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New regulations tighten financial sanctions’ grip
An increasingly aggressive approach to pursuing
breaches of sanctions violations has seen the reporting requirement extended to
independent legal professionals. In some circumstances legal services related
to restructuring of finance or even preparing the documents required to raise
capital on the markets could amount to a violation, reports Anna Rothwell.
Online Published Date:
13 November 2017
Appeared in issue:
Vol 30 No 3 - 01 November 2017
Marshalling data, for optimum customer, compliance and commercial outcomes
In times of rapid and complex regulatory change, holistic and effective management information processes will help financial services firms fulfil and demonstrate their compliance, as well as inform their commercial decision-making, says Phil Deeks.
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Firms on the hook for failure to prevent tax evasion
After an incensed hacker circulated 2.6 terabytes of data – 11.5 million confidential documents – from Panamanian law firm Mossack Fonseca last year, the United Kingdom hurried forward its proposed criminal offence for corporations who fail to stop their staff from facilitating tax evasion. With the legislation now in force, prosecutors no longer have to prove that a ‘controlling mind’ from the organisation was complicit in the breach. David Rundle and Chloe Salter outline the new crime, key aspects of HM Revenue & Custom’s guiding principles, as well as central issues that financial services businesses should consider.
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Rio Tinto fined £27m by FCA, as SEC lays fraud charges
The mining giant Rio Tinto plc has breached the
Disclosure Rules by failing to declare a large financial impairment in time,
and been penalised £27,385,400 by the Financial Conduct Authority. Meantime,
the Securities and Exchange Commission..
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Guide to conducting internal investigations: disclosure and regulatory liaison
The six-part ‘Guide to conducting internal investigations’ outlines best practices and guidance for those conducting or overseeing investigations in both the United Kingdom and the United States. In this fifth of six instalments, Charles Hastie and Jake McQuitty discuss some of the considerations associated with reporting potential issues of concern and interacting with the regulators.
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Confidential report cited “significant concerns” around RBS’ treatment of SMEs
Esther Martin
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Brexit transition deal could see UK following EU law for several years
By Neasa MacErlean
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
The impact of MiFID II upon complaints-handling
One strand of the multitudinous new rules effected by MiFID II when it commences in January, is to introduce “a new breed of complaint”. Noline Matemera and Jack Hargreaves examine this change and its practical ramifications.
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Rules changed on access to IPO prospectus information
By Neasa MacErlean
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Regulatory sandbox scheme saves time and costs
By Neasa MacErlean
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
The quiet evolution of FCA enforcement
After a scolding from Andrew Green QC in his report regarding the regulator’s handling of the HBOS failure, as well as an HM Treasury review, enforcement by the Financial Conduct Authority has undergone significant evolution over the past two to three years. Guy Wilkes examines recent changes, including the FCA’s focus on individuals, along with alterations to internal process and the settlement procedure.
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
BrightHouse agrees £14.8m redress scheme for unaffordable loans
A rent-to-own provider, BrightHouse, has committed to pay more than £14.8 million to 249,000 customers as a result of lending agreements that may have been unaffordable, as well as unrefunded payments.In late 2014 the Financial Conduct..
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Couple banned for integrity failings; wife fined for misleading the regulator
John and Collette Chiesa, who founded Westwood Independent Financial Planners, have been banned from financial services due to lack of integrity – and Mrs Chiesa has been fined £50,000.Their personal investment advice firm became..
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
One in two UK adults exhibit potential financial vulnerability
By Neasa MacErlean
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Position limits set on commodity derivatives ahead of MiFID II start
By Neasa MacErlean
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Work starts on second thematic review of debt managers
By Neasa MacErlean
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Merrill Lynch receives third transaction reporting fine: this time £34.5m
For the third time, Merrill Lynch has been fined by the regulator for transaction reporting failures: this time £34,524,000 for not reporting 68.5 million exchange traded derivative transactions between 12 February 2014 and 6 February 2016.This..
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
FCA asks firms to develop products that work for older age groups
By Neasa MacErlean
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
Debt adviser couple given strongest possible sanction
By Neasa MacErlean
Online Published Date:
13 November 2017
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Vol 30 No 3 - 01 November 2017
EU tackles queries on buying third country research under MiFID II
By Neasa MacErlean
Online Published Date:
13 November 2017
Appeared in issue:
Vol 30 No 3 - 01 November 2017