Compliance Monitor

By Neasa MacErlean

By Neasa MacErlean

"A purposive interpretation of the language of policies to supply the cover that everything indicates the customers thought that they were buying, makes much more sense than the occasionally quite negative niggling arguments presented by the insurers" [the author, below]. The High Court has given its view in FCA v Arch Insurance on a small proportion of all the wordings in business interruption policies - but years of wrangling over Covid-19-related claims could lie ahead. Adam Samuel discusses the judgment and ways forward.

A parliamentary report decries that organisational whistleblowing policies and procedures often bear no resemblance to actual practice, and calls for significant changes to the UK approach. Barry Faudemer sets out steps for firms to take.

Nikhil Rathi takes the helm of the FinancialConduct Authority at a time of crisis – the global coronavirus pandemic – andwith the United Kingdom’s final transition from the European Union just months away. Neasa MacErlean reports on one of thecountry’s most challenging jobs.

The Government proposes strengthening oversight of financial promotions issued by unauthorised firms, by establishing a regulatory 'gateway' as well as bringing the promotion of certain cryptoassets under FCA remit. Charlotte Hill and Arnav Gupta review the consultation papers.

Though the current market for financial services advice or sales retains elements that resemble issues tackled in the 1990s, other compliance questions remain largely unexplored. Adam Samuel examines some of the classic problems.

A recent Financial Conduct Authority roundtable of experienced staff from 18 wholesale banks on culture revealed there is a considerable amount of work to be undertaken, especially in areas where firms were “unacceptably weak”. Denis O’Connor outlines findings and questions that all institutions should consider.

By Neasa MacErlean