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Extension of the SMCR – filling in the blanks
The long-awaited consultation paper on rolling
out the Senior Managers and Certification Regime to all regulated financial
services firms, has not dispelled a number of practical difficulties for
smaller entities that are faced with its imminent implementation. They should
make the most of the unfinalised timeline to submit feedback to the regulator
as well as plan ahead, advises Julian
Sampson.
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
The legal landscape of cyber-security for financial institutions
“There are two kinds of big companies… There are
those who’ve been hacked… and those who don’t know they’ve been hacked…” said
the former FBI director, James Comey. Rhodri
Thomas and Raphaella Pitt set
out the plethora of laws and regulatory developments that financial services
firms must consider as they advance their cyber-security strategies.
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Information disclosure under PRIIPS – do KIDs know it all?
The Key Information Document (KID) is intended
to provide a standardised summary of the right information for consumers to
make sound decisions about packaged retail and insurance-based investment
products. But is the KID really up to the task? ask Noline Matemera and David
Wagget.
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Guide to conducting internal investigations: handling and preservation of evidence
The ‘Guide
to conducting internal investigations’ sets out best practices and guidance for
those conducting or overseeing investigations in both the United Kingdom and the
United States. In this third of six instalments, Charles
Hastie and Jake McQuitty explain how to handle and preserve evidence.
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Whistleblowing in financial services
When are letters of complaint
about a member of staff a protected whistleblowing disclosure? This question
recently tripped up CEO Jes Staley and engulfed Barclays in another scandal. Alexandra Carn considers recent rules about
whistleblowing and the steps that relevant firms should be taking now.
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Tribunal upholds FCA ban and fine of adviser network ex-CEO
The Upper Tribunal has upheld the Financial
Conduct Authority’s decision to ban Charles Palmer from significant influence
functions and fine him £86,691.Palmer was the majority shareholder and chief
executive of Standard Financial..
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Investment bankers show support for Senior Managers Regime
A survey of nearly 200 professionals has revealed that 71% of respondents believe the Senior Managers Regime has had a positive effect on the industry, with investment bankers showing the most enthusiasm for the changes. In the poll from LexisNexis..
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Couple lose battle to force FCA disclosure of disciplinary decision-making
By Neasa
MacErlean
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Lloyds agrees £283m redress scheme for mortgage arrears fees
Lloyds Banking Group will pay out some £283 million in
redress payments, including interest, to around 590,000 mortgage customers
because of its involvement in unsustainable repayment plans.
It has acknowledged that the bank fell short..
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
FCA kicks off Investment Platforms Market Study
By Neasa MacErlean
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Banks sued in UK by US FDIC in latest Libor litigation twist
By Neasa
MacErlean
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
FCA investigates RBS on money laundering compliance
By Neasa MacErlean
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Barclays criminal trial over crisis funding to start in January
By Neasa MacErlean
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Insider trader Damian Clarke is dealt £350,000 confiscation order
A confiscation
order for £350,000 has been made against convicted insider dealer Damian Clarke.
The order by Judge Joanna Korner at Southwark Crown Court must be paid in three
months or Clarke will face another three years in prison; he..
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
SEC drops London Whale investigation into two ex-JP Morgan traders
By Neasa MacErlean
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
US-UK collaboration blunder sees Rabobank Libor convictions quashed
By Neasa MacErlean
Online Published Date:
12 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Then and now: 12 years of financial services complaint-handling
Looking back a dozen years to when he wrote the first edition of his now-revised book on ‘Consumer Financial Services Complaints and Compensation’, Adam Samuel finds that considerable divergences emerge between 2005 and 2017 – in the volume and subject of complaints, as well as who is doing the complaining. The Financial Ombudsman Service must cease being relegated to “a dumping ground for regulatory problems”, he urges.
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
“Fundamental changes” may be needed for unarranged overdraft charges, says FCA
On the back of a review of high-cost credit, the Financial Conduct Authority has opted to maintain the payday loan price cap, which will be reviewed again in 2020.But unarranged overdrafts have raised a red flag and the FCA warns that..
Online Published Date:
28 September 2017
Appeared in issue:
Vol 20 No 1 - 01 September 2007
FCA seeks to water-down listing rules for sovereign wealth funds
The Financial Conduct Authority’s proposed new category for state-controlled companies within its premium listing regime has been slated by the Institute of Directors as “unjustified and could create governance problems”.The..
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
Siblings caught by EDD in FCA’s PEP guidance
By Timon Molloy, managing editor
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 1 - 01 September 2017
FCA investigations up by 75 per cent
By Neasa MacErlean
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 2 - 01 October 2017
Pensions Regulator prepares to boost enforcement action
By Neasa MacErlean
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 2 - 01 October 2017
Re-registration timetable set out for revised Payment Services Directive
By Neasa MacErlean
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 2 - 01 October 2017
FSB chief hits out at FCA secrecy on RBS report
Mike Cherry, the national chairman of the Federation of
Small Businesses, has lambasted the Financial Conduct Authority for failing to
publish its full report on the Royal Bank of Scotland’s controversial Global
Restructuring Group.
His..
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 2 - 01 October 2017
FCA orders first market investigation – into investment consultants
By Neasa MacErlean
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 2 - 01 October 2017
Probe into insurer’s closed-book dropped – but five cases stay live
The Financial Conduct Authority has ceased investigating
Police Mutual over its treatment of longstanding life insurance customers – yet
probes into Scottish Widows, Prudential, Countrywide Assured, Old Mutual and
Abbey Life continue...
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 2 - 01 October 2017
Internal audit heads take growing role under Senior Managers Regime
By Neasa MacErlean
Online Published Date:
28 September 2017
Appeared in issue:
Vol 30 No 2 - 01 October 2017