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The developing regulatory approach to climate change
Online Published Date : 07 April 2021 | Appeared in issue: Vol 33 No 7 - 08 March 2021
“Climate change is the single greatestthreat to a sustainable future,” said former United Nations secretary-generalBan Ki-moon. Banks and the largest insurers have already integratedclimate-related risks into their risk management frameworks; now, the assetmanagement sector must also prepare for enhanced regulatory obligations. Sushil Kuner outlines the key initiatives for financial services firms underway in the UK.
Compliance Monitor
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FCA’s approach to authorising and supervising international firms
Online Published Date : 07 April 2021 | Appeared in issue: Vol 33 No 7 - 08 March 2021
In a post-Brexit market, the Financial Conduct Authority has published guidance for international firms that provide, or seek to provide, financial services in the United Kingdom. Charlotte HillandArnav Guptaexplain the various legal set-ups, authorisation applications, along with the regulator’s expectations on risk mitigation.
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Senior manager accountability – five steps to protect yourself
Online Published Date : 07 April 2021 | Appeared in issue: Vol 33 No 7 - 08 March 2021
One of the most common requests fromsenior managers for legal regulatory advice is what their obligations to take‘reasonable steps’ mean in practice, and how they can ensure they arefulfilling this requirement. Adam Jamieson and Samantha Paul set out a framework.
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Promotions rules for individual mortgage contracts and debt advice
Online Published Date : 07 April 2021 | Appeared in issue: Vol 33 No 7 - 08 March 2021
“The absurd over-regulation of debt counselling promotions is keeping reputable organisations out of the marketplace,” says Adam Samuel; while “it is difficult to fathom why a representative example that nobody ever reads should stand in the way of a competitive individual mortgage offer market.”
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Banks face proposals for mandatory APP fraud reimbursement
Online Published Date : 07 April 2021 | Appeared in issue: Vol 33 No 7 - 08 March 2021
Customer reimbursement levels under thebanks’ voluntary code to tackle Authorised Push Payment fraud have so far provenpatchy and disappointing, so the Payment Services Regulator wants to imposestronger measures in the coming months, reports Denis O’Connor.
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Pitfalls of the disciplinary process during lockdown
Online Published Date : 07 April 2021 | Appeared in issue: Vol 33 No 7 - 08 March 2021
Even when offices re-open in the coming months, homeworking is likely to remain more prevalent than before the pandemic. Polly James and Catherine Turner discuss particular considerations when disciplinary procedures are conducted in a remote working context.
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The SMCR, five years on
Online Published Date : 07 April 2021 | Appeared in issue: Vol 33 No 7 - 08 March 2021
Half a decade after its implementation, the type of enforcement case envisaged by those who crafted the current financial services accountability regime has yet to emerge. Though any perception of improved firm cultures is arguable, many senior managers have found their clearer areas of responsibility a sobering incentive to seek to ensure they aren’t on the hook for a regulatory breach. David Rundle appraises the SMCR’s performance.
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Compliance Oversight director banned after lying about approval to give advice
Online Published Date : 15 April 2021 | Appeared in issue: Vol 33 No 8 - 15 April 2021
By Neasa MacErlean
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Cypriot firm banned from regulated business after clients stung by £100,000+ CFD losses
Online Published Date : 16 April 2021 | Appeared in issue: Vol 33 No 8 - 15 April 2021
By NeasaMacErlean
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Treasury moves ahead on LCF compensation and regulation of minibond issues
Online Published Date : 21 April 2021 | Appeared in issue: Vol 33 No 8 - 15 April 2021
By Neasa MacErlean
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Broker censured as FCA proposes fee rise to fund scrutiny of AR arrangements
Online Published Date : 21 April 2021 | Appeared in issue: Vol 33 No 8 - 15 April 2021
By Neasa MacErlean