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“No improvement” in insurance intermediaries’ ABC risk controls
Most small wholesale insurance intermediaries still do not adequately manage their risk of bribery and corruption, the Financial Conduct Authority has said in a new review. The review – TR14/17 – assessed how the sector had responded to..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Some MLROs have “detrimental effect”
MLROs at a quarter of small banks had a “detrimental effect” on the AML and sanctions controls, the Financial Conduct Authority reports in its latest thematic review. Other findings, if not so dramatically negative, are..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
From Principles to penalties
Underlying all the specific rules that financial institutions must observe sit the Principles, “the ever present substrata to which the specific rules are applied”. The Principles for firms and individuals offer a range of catch-alls on..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Dealing commission and best execution: action points for portfolio managers
Recent papers from the Financial Conduct Authority have set out its stringent expectations for firms’ dealing commission and best execution procedures. Michelle Kirschner and Yvonne Clapham report.
Once again, the regulatory spotlight is..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Complaint handling: closing the circle of customer care
“A firm’s culture and behaviour can be seen in how they treat consumers,” says the regulator. From product design to complaint handling, it wants customers’ best interests to be secured at all times. Rebecca Prestage outlines..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Outsourcing for asset managers
It is increasingly difficult for firms easily to check which of the myriad rules on outsourcing in financial services apply to them. Rosali Pretorius, Emma Radmore and Kam Dhillon look at recent regulatory developments that apply to fund managers..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
CMA launches full competition probe of retail banking
The Competition and Markets Authority has announced an in-depth investigation into the personal current account and small business retail banking sectors. This confirms a provisional decision of 18 July.
“After carefully considering the..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Chase de Vere penalised £560,000 over poor Keydata research
Independent financial advisers Chase de Vere have been fined £560,000 by the Financial Conduct Authority for faulty sales of Keydata products between August 2005 and June 2009, that stemmed from sloppy research systems.
During this time..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Three execs fined and banned for insurance add-on mis-selling
Three former senior executives of Swinton Group Limited have together been fined £928,000 for failing to prevent mis-sales of monthly add-on insurance policies. The general insurance intermediary itself was fined £7.4m by the Financial..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
IT chaos prompts £56m sanction for RBS Group
The Financial Conduct Authority and Prudential Regulation Authority have penalised the Royal Bank of Scotland, NatWest and Ulster Bank a total £56 million because of an IT failure in June 2012 during an ‘upgrade’, which disrupted..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Total cost cap of 100% confirmed for payday loans
The Financial Conduct Authority has confirmed proposals for a price cap on payday loans that means borrowers will never have to pay more in fees and interest than the amount they borrowed.
In addition to the total cost cap of 100%, there will..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Ex Moore Capital trader pleads guilty to insider dealing
Julian Rifat, a former senior execution trader at Moore Capital Management, has become the third person to plead guilty to insider dealing in a major investigation by the Financial Conduct Authority. He admitted to eight instances of insider..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Compliance candidates at a premium
Both junior and senior compliance professionals with the right knowledge base can command impressive pay hikes in a job market driven by acute regulatory pressures, says Tomas Strelczak.
What trends in the compliance job market have you..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Evidencing best execution under MiFID II
Firms must migrate beyond today’s simple workflow in order to meet best execution standards under MiFID II, and some of them are not prepared, says Dr Anthony W Kirby. He outlines some of the complexities involved – which may stimulate..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
UBS, Citi, JPMorgan, RBS and HSBC fined £1.1bn for forex misconduct
Fines totalling £1,114,918,000 have been levied on five banks by the Financial Conduct Authority because they failed to control conflicts of interest that led to attempted manipulation of G10 spot foreign exchange currency rates. Traders..
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08 December 2014
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Vol 27 No 4 - 08 December 2014
Keys for compliance from psychology
Compliance officers possess the immensely difficult task of shaping the behaviour of individuals who make up their organisation. Like sales and marketing professionals, they can draw on simple and practical lessons from psychological studies to help..
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08 December 2014
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Vol 27 No 4 - 08 December 2014