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The FCA’s miss(ion) mash
The first question raised by the Financial Conduct Authority’s ‘Our future Mission’ consultation is, is it even a Mission Statement and, if so, which bit? Adam Samuel appraises the document and the regulator’s ongoing struggle to communicate.
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
Smooth regulator? Donald Trump & Wall St
In the weeks after Donald Trump’s shock sweep to power in the United States presidential election, his embattled transition team scramble to appoint the agents of his reign. Esther Martin reports on what we know so far.
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
Sonali Bank’s “serious deficiencies” furnish AML lessons
Strong action has been taken by the Financial Conduct Authority against the UK subsidiary of Bangladesh’s largest bank, as well as its Money Laundering Reporting Officer, for a litany of compliance failures. Under the Senior Managers and Certification Regime the regulator will find it easier to take enforcement cases against key staff, warns Ian Mason.
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
When cross-selling turns corrosive
At what point is the line crossed between ‘incentive’ and ‘pressure’? Steve C Morang discusses how unrealistic targets, a climate of anxiety, and an internal control gap, led to a grass-roots fraudulent movement at Wells Fargo.
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
FinTech firms navigate regulatory uncertainty
Current laws and regulations weren’t designed with FinTech or InsurTech in mind, so these startups must – on top of their business proposition – implement appropriate compliance procedures and grapple with legal uncertainties. Brett Carr surveys the challenges.
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
New Insurance Special Purpose Vehicles take regulatory shape
Regulations to take effect from 1 April 2017 introduce a new framework for Insurance Linked Securities (ILS) business – an aspect of the global reinsurance market that has undergone sustained expansion. After that the Financial Conduct..
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
Weak price competition among asset managers prompts reforms
The Financial Conduct Authority has found weak price competition “in a number of areas” of asset management, as part of a market study of the sector. These are interim findings of a probe into whether institutional and retail investors..
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
Early exit pension charges capped by FCA
By Neasa MacErlean
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
RBS agrees complaints review for SMEs referred to GRG
Royal Bank of Scotland has developed proposals alongside the Financial Conduct Authority to address poor outcomes for some small businesses referred to its Global Restructuring Group between 2008 and 2013: there will be a new complaints review..
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
Six men banned over UCIS fraud
The Financial Conduct Authority has prohibited six men from regulated financial services, because they ran an unauthorised collective investment scheme in which 110 investors lost nearly £4.3 million.Scott Crawley, Daniel Forsyth, Adam Hawkins,..
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
FCA outstrips CMA recommendations, to tackle high-cost overdrafts
On the back of recommendations from the Competition and Markets Authority’s investigation into retail banking, the Financial Conduct Authority will intervene to improve competition in the current account market.In 2017 the regulator will..
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 3 - 01 November 2016
Lifetime ISAs subjected to additional rules
By Neasa MacErlean
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
Half a million indebted customers granted redress for “poor treatment”
Motormile Finance UK Ltd will provide redress to over 500,000 customers of payday and car finance loans because of mistakes in its due diligence and collections process.The debt purchase and collections firm, according to consumer website forums..
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017
Past business reviews – getting it right
The stakes of a past business review over regulatory concerns are higher than ever for executives under the Senior Managers and Certification Regime. Simon Collins outlines how to demonstrate that you take your accountabilities very seriously.
Online Published Date:
08 December 2016
Appeared in issue:
Vol 29 No 4 - 03 April 2017