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Sonali Bank pays £3.25m and has deposits blocked for AML failings; ex-MLRO banned & fined
Timon Molloy, managing editor
Online Published Date:
24 October 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
FCA ban of Carrimjee upheld, in Goenka market abuse case
The Upper Tribunal has upheld the Financial Conduct Authority’s decision to ban Tariq Carrimjee from compliance oversight and money laundering reporting significant influence functions, because he failed to escalate the risk that Rameshkumar..
Online Published Date:
24 October 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Annuity sales probe leads to past business review for some firms
By Neasa MacErlean
Online Published Date:
24 October 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Aviva fined £8.2m for outsourced client assets protection failings
The Financial Conduct Authority has fined Aviva £8,246,800 – the highest penalty for a firm so far in 2016 – because it neglected to oversee outsourced providers properly when protecting client assets.Between 1 January 2013 and 2..
Online Published Date:
24 October 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
MiFID consultation envisages taping requirement for financial advisers
By Neasa MacErlean
Online Published Date:
24 October 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Ex BlackRock “star” manager charged with insider dealing
Criminal proceedings have been launched against Mark Lyttleton, a former BlackRock investment portfolio manager, who the Financial Conduct Authority has charged with three counts of insider dealing.The 45-year-old has been summoned to attend the..
Online Published Date:
24 October 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
FCA curbs marketing excesses of banks in primary capital markets
By Neasa MacErlean
Online Published Date:
24 October 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
FCA hones its mission amid call for regulators’ culture change
New chief executive Andrew Bailey is consulting on the mission of the Financial Conduct Authority, which will shape its strategy and routine work in the coming years.
Online Published Date:
02 November 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Structuring incentives and pay to produce positive behaviour
Annual appraisals for financial services staff increasingly focus less on revenue generation and more on meeting specified performance criteria. Ian Fraser discusses how both the ‘carrot’ and the ‘stick’ are being used to transform the industry’s troubled relationship between remuneration and conduct.
Online Published Date:
07 November 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Building harmonious relationships with regulators
Financial services firms and their senior managers should step up and proactively manage their relationships with regulators. Jeannette Lichner shares practical tips.
Online Published Date:
07 November 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
In search of ongoing service in financial advice
It is extraordinary to think that almost a decade since the regulator launched its first discussion paper on the Retail Distribution Review, the RDR is still producing technical problems and fundamental misunderstandings. One of the oddest concerns the notion of ‘servicing’, writes Adam Samuel.
Online Published Date:
07 November 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Applying the SMCR to out-of-scope firms
Investment firms that are not yet subject to the Senior Managers and Certification Regime should be arming themselves ahead of HM Treasury’s promised extension of the scheme. Julian Sampson provides reconnaissance.
Online Published Date:
07 November 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Responses to the compliance resource vacuum
Implementing efficiencies within a risk management framework, maintaining staff motivation and exploring outsourced arrangements, can alleviate pressure on compliance resource, suggests Jason Wintie.
Online Published Date:
07 November 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Where now for whistleblowing?
What makes an arrangement for financial services employees to raise malpractice concerns ‘effective’ or ‘appropriate’; and what is a ‘reasonable measure’ to protect those who report? Ben Henriques considers possible responses to the new whistleblowing rules.
Online Published Date:
07 November 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
FCA outstrips CMA recommendations, to tackle high-cost overdrafts
On the back of recommendations from the Competition and Markets Authority’s investigation into retail banking, the Financial Conduct Authority will intervene to improve competition in the current account market.In 2017 the regulator will..
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016