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Avoiding legal and regulatory pitfalls in digital transformation projects
This article first appeared in the September 2024 issue of Financier Worldwide.
United Kingdom | Publication | June 2024
In a blog post published on June 18, 2024, the Ombudsman has set out more about upcoming changes that will require future complainants to exhaust a scheme's formal internal dispute resolution process before bringing their case to the Ombudsman.
We reported earlier this month on the Ombudsman’s review of its operating method, which was published on May 21, 2024. In the first of a planned series of blogs fleshing out aspects of the review the Ombudsman, Dominic Harris, explains how the Ombudsman service will aiming to reduce its backlog of cases.
Generally, the Ombudsman will not investigate complaints until the scheme’s IDRP process has been exhausted. However, that requirement was relaxed in 2018 when the Pensions Advisory Service moved its (informal) dispute resolution function to the Ombudsman. Although it may not have been common knowledge, individual complainants could choose to use the informal resolution service, which could include engagement before, or during, the scheme’s own IDRP process. In future, in the interests of efficiency, the Ombudsman’s informal early resolution process will no longer be available, with complainants being required to exhaust their scheme’s IDRP first.
The plan is to move from piloting some aspects of this change to full implementation by the Autumn of this year.
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This article first appeared in the September 2024 issue of Financier Worldwide.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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On 26 July 2024, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) jointly released revised rules in respect of the investments into China’s financial market through the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor (collectively, QFII) regime (the New Rules).
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