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Standard Life Assurance pays £30m fine and £61m redress over poor call-handling
By Neasa MacErlean
Online Published Date:
23 July 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Apple for the regulator? Industry delivers FCA mainly positive report-card
Though survey respondents at UK financial services firms broadly agree that the regulator is performing its functions well, they gave lower scores for promoting competition effectively. There are also concerns about the regulatory reporting burden, whether innovation is being supported adequately, as well as the complexity of FCA communications.
Online Published Date:
06 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Further 18-month ‘plan’ granted to implement Strong Customer Authentication
After firms were found to be struggling to implement the EU’s StrongCustomer Authentication rules, the FCA has agreed a plan to give the payments
and e-commerce industry extra time to apply multi-factor customer
authentication requirements.The new..
Online Published Date:
15 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Courts may need to rule on scope of cryptoassets regulation
By Neasa MacErlean
Online Published Date:
19 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Industry asked if it would like specific rules on vulnerable customers
By Neasa MacErlean
Online Published Date:
19 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Pension transfer contingency fees set for the chop
By Neasa MacErlean
Online Published Date:
20 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Firms urged to act now, to be ready for SMCR extension
By Neasa MacErlean
Online Published Date:
20 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Firms have till end of 2020 to phase in most new rules after no-deal Brexit
By Neasa MacErlean
Online Published Date:
28 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Sixth Operation Tabernula conviction revealed, for absconded money launderer
By Neasa MacErlean
Online Published Date:
28 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
CMCs warned to make advertising fairer, as new marketing rules introduced
By Neasa MacErlean
Online Published Date:
28 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
MPs ask FCA to examine evidence of forged signatures on bank documents
By Neasa MacErlean
Online Published Date:
30 August 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
The Standard Life 2019 final notice – another zeitgeist moment
The former assurance company has been extraordinarily unlucky to have caught the regulator’s eye both in 2010 and 2019 while acting similarly to the rest of the industry. The recent enforcement action involved a strategic problem – Standard Life’s systems and controls failed to protect customers from precisely the outcome that the firm was seeking from its staff: the retention and growth of pension business through the sale of its annuities, regardless of whether this was in clients’ best interests. Adam Samuel analyses lessons from the case.
Online Published Date:
04 September 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
FCA curtails “dysfunctional” overdrafts market
Reforms that dramatically reduce the cost to
financially-stretched customers of using unarranged overdrafts, could create a
hole in income for banks that they seek to claw back elsewhere. Caroline Stevensonreports.
Online Published Date:
04 September 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
SFO widens investigation into £236m minibond scandal
A number of arrests have now been made by the Serious Fraud Office pertaining to the London Capital & Finance collapse, while HM Treasury has ordered an independent inquiry into the regulator’s handling of the affair – yet investors are still £236 million out of pocket. Bambos Tsiattalou discusses legal aspects of the case.
Online Published Date:
04 September 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
The final report into RBS’s GRG – regulator says its hands are tied
After serious concerns about the Royal Bank of
Scotland’s Global Restructuring Group were raised by aggrieved small businesses
as well as an independent review, the regulator launched an investigation to
see if any action could be taken against senior management or RBS. However, the
Financial Conduct Authority has concluded its powers “even where the
mistreatment of customers has been identified and accepted” are very
limited.“No regulation exists to this day to prevent a repetition of
deeply unpleasant behaviour meted out to businesses in real difficulties,”
comments Adam Samuel.
Online Published Date:
04 September 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Regulatory pressure boosts demand for compliance monitoring and surveillance experience
After a slow start to 2019, the market for hiring compliance professionals has picked up. Medium to smaller-sized institutions have mainly been responsible for this uptick in recruitment, write Caleb Hawkins and Leo Bellometti.
Online Published Date:
04 September 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019
Overdrafts market, which preyed on the vulnerable, begs nagging questions
Consumer groups argue that the Financial Conduct Authority’s reforms have missed a significant opportunity to introduce price capping in the overdrafts market, which still allows for risk-based pricing. Also, given that the regulator believes the market has caused “significant customer harm”, what action will be taken by the FCA and industry bodies? asks Denis O’Connor.
Online Published Date:
04 September 2019
Appeared in issue:
Vol 32 No 01 - 02 September 2019