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Two men plead guilty to insider trading charges
Manjeet Mohal and Reshim Birk pleaded guilty to insider
dealing at the Central Criminal Court on 30 November and will be sentenced on
13 January.Mark Steward, head of enforcement at the Financial Conduct Authority,
which brought the case, said,..
Online Published Date:
12 January 2017
Appeared in issue:
Vol 29 No 5 - 01 February 2017
Ex BlackRock manager receives one year’s jail-time for insider dealing
Mark Lyttleton, a former BlackRock equity portfolio manager, was sentenced on 21 December 2016 to 12 months’ imprisonment on two counts of insider dealing. The sentence was reduced from 18 months on account of him pleading guilty on 2..
Online Published Date:
12 January 2017
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Vol 29 No 5 - 01 February 2017
Banks deemed not liable for push-payment scams, as ‘super-complaint’ falters
There was not enough evidence to support a change in liability that would require banks to reimburse victims of authorised push payment (APP) scams, the Payment Systems Regulator has determined. But it did say it will consider whether to propose..
Online Published Date:
12 January 2017
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Vol 29 No 5 - 01 February 2017
FCA decides to ban and fine director over skewed advice
The Financial Conduct Authority has given notice of its plan to ban and fine Alistair Burns £233,600 over his firm’s pensions advice and handling of conflicts of interest. The chief executive and director of TailorMade Independent Ltd has..
Online Published Date:
12 January 2017
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Vol 29 No 5 - 01 February 2017
New rules seek to protect retail CFD customers amid high loss rates
With more retail customers opening and trading contract for difference products, the Financial Conduct Authority wants to bolster their protections. Indeed, there is good reason – scrutiny of a sample of client accounts for CFD firms by the..
Online Published Date:
12 January 2017
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Vol 29 No 5 - 01 February 2017
FSCS funding consultation envisages expanded PII cover
A consultation on funding of the Financial Services Compensation Scheme asks for views on whether more comprehensive Professional Indemnity Insurance is needed to reduce levels of FSCS claims. PII was intended to play a greater role for personal..
Online Published Date:
12 January 2017
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Vol 29 No 5 - 01 February 2017
Firms on notice to review fair treatment of closed-book customers
Life insurers who have closed books must review their business practices in light of the Financial Conduct Authority’s finalised guidance for the fair treatment of closed-book customers and make any necessary changes by 9 March 2017. The..
Online Published Date:
12 January 2017
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Vol 29 No 5 - 01 February 2017
Deutsche Bank fined $630m over Russian mirror trades and sweeping AML failings
Timon Molloy, managing editor
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
Banks named as impetus for new corporate economic crime law proposals
“Fraudulent, dishonest activity by some banks
and other commercial organisations” has spurred the Ministry of Justice to
consider new laws on corporate economic crime, ministers announced on 13
January. A call for evidence asks..
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
Pensions and the cobbled together COBS 19
COBS 19, the section of the Financial Conduct Authority handbook that specifically deals with pensions, is “a modest building that has become gaudy and chaotic with all the extensions added to it.” Time for a big picture re-think of this fast-growing set of rules, says Adam Samuel.
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
The Criminal Finances Bill and your firm
A National Risk Assessment that pointed to “significant intelligence gaps” in high-end money laundering has prompted new legislation to strengthen defences against the billions of pounds believed to be laundered annually in the UK. Ian Mason and Louis Head outline the proposals as well as potential implications relevant to financial services firms.
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
Warning knell for retail contract-for-difference providers
The recent consultation paper on boosting protections for retail contract-for-difference customers represents a wake-up call for the whole CFD sector, comments Julian Sampson.
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
Courts tackle the ‘duty to explain’ in mis-selling claims
Outside of an advisory relationship, do financial institutions bear a duty to provide an explanation of the products being sold? The issue remains open for argument under the common law, report Abdulali Jiwaji and Nils de Wolff.
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
Regulation and the speed of change: the P2P experience
Thirty-six months after the creation of a bespoke regulatory regime for the peer-to-peer lending sector, only a small proportion of platforms have been successfully authorised and the Financial Conduct Authority now wants to create new rules. Gillian Roche-Saunders discusses whether lessons can be learnt.
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
How to measure your company’s culture
How can a financial services company change its culture if it cannot identify, assess or measure that culture? Samantha Tymms suggests ways to measure and monitor it, highlighting how evidence that already exists in a business can be used for a board discussion on culture.
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
Western Union stumps up $586m settlement after abetting prolific fraud
The global money services business Western
Union will pay $586 million to United States regulators after admitting
criminal violations – including wilfully failing to maintain an effective
anti-money laundering programme as well as aiding..
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
ICO fines Royal & Sun £150,000 for not preventing hard-drive theft
A stolen hard drive device – with 59,592 customers’ personal and bank details – from the West Sussex office of Royal & Sun Alliance Insurance, has prompted a £150,000 fine from the Information Commissioner’s Office...
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
Breaches still evident in some consumer credit firms handling customers in arrears
A review of firms’ policies and procedures for handling
customers in early arrears showed that, despite improvements, consumer credit
firms exhibit some persisting problems.The introduction of FCA regulation has brought
transformation to..
Online Published Date:
13 February 2017
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Vol 29 No 5 - 01 February 2017
HSBC to refund £4m of “unreasonable” fees after lengthy whistleblower battle
A pricey 16.4% ‘debt collection charge’
levied between 2003 and 2009 by two HSBC-owned companies, has at length led to
a £4 million redress scheme. This follows a campaign by whistleblower Nicholas
Wilson that has wended through..
Online Published Date:
13 February 2017
Appeared in issue:
Vol 29 No 5 - 01 February 2017