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Derivatives brokerage fined £6.5m for AML breaches despite repeat warnings
By Neasa MacErlean
Online Published Date:
10 October 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
Jes Staley faces possible £1.8m fine and ban for masking Epstein friendship
Former Barclays CEO Jes Staley misled the Financial Conduct Authority about his relationship with disgraced financier Jeffrey Epstein, says the regulator - which wants to fine him £1,812,800 as well as ban him from senior roles in the industry.
Online Published Date:
12 October 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
London Capital & Finance censured over unfair marketing promotions
London Capital & Finance (LCF) has been censured by the FCA for its unfair and misleading financial promotions of minibonds between 2016 and 2018 - using, for instance, comparison sites that appeared independent but which were actually "being used by it to drive traffic to its website".
Online Published Date:
13 October 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
Pensions adviser who transferred out 80% of clients was "grossly negligent"
A Swansea-based financial adviser who was "grossly negligent" and "demonstrated a high degree of incompetence" has been banned from advising on pension transfers as well as from holding any senior management function in a regulated firm.
Online Published Date:
13 October 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
Action against two West Midlands advisers for "dishonest" pension transfer advice
The FCA has taken action against two financial advisers in the West Midlands who are accused of providing "dishonest" pension transfer advice. One of the two, facing a ban and a £2.2 million fine, has referred his case to the Upper Tribunal; the other has accepted a ban and fine of £397,400.
Online Published Date:
13 October 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
Equifax fined £11m for "entirely preventable" cyberbreach affecting 13m customers
Credit reference agency and data analytics companyEquifax has been fined over £11 million for its prolonged mishandling of an "entirely preventable" cyberbreach in 2017, which affected over 13m UK customers.
Online Published Date:
13 October 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
FCA finds broad divergence in firms' sanctions controls
The ramping-up of conflict in Ukraine last year has prompted countries around the world to introduce or expand sanctions regimes against Russia. But a review by the UK financial regulator has found wide-ranging weaknesses in the compliance of many institutions, with serious consequences for some firms, reports Denis O'Connor.
Online Published Date:
07 November 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
AI in financial services: taming your tech
Fast-evolving technologies that mimic cognitive functions bring enormous potential as well as fear of dangers that could slip outside our control. How is the financial services industry to respond? John Buyers and Tom Sharpe set out c-suite considerations for the safe and responsible deployment of AI.
Online Published Date:
07 November 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
Banks receive bonus cap freedom on current-year compensation arrangements
Banks, building societies and PRA-designated investment firms can remove the bonus cap from their remuneration calculations with effect from 31 October without having to wait, as previously planned, for the start of their next performance year.
Online Published Date:
07 November 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
Firms warned of common failings in crypto investment promotions
The FCA is issuing alerts at the rate of 13 a day under the powers it acquired on 8 October to supervise cryptoasset promotions. Some 221 alerts were issued in the first 17 days, according to theregulator. Andrestrictionswere imposed on one firm,rebuildingsociety.com, on the third day of the new regime.
Online Published Date:
07 November 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
A post-Brexit rulebook wishlist
The UK's exit from the European Union prompted speculation about a possible re-shaping of the financial services framework - yet progress so far is more of a 'damp squib' than 'regulatory bonfire'. Adam Samuel vents vexation with the current rulebook.
Online Published Date:
07 November 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
Moving to mandatory reimbursement for APP fraud
Recently-adopted legislation will lead to onerous requirements for banks to share liability for reimbursing victims of in-scope scams, within certain time and value limits. While some firms already have governance and processes in place, others will find preparation a significant undertaking, write Gary Orritt and Daniel Murphy.
Online Published Date:
07 November 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
FCA sharpens focus on handling of UK PEPs
The Financial Conduct Authority is reviewing the treatment of domestic politically exposed persons (UK PEPs) by financial services firms. Charlotte Hill and Struan Clark consider the scope and potential impact of the probe.
Online Published Date:
08 November 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023
FCA ups the ante on social media promotions
The regulator's activity in amending or withdrawing financial promotions is skyrocketing, while draft guidance clarifies and updates its expectations for interactive online channels, reports Adam Strickland.
Online Published Date:
08 November 2023
Appeared in issue:
Vol 36 No 3 - 12 October 2023