i-law.com - Newsletter (Compliance Monitor)

The developing regulatory approach to climate change

“Climate change is the single greatestthreat to a sustainable future,” said former United Nations secretary-generalBan Ki-moon. Banks and the largest insurers have already integratedclimate-related risks into their risk management frameworks; now, the assetmanagement sector must also prepare for enhanced regulatory obligations. Sushil Kuner outlines the key initiatives for financial services firms underway in the UK.

Online Published Date: 07 April 2021

Appeared in issue: Vol 33 No 7 - 08 March 2021

FCA’s approach to authorising and supervising international firms

In a post-Brexit market, the Financial Conduct Authority has published guidance for international firms that provide, or seek to provide, financial services in the United Kingdom. Charlotte HillandArnav Guptaexplain the various legal set-ups, authorisation applications, along with the regulator’s expectations on risk mitigation.

Online Published Date: 07 April 2021

Appeared in issue: Vol 33 No 7 - 08 March 2021

Senior manager accountability – five steps to protect yourself

One of the most common requests fromsenior managers for legal regulatory advice is what their obligations to take‘reasonable steps’ mean in practice, and how they can ensure they arefulfilling this requirement. Adam Jamieson and Samantha Paul set out a framework.

Online Published Date: 07 April 2021

Appeared in issue: Vol 33 No 7 - 08 March 2021

Promotions rules for individual mortgage contracts and debt advice

“The absurd over-regulation of debt counselling promotions is keeping reputable organisations out of the marketplace,” says Adam Samuel; while “it is difficult to fathom why a representative example that nobody ever reads should stand in the way of a competitive individual mortgage offer market.”

Online Published Date: 07 April 2021

Appeared in issue: Vol 33 No 7 - 08 March 2021

Banks face proposals for mandatory APP fraud reimbursement

Customer reimbursement levels under thebanks’ voluntary code to tackle Authorised Push Payment fraud have so far provenpatchy and disappointing, so the Payment Services Regulator wants to imposestronger measures in the coming months, reports Denis O’Connor.

Online Published Date: 07 April 2021

Appeared in issue: Vol 33 No 7 - 08 March 2021

Pitfalls of the disciplinary process during lockdown

Even when offices re-open in the coming months, homeworking is likely to remain more prevalent than before the pandemic. Polly James and Catherine Turner discuss particular considerations when disciplinary procedures are conducted in a remote working context.

Online Published Date: 07 April 2021

Appeared in issue: Vol 33 No 7 - 08 March 2021

The SMCR, five years on

Half a decade after its implementation, the type of enforcement case envisaged by those who crafted the current financial services accountability regime has yet to emerge. Though any perception of improved firm cultures is arguable, many senior managers have found their clearer areas of responsibility a sobering incentive to seek to ensure they aren’t on the hook for a regulatory breach. David Rundle appraises the SMCR’s performance.

Online Published Date: 07 April 2021

Appeared in issue: Vol 33 No 7 - 08 March 2021