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Will COCON transform financial services conduct?
New conduct rules, which came into force on 7 March 2017, have extended personal regulatory duties to almost all employees of banks and are poised to be applied more widely still. But will they tackle the drivers of past failure to take effective enforcement action against the existing rules? Adam Samuel fears that the regime may in fact “exacerbate the accountability firewall”.
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
If suitability is the question, culture is the answer
The Assessing Suitability Review of the financial
advice sector marks the beginning of a communication programme from the
regulator and is to be repeated in 2019. A customer-centric culture, embedded
throughout all areas of an organisation, is the only way to meet expectations
effectively, argues Andy Sutherland.
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
Account-holders grapple with effects of suspicious activity reporting
The Proceeds of Crime Act, as well as the courts, provide substantial protection from legal liability for financial institutions when they make suspicious activity reports. But when the National Crime Authority is enabled to extend the freezing of suspect accounts up to a possible 226 days, will the courts become more willing to assist the subject of a report than in the past? By Davina Given.
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
Land-banking fraudsters ordered to pay £2.2m
Two final confiscation orders made by the Central Criminal Court mean that a total of £2,195,496 has been demanded from eight fraudsters convicted of a land-banking scam. The investigation by the Financial Conduct Authority, known as Operation..
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
Guide to conducting internal investigations: immediate priorities
In this, the first of six instalments
serialising the ‘Guide to conducting internal investigations’, Charles
Hastie and Jake McQuitty provide best practices and guidance for
those conducting or overseeing investigations in both the United Kingdom and
the United States. This first part comprises an introduction as well as discussion
around immediate priorities for an internal investigation.
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
Investment managers bear brunt of past year’s section 166 reports
The total number of skilled persons reports demanded by the regulator under its section 166 powers, has held steady over the past year, reports Esther Martin.
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
Court of Appeal to consider ‘mezzanine duty’ in non-advisory sales
The embattled Royal Bank of Scotland must face yet another round of litigation, because the Court of Appeal has granted leave to Property Alliance Group to challenge its High Court defeat of last year. The judgment handed down on 21 December 2016..
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
FCA asks asset managers for Brexit plans
Some of the United Kingdom’s largest asset
managers have reportedly been asked for information by the Financial Conduct
Authority about their Brexit planning.
A 30-question letter sent to 20 asset managers and
custodians with..
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
European Parliament jettisons Commission’s latest AML blacklist
By Liz Newmark, in
Brussels
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017
Suitability Review flags cost disclosure concerns
A review by the Financial Conduct Authority has found that financial advisers provide mainly suitable advice, but their disclosure standards fall significantly behind when it comes to making charging structures clear to customers.The review assessed..
Online Published Date:
18 July 2017
Appeared in issue:
Vol 29 No 9 - 12 June 2017