i-law.com - Newsletter (Compliance Monitor)

A criminal action against the banking giant foralleged failures in its anti-money laundering procedures is a first in certainrespects. Yet it could prove challenging for the regulator to secure aconviction, comments Thomas Cattee.

Online Published Date: 12 July 2021

Appeared in issue: Vol 33 No 10 - 04 June 2021

‘Duty of care’ or hot air?

The Financial Conduct Authority is consulting on a potential ‘duty of care’ owed by firms to consumers when conducting regulated activities. But are the proposals simply another retread of the 2001 Principles or an excuse not to enforce the existing rules? wonders Adam Samuel.

Online Published Date: 12 July 2021

Appeared in issue: Vol 33 No 10 - 04 June 2021

‘Transformation’ at the regulator

The FCA’s transformation programme will“fundamentally change” the way the organisation works, according to its newCEO. So how does that affect regulation and the work of compliance officers? Neasa MacErlean investigates.

Online Published Date: 12 July 2021

Appeared in issue: Vol 33 No 10 - 04 June 2021

Preparing for IFPR

A new prudential regime for MiFIDinvestment firms in the United Kingdom is just six months away and will requirecareful preparation by relevant entities. Lucy Hadrill and EmmaRadmore set out what we know so far and what firms should be working on.

Online Published Date: 12 July 2021

Appeared in issue: Vol 33 No 10 - 04 June 2021

The long and complex goodbye to LIBOR

Legacy contracts will create future litigation risks if a party suffers disadvantage owing to the move away from LIBOR to an alternative benchmark. Moreover, varied jurisdictional approaches could lead to regulatory arbitrage and uncertainty for market participants, reports Johnny Shearman.

Online Published Date: 12 July 2021

Appeared in issue: Vol 33 No 10 - 04 June 2021

Open banking to open finance: FCA looks to the future

Usage of open banking picked up pace in2020, while the regulator’s attention has turned to open finance – in which theprinciples of open banking are applied to a wider range of financial sectorsand products. A feedback statement from the Financial Conduct Authority setsout key findings and next steps, report Charlotte Hill and ArnavGupta.

Online Published Date: 12 July 2021

Appeared in issue: Vol 33 No 10 - 04 June 2021

Leadership: solving the ‘wicked’ problem of compliance

Some regulatory obligations appear on the surface to bemanageable, but this can be deceptive. A more nuancedunderstanding of organisational dynamics is required;Keith Grint probes and inverts common assumptionsabout culture.

Online Published Date: 12 July 2021

Appeared in issue: Vol 33 No 10 - 04 June 2021

Review reveals asset managers’ product governance failings

Scrutiny of eight asset managers by theFinancial Conduct Authority has highlighted weaknesses in their productgovernance arrangements in relation to handling conflicts of interest, targetmarket analysis, disclosure of charges, record-keeping, as well as duediligence around distributors. By Denis O’Connor.

Online Published Date: 12 July 2021

Appeared in issue: Vol 33 No 10 - 04 June 2021

Why the SMCR won’t work (video)

Despite the efforts made under the Senior Managers and Certification Regime to attribute responsibilities definitively to senior individuals in financial institutions, “It is fairly easy for a delegator to cover their tracks” – Adam Samuel questions..

Online Published Date: 13 July 2021

Appeared in issue: Vol 30 No 4 - 01 December 2017

FCA to change PRIIPs regulation by diverging from EU

By Neasa MacErlean

Online Published Date: 20 July 2021

Appeared in issue: Vol 34 No 1 - 07 July 2021

FCA ups its activities to tackle poor standards in debt packager firms

By Neasa MacErlean

Online Published Date: 22 July 2021

Appeared in issue: Vol 34 No 1 - 07 July 2021