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Ex-TSB CIO fined £82k for SMCR failings during platform disruption
The former chief information officer of TSB has been penalised based upon 15 per cent of his gross compensation during the 2018 transfer of 5.2 million customers onto a new IT platform.
Online Published Date:
17 April 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
Lenders given leeway on strategies for helping repeat overdraft users
The FCA looks set to allow firms to continue to develop their own strategies to deal with borrowers who repeatedly go into overdraft.
Online Published Date:
20 April 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
FCA moves towards Woodford redress proposal with fund administrators
Investors who were in the Woodford Equity Income Fund when it was suspended in 2019 are being urged by the FCA to agree a settlement arrangement that will pay out about 77-79 per cent of the estimated losses.
Online Published Date:
20 April 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
Crackdown on commission for leasehold building insurance
The FCA is pushing ahead witha set of measuresto protect leaseholders in blocks of flats when they pay for building insurance.
Online Published Date:
24 April 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
Expectations raised on response of firms during extreme events
The FCA has set out itsexpectations for firms in times of market volatility, based on the crisis in the gilt market following the mini-budget in September 2022.
Online Published Date:
26 April 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
Warning over mismanagement of 'asset protection' of trust schemes
Consumers have been cautioned by the FCA about firms that offer 'asset protection' trust schemes and then mismanage them.
Online Published Date:
26 April 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
Banks told to cut Post Office cash deposit maximum to £10k a year
Banks are being ordered to slash the amount they will accept through cash deposits in Post Offices to £10,000 a year for personal customers.
Online Published Date:
26 April 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
Supporting customers in financial difficulty
Almost a quarter of UK adults are considered to have "low financial resilience" and millions are slipping behind on bill and loan payments. With lenders having been ordered by the FCA "to make changes to improve the way they treat their customers", Neasa MacErlean explores how firms can meet regulatory expectations.
Online Published Date:
03 May 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
Taking compliance EAST - applying behavioural science insights to financial services
Financial services regulation is about encouraging or discouraging certain behaviours. While regulators tend to rely on inspections and enforcement to ensure requirements are met, these measures can be costly and often only address issues after failings have occurred. Proactive firms and their compliance officers are now turning to behavioural science insights to assist their regulatory programmes. Mario Menz shows how the EAST framework, developed by the UK Government's former 'nudge unit', can be utilised to improve employee compliance.
Online Published Date:
03 May 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
UK sets out its stall for crypto-regulation
After years of anticipation, the Financial Services and Markets Bill - underpinned by the regulatory priorities announced by the Government as part of the Edinburgh Reforms - will finally create the detail for how the UK will regulate those who issue, trade and distribute cryptoassets. Emma Radmore examines HM Treasury's consultation on the future regulatory regime for cryptoassets and related initiatives.
Online Published Date:
03 May 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
FCA highlights key concerns for Consumer Duty implementation
Following a review of firms' progress the regulator has flagged areas "where firms may need to improve their implementation approach" and what to focus on in the final run-up. Denis O'Connor reports.
Online Published Date:
03 May 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
IMF cryptoassets framework: is a global approach possible?
Charlotte Hill and Mila Pencheva consider a recent International Monetary Fund paper on effective policies for cryptoassets, as well as key regulatory developments in the United Kingdom already taking some of the IMF's recommended elements forward.
Online Published Date:
03 May 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
360-degree fitness and propriety
The regulator is grappling with a backlog of approved persons applications, while employers are playing an amplified role as arbiters of fitness and propriety issues under the SMCR. The stakes have never been higher for financial services employees to avoid possible misconduct both in and outside of work, write James Alleyne and Natasha Forman.
Online Published Date:
03 May 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023
FOS re-calibrates for post-PPI era
With the impact of mass payment protection insurance claims and the Covid-19 pandemic on the wane, the Ombudsman may finally find itself in a stretch of 'business as usual'. Adam Samuel analyses the statistics.
Online Published Date:
03 May 2023
Appeared in issue:
Vol 35 No 8 - 17 April 2023