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FCA lays out targets and plan to tackle investment harm
After a succession of scandals in recent years, the Financial Conduct Authority has set out a new strategy to tackle harm in the consumer investments market – which accounts for £1.6 trillion and utilises the services of over 6,000 wealth managers,..
Online Published Date:
06 October 2021
Appeared in issue:
Vol 34 No2 - 14 September 2021
NatWest awaits fine of up to £340m after pleading guilty to MLR criminal charges
By Neasa MacErlean
Online Published Date:
11 October 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Pondering diversity
We can all agree that financial services firms ought to hire and promote staff without discrimination, as well as provide services that meet the needs of all groups within society. Yet, as we try to get to grips with failures of representation and what success should look like, all sorts of complex questions arise. Julian Sampson contemplates the Financial Conduct Authority’s diversity and inclusion agenda.
Online Published Date:
11 October 2021
Appeared in issue:
Vol 34 No2 - 14 September 2021
General insurance pricing and fair value: new rules stall ‘price walking’
Firms that manufacture and distributegeneral insurance products, or provide finance for their purchase, should bepreparing for onerous new requirements taking effect over the coming months.The changes stem from concerns over consumer harm in the motor and homerenewals markets but their impact is far wider. Emma Radmore examinesthe background to the reforms and what the new rules require.
Online Published Date:
11 October 2021
Appeared in issue:
Vol 34 No2 - 14 September 2021
SMCR extends to cover financial market infrastructures
The Financial Stability Report of 2019 made a strong case for expanding the Senior Managers and Certification Regime to financial market infrastructures, so as to enhance the accountability of individuals and improve governance at these systemically important firms. Charlotte Hill and Jessica Howard report on the current consultation and what affected entities should be doing.
Online Published Date:
11 October 2021
Appeared in issue:
Vol 34 No2 - 14 September 2021
Barclays’ settlement in loan mis-selling case highlights power of group litigation
Consumers who are affected by the mis-selling of financial services have several avenues open to them to achieve redress – and group litigation actions are on the increase, reports Ben Rees.
Online Published Date:
11 October 2021
Appeared in issue:
Vol 34 No2 - 14 September 2021
Blurred lines: weaknesses in retail banks’ financial crime controls
A new letter from the regulator to chief executiveson their anti-money laundering systems identifies confusion between lines ofresponsibilities, sketchy risk assessments and due diligence, flawedtransaction monitoring, as well as unclarity around SARs. Banks appear to bemore rigorous in some areas of their operations than in their financial crimecontrols, suggests Denis O’Connor.
Online Published Date:
12 October 2021
Appeared in issue:
Vol 34 No2 - 14 September 2021
SIPP mis-selling dissected by Court of Appeal
Recent financial services cases have explored the nature of ‘arranging’ in the context of pension transfer scams, while the Upper Tribunal has questioned the regulator’s approach to non-financial misconduct, reports Adam Samuel.
Online Published Date:
12 October 2021
Appeared in issue:
Vol 34 No2 - 14 September 2021
Towards a bespoke financial regulatory regime for cryptocurrencies
Regulatory responses to cryptocurrencies have been inconsistent around the world, as authorities grapple with both the opportunities and risks they present. In the UK, the Financial Conduct Authority has moved from warnings to a growing crackdown – while also identifying cryptoassets as a focal point for development. Kate Gee chronicles this regulatory balancing act.
Online Published Date:
13 October 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Who guards the guards?
By Timon Molloy,managing editor
Online Published Date:
13 October 2021
Appeared in issue:
Vol 34 No2 - 14 September 2021
FCA spells out regulatory duties for remote working
By Neasa MacErlean
Online Published Date:
18 October 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Pensions adviser banned and fined after switching vulnerable clients to minibond fund
By Neasa MacErlean
Online Published Date:
18 October 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Credit Suisse to pay US$475m over corrupt Mozambique deals, plus restitution
The global investment bank has agreed a penalty totalling US$475 million with United States and United Kingdom regulators; moreover, it will forgive US$200m of debt owed by Mozambique – because it defrauded investors in the financing of coastal..
Online Published Date:
20 October 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
LTAFs to operate on minimum redemption notice periods of one month
By Neasa MacErlean
Online Published Date:
27 October 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Warranties and ‘sophisticated investor’ definitions on FCA perimeter agenda
By Neasa MacErlean
Online Published Date:
27 October 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021