications of the ruling. (April 2008)

Treating customers fairly

Ensuring effective, industry-wide implementation of a policy of treating customers fairly (TCF) was a focus of much of the FSA’s work in 2007 and this will also be the case in 2008. Notably, in November 2007, the FSA published a report entitled Treating customers fairly: measuring outcomes reporting on its assessment of industry performance on TCF. The following month, the FSA issued a press release announcing that firms were not doing enough to ensure that their appointed representatives were treating customers fairly in the sale of general insurance, mortgage and investment products. (March 2008)

The Financial Ombudsman Service under review

The deadline for submissions to Lord Hunt’s review of the Financial Ombudsman Service passed in the middle of January. We have submitted a paper to the Review, which tackles an important issue affecting all users of the service. This briefing summarises the issues raised in our paper and the key areas for debate within the industry. (February 2008)

The FSA’s new rules for non-investment insurance

The Financial Services Authority has adopted a new set of rules and guidance covering the sale and administration of non-investment insurance. The rulebook, New Insurance Conduct of Business Sourcebook (ICOBS), came into force on 8 January 2008. Regulated firms that are complying with the old rulebook (ICOB) have until 8 July 2008 to comply with the new rules. (February 2008)

Significant amendments to the German Investment Act

On 8 November 2007 the Deutscher Bundestag passed an act amending the German Investment Act. The Amendment Act came into force on 28 December 2007. It is designed to significantly modernise German investment fund laws. This briefing discusses the key amendments. (January 2008)

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