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The FCA’s new REP-CRIM: more effort than use?
The onerous REP-CRIM form presents an
overly-simplistic approach to tackling the highly complex and subtle challenges
of financial crime, argues Ben Henriques.
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
Civil recovery orders – a powerful new tool for the FCA
The Criminal Finances Bill has proposed a game-changing enforcement mechanism for the Financial Conduct Authority: the capacity to confiscate unlawfully-obtained assets without a criminal conviction – indeed, even potentially after an acquittal. This will facilitate a more targeted and strategic approach from the regulator, explains Claire Cross.
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
HBOS Reading fraud convictions: questions remain about how banks treat small businesses
A lengthy campaign by SMEs, journalists and finally the Thames Valley Police, has seen the jailing of a banker and accomplices that were described by the sentencing judge with such terms as “utterly corrupt” and “evil”. One of the disturbing features of the case is that it was up to the victims to pursue fair-play. Where were the caretakers and what next for redress? Attention now turns to Lloyds’ “case by case basis” review, reports Neasa MacErlean.
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
‘Open Banking’ and HM Treasury’s PSD2 consultation
A brave new world for third party providers is advancing in the payment services sector, while UK and EU regulatory initiatives strive to stay abreast and facilitate ongoing innovation. Brett Carr examines HM Treasury’s February consultation paper on the implementation of PSD2, along with Europe and the UK’s Open Banking initiatives.
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
Economic sanctions – continued and emerging risks
Not only have sectoral sanctions sparked a considerable rise in proscribed entities but compliance officers also need to consider far more detail about products, services and transactions. Neal Dawson reports on how to manage challenging complexity amid a shifting political environment.
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
FCA consults on implementing Insurance Distribution Directive
A consultation on how to apply the European Union’s Insurance Distribution Directive in the United Kingdom will lead to greater competition between insurance intermediaries.The directive, which must be implemented by 23 February 2018,..
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
PRA tweaks Pillar 2A capital framework to assist challengers
A more flexible approach to setting capital requirements has been proposed, to level the playing field for smaller banks and building societies. A consultation paper from the Prudential Regulation Authority addresses the disparity in risk weights..
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
End of a scandal? PPI complaint deadline set for August 2019
A two-year consumer-awareness campaign will culminate in a final deadline for making a new Payment Protection Insurance complaint on 29 August 2019, the Financial Conduct Authority has decreed.“We believe that two years is a reasonable time..
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
Whatever became of financial promotions rules?
Supervision of financial promotions has gone strangely quiet despite a profusion of non-compliant activity as well as 2012 legislation that introduced the publicised banning of such advertising. Adam Samuel sheds light on a compliance topic that has more than its fair share of deceptive twists.
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
FCA presents Express Gifts with £12.5m redress requirement
Express Gifts – which is a direct mail order and online personal shopping service – will reimburse around 330,000 customers to whom it sold insurance of little or no value, a total of £12.5 million. The redress will be sent..
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
One year into Solvency II, BoE re-thinks “intrusive approach” to model approval
The Bank of England is reviewing whether its “intrusive approach” to approving Solvency II models can be streamlined without compromising standards, executive director of insurance supervision David Rule told the Association of British..
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017
HSBC admits section 166 probe into money laundering controls
As it announced a 62 per cent hit in annual profits for 2016, banking giant HSBC revealed that it is also “the subject of an investigation by the [Financial Conduct Authority] into its compliance with UK money laundering regulations and..
Online Published Date:
15 March 2017
Appeared in issue:
Vol 29 No 6 - 06 March 2017