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Senior managers to attest that bank accounts are not denied over political beliefs
Senior managers in retail banking are beingasked by the FCAto sign attestations that they have not "denied, suspended or terminated payment accounts" to customers because of their political beliefs or other views that are lawfully expressed.
Online Published Date:
04 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Faulty transfer model prompts FCA action against four Essex pension specialists
The FCA has decided to ban and fine four men in a Chelmsford-based firm of financial advisers for putting over 500 customers at "significant risk" by using a faulty model for arranging pension transfers.
Online Published Date:
06 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
One in three self-assessments on AR oversight fall below FCA expectations
A third of the self-assessments for firms overseeing appointed representatives (ARs) are under the standard set by the FCA.
Online Published Date:
06 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Court appearances set for pioneering prosecutions on crypto ATMs
The FCA is preparing for court proceedings after it and the Kent police arrested and charged the first individuals to be prosecuted for running unlawful crypto ATMs.
Online Published Date:
10 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Pension account holders give cool response to emails - especially "graphic and colourful" ones
Consumers who have recently logged into their accounts with a pension provider are significantly more likely than other individuals to engage with an email from that provider, according to Financial Conduct Authority research. Overall, however, theresearchers concludedthat it is "difficult to get people to engage with their pensions through email alone".
Online Published Date:
11 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Investment trusts granted safe passage on departures from PRIIPS
Investment trusts that choose to disapply the requirements of PRIIPs will not become the subject of supervisory or enforcement action by the FCA. Since the European Union-inherited regulation known as PRIIPs (Packaged Retail and Insurance-based Investment Products) is due to be replaced in United Kingdom law in H1 2025, the regulator has announced that it will not make investment trusts wait until then before they can disregard the existing, and controversial, PRIIPs framework for the disclosure of costs to investors. Its move took effect on 19 September.
Online Published Date:
19 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Internal review clears FCA chair of breaching whistleblower privacy policy
The chair of the FCA, Ashley Alder, has been cleared of wrongdoing after two allegations were made against him of not protecting the identity of whistleblowers.
Online Published Date:
23 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Redress scheme option gains ground as FCA deliberates on motor finance complaints
A consumer redress scheme is becoming a more likely outcome of the FCA review of the motor finance sector's use of discretionary commission arrangements (DCAs). The review into possible overcharging, which began in January, became bogged down this summer but the regulator now appears confident that it will be able to announce its next steps in May 2025.
Online Published Date:
24 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Society of Lloyd's acts to toughen byelaws for #MeToo era
Reflecting broader societal concerns and trends, the City of London has come under pressure to tackle poor behaviours that previously may have had an unclear regulatory status. Michelle Diamond and Imogen Makin discuss a Society of Lloyd's consultation on amending formal powers to clamp down on non-financial misconduct.
Online Published Date:
25 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
The PRA's distinctive enforcement approach
The prudential and conduct regulators have each forged bespoke procedures for taking action against parties for breaches of their rulebooks. Firms and individuals under enforcement investigation by the Prudential Regulation Authority must make key decisions early in the process as well as consider specific risks, say Jack Moore and Hywel Jenkins.
Online Published Date:
01 October 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
General insurance product governance: from supervisory neglect to overkill?
In a recent review of non-investment insurancethe Financial Conduct Authority "has woken up to what it always assumed was a sleepy backwater of its activities and found some highly undesirable activities". The regulator's opinions sometimes go well beyond what its rulebook says and what can sensibly be achieved by a corporate board in practice, commentsAdam Samuel.
Online Published Date:
01 October 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Operational resilience: countdown to March 2025
As we hit the home stretch before the FCA's rules on building operational resilience come into force, the regulator has published "insights and observations" to help in-scope firms with their preparations. Michael Lewis and Emma Radmore examine the requirements and what needs to be done now.
Online Published Date:
01 October 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Review of PEP procedures finds "room for improvement"
After complaints from United Kingdom parliamentarians and their close associates that they had been plied for excessive information or denied services by banks, the FCA has conducted a review of how firms have implemented Guidance for a "risk-based and proportionate approach". All firms have work to do, the regulator concluded. By Denis O'Connor.
Online Published Date:
01 October 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024