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LIBOR no more: benchmark transition completes
The FCA and other regulators have issued final warnings as they took the unusual step of celebrating the completion on 30 September of one of their longest projects - the transition away from LIBOR, a journey which took over a decade.
Online Published Date:
01 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Warning on challenger banks' account-opening controls, as Starling fined £29m
Starling Bank has been penalised £28,959,426 for failings in its financial crime systems and controls that allowed it to open accounts for over 500 high-risk customers who should have been immediately refused.
Online Published Date:
02 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Financial services face up to deepfake risks
Deepfake incidents in the financial sector increased within Europe by over 780 per cent last year. Given the threats this technology presents to customer onboarding, fraud detection and systems security, Caroline Dawson and Oscar Tang outline the regulatory landscape and suggested actions for firms.
Online Published Date:
03 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
TSB shells out £10.9m fine and £100m redress for mishandling customers in arrears
TSB has been penalised £10.9 million for failing to ensure that customers in arrears were treated fairly.
Online Published Date:
10 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Competition study unveiled on premium finance as APRs hit 30%
Insurance providers and brokers that offer options to their customers to pay premiums monthly or in other instalments instead of annually could see their profits cut back on this £1.2 billon market after the FCA launched a competition market study.
Online Published Date:
16 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
FCA welcomes UK financing plan for net-zero transition
The regulator has embraced a blueprint for transitioning to net zero but its broad statement does not provide dates. The Government-commissioned Transition Finance Market Review (TFMR) lays out ways of providing "transition capital" to United Kingdom companies - and the regulator says that this "remains a priority for us".
Online Published Date:
17 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
VW finance arm fined after cars towed away without notice
Volkswagen's financial services arm has become the fifth UK company to be penalised by the FCA for not treating customers in financial difficulty fairly.
Online Published Date:
21 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
20 finfluencers quizzed under caution, in FCA social media crackdown
The regulator is interviewing 20 finfluencers under caution on the grounds that they may be touting financial services products illegally.
Online Published Date:
22 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Misconduct cases rise 72% in three years - but this could reflect better systems and reporting
One of the first surveys on non-financial misconduct has shown that bullying, harassment and discrimination are the main areas where allegations are made - and that the total numbers of incidents rose by 72 per cent between 2021 and 2023.
Online Published Date:
25 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Wise plc CEO's fine for tax default boosted x12 to deter similar failings
Described as a "deliberate tax defaulter", the chief executive ofinvestment firmWise plc, Kristo Käärmann, has been fined £350,000 for not informing the regulator that he was in default of a tax debt.
Online Published Date:
28 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Whistleblowing CO wins £560,000 unfair dismissal claim
A compliance officer who was sacked after refusing to turn a blind eye to suspicious inter-company transactions, unauthorised directors and the hiring of an individual flagged by UK authorities as a Chinese spy, has had all his 'protected disclosures' upheld by the Employment Tribunal, reports Denis O'Connor.
Online Published Date:
31 October 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Wind-down planning and operational resilience: "readiness is all"
Many governing bodies would prefer not to think about wind-down planning - indeed, it ranks as the area firms most struggle with. Ian Morton and Jackie Domanska discuss company structure, liquidity and contingency issues firms need to consider as part of their operational resilience requirements.
Online Published Date:
01 November 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Risks and opportunities of deploying GenAI in investigations
With financial services at the hub of the fight against illicit finance, Generative AI unlocks new possibilities to accelerate efficiency in tackling this vast and complex challenge. James Grant sets out use cases, risks and how to manage them.
Online Published Date:
01 November 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
High Court allows Term SOFR-based rate as reasonable alternative to LIBOR
In its first decision on the consequences for financial instruments of LIBOR's cessation, the High Court has ruled that Standard Chartered may unilaterally apply a SOFR-based replacement rate in a case involving dividends on preference shares. This is a significant bellwether for challenges to the transition of financial instruments from LIBOR to alternative rates without investor consent, write Mike Logie and Philip Linton.
Online Published Date:
01 November 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Prolix papers on the Consumer Duty
"Of making many books there is no end," sighed the writer of Ecclesiastes. Adam Samuel fears that the regulator's well-intentioned elaborations on applying the Consumer Duty in various contexts could engender a lot of compliance verbiage without significantly improving consumer outcomes.
Online Published Date:
01 November 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024