i-law.com - Newsletter (Compliance Monitor)

A recent missive from the Financial Conduct Authority that appears to place new obligations on firms with regard to ‘adequate financial resources’ while simultaneously stating that it does not impose specific obligations, has the industry confused and concerned. Julian Sampson calls for clarification.

Online Published Date: 07 October 2019

Appeared in issue: Vol 32 No 2 - 16 September 2019

CASS responsibilities under the SMCR

While the SMCR does not represent a material shift in the standards expected of Senior Managers, there is a heightened focus on their ultimate responsibility for regulatory compliance within their prescribed area. Kishore Bhindi discusses the CASS Prescribed Responsibility and Certification Function, along with a framework for the reasonable steps Senior Managers should take.

Online Published Date: 07 October 2019

Appeared in issue: Vol 32 No 2 - 16 September 2019

Tinney in the tribunal – troubling issues

Though the Upper Tribunal overturned a prohibition order against the former chief operating officer of Barclays Wealth for allegedly suppressing a damning report about his business unit, he has nonetheless received a formal censure. Yet the case prompts disquiet about why Andrew Tinney – who acted under senior instruction – was the only figure held responsible, as well as the relationship between internal inquiries and regulatory supervision, comments Adam Samuel.

Online Published Date: 07 October 2019

Appeared in issue: Vol 32 No 2 - 16 September 2019

Litany of errors found in banks’ insider lists

The three-year imprisonment of a former UBS compliance officer who had access to confidential deal information for no authorised business purpose, and who was convicted in June of passing details on to a friend, has focussed the regulator’s mind on the state of banks’ insider lists. Denis O’Connorexplores the findings of a recent Financial Conduct Authority review of the systems and controls used by a sample of investment banks, legal advisers and other consultancies to manage access to inside information.

Online Published Date: 08 October 2019

Appeared in issue: Vol 32 No 2 - 16 September 2019

Counting the cost, as PPI claims deadline passes

With the 29 August deadline having elapsed for consumers to make claims about payment protection insurance, one of the largest mis-selling scandals globally has stuttered into its final throes. As many as 64 million of the controversial policies were sold, mostly between 1990 and 2010, but some as far back as the 1970s. [1] Neasa MacErlean explores the fiasco and ongoing issues.

Online Published Date: 08 October 2019

Appeared in issue: Vol 32 No 2 - 16 September 2019

Further moves to strengthen CASS audit standards

Recently-proposed revisions to the Financial Reporting Council CASS Assurance Standard as well as an FCA communication about CASS record-keeping requirements for depositaries of AIFs and UCITS, where delegated custody models are in place, impose a range of new requirements. Amarjit Singh and Isaac Mutyaba highlight the key changes and likely impact on FCA client asset audits.

Online Published Date: 08 October 2019

Appeared in issue: Vol 32 No 2 - 16 September 2019

Tullett Prebon receives £15.4m fine and strident criticism of Compliance and Legal roles

By NeasaMacErlean

Online Published Date: 25 October 2019

Appeared in issue: Vol 32 No 2 - 16 September 2019