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Insider dealing arrests, as FCA collaborates with National Crime Agency
Three people were arrested in London and a fourth interviewed under caution as part of a "major operation" carried out jointly by the FCA and National Crime Agency.
Online Published Date:
16 February 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
FCA surveys top 20 advisers over "poor practice" concerns on annual reviews
Financial advisers that charge for annual reviews on investment plans and other products are coming under the regulator's spotlight after it discovered "poor practice" among firms.
Online Published Date:
19 February 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
GAP insurers agree to redesign product as FCA calls halt on sales
Insurers representing 80 per cent of the GAP market - which covers the capital cost of motor vehicles - have agreed amoratorium on salesafter the FCA raised repeated concerns about lack of product value for customers.
Online Published Date:
19 February 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
LCF compliance officer banned for signing off promotions despite red flags
A compliance specialist who "recklessly" signed off hundreds of misleading promotions at London Capital & Finance has been banned for lacking integrity, and fined £31,800.
Online Published Date:
19 February 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
Mohammed Zina sentenced to 22 months for fraud as older brother acquitted
Mohammed Zina, formerly an analyst in the Conflicts Resolution Group of Goldman Sachs, has beensentenced to 22 monthsin jail after a 12-week trial at Southwark Crown Court.
Online Published Date:
19 February 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
CMCs warned over "excessive" fees and unclear communications
Claims Management Companies carrying out unregulated activity are being cautioned about "excessive fees" and the FCA's powers to cancel their Part 4A permissions if no regulated work is conducted in a 12-month period.
Online Published Date:
27 February 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
Finfluencers target the young as promotions breaches continue to rise
Despite increasing its work on financial promotions - leading to the amendment or withdrawal of over 10,000 adverts or campaigns last year - the FCA is concerned about growing numbers of 'finfluencers' who are particularly focused on the young and on the debt market.
Online Published Date:
27 February 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
FCA to speed up investigations and provide more updates on trimmed caseload
The regulator's enforcement armintends to process its work more quickly as part of a move to "focus on a streamlined portfolio of cases".
Online Published Date:
27 February 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
HSBC's depositor protection slipped through lack of clear ownership
The bank's "very serious" failure to apply the robust accountability of the Senior Managers and Certification Regime was exacerbated when, in its 2018 ring-fencing exercise, experts on the Depositor Protection Rules were all transferred to a new corporate entity. Denis O'Connor analyses the grounds for the PRA's second-biggest fine.
Online Published Date:
04 March 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
Covert car finance deals jump-start latest mis-selling scandal
The regulator has hit the brakes on processing of a surge of motor finance complaints, after undisclosed commission arrangements were followed by firms engaging "in wholesale breaches of DISP 1.4.1R and its accompanying guidance". We have been down this road before, in PPI and Plevin, writes Adam Samuel.
Online Published Date:
04 March 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
Digital pound progresses in design phase
While a final decision has yet to be made, the Government and Bank of England look likely to press ahead, and many consider the central bank digital currency to be an inevitability. Charlotte Hill and Daniel Hirschfield review the latest tranche of regulatory papers on the digital pound and consider what lies ahead.
Online Published Date:
04 March 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
Regulating diversity and non-financial misconduct - jurisdictional perspectives
Regulators have heightened their focus on how strategies against discrimination and personal forms of misconduct within financial institutions can contribute to better culture, governance, decision-making and risk management. Yet firms with cross-border operations should be aware of diverging approaches across the UK, EU and US, write Elisabeth Øverland, Holly Insley and colleagues.
Online Published Date:
04 March 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
Adoption of AI in financial services accelerates
Predictive artificial intelligence is already in widespread usage in the sector, but there is growing focus on the use cases for generative models and how they might be safely integrated into business processes. Lucy Hadrill and Katie Simmonds discuss a new report and consider the future for AI in financial services, along with risk areas for customer outcomes, legal and regulatory requirements.
Online Published Date:
04 March 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
FCA's technology frontline against financial crime
A new report from the regulator prioritises the use of data and technology, along with substantial collaborative efforts, to reduce and prevent financial crime. Firms will need to do the heavy lifting, warn Imogen Makin and Joe Rybacki.
Online Published Date:
04 March 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024
Inquiry into SME personal loan guarantees could feed into Government review
The FCA is investigating the requirement lenders impose on small business owners to provide a personal guarantee, and will contribute its findings into the Government's review of the Consumer Credit Act if it discovers "relevant information".
Online Published Date:
06 March 2024
Appeared in issue:
Vol 36 No 6 - 16 February 2024