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FCA's largest cum-ex trading fine for reliance on elusive legal 'opinions'
Dependence on legal and tax opinions that were unseen and unreferred to by relevant staff, has contributed to ED&F Man's record penalty for generating fees from clients' tax fraud. In addition to taking one senior manager's word for the legitimacy of the trading strategy, the Compliance staff lacked the required expertise to oversee the business, reports Denis O'Connor.
Online Published Date:
06 September 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
G20 crypto recommendations: regulatory splash or merely a ripple?
A high-level initiative for cross-border coordination in regulating unbacked cryptoassets has been hailed as a watershed. Much more detail, and the tackling of jurisdictional challenges, is still to come, says Nicola McKinney.
Online Published Date:
07 September 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
On the brink of Open Banking and Finance
Open Banking and Open Finance look set to be far more revolutionary than the present low level of media coverage suggests. And firms that ignore these developments now could struggle to catch up later. Neasa MacErlean explores where we are going and what compliance officers need to do.
Online Published Date:
07 September 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
A step forward for consumer protection but proof is in the enforcement
Destined for greatness or unrealised potential? John Verwey and Sulaiman Malik provide an overview of the FCA's Consumer Duty and its implications for the UK financial system.
Online Published Date:
07 September 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
Pensions and the cobbled-together COBS 19
COBS 19, the section of the Financial Conduct Authority handbook that specifically deals with pensions, is "a modest building that has become gaudy and chaotic with all the extensions added to it." Time for a big picture re-think of this fast-growing set of rules, says Adam Samuel.
Online Published Date:
13 September 2023
Appeared in issue:
Vol 29 No 5 - 01 February 2017
Fines hit £6m for advice to transfer out of British Steel Pension Scheme
By Neasa MacErlean
Online Published Date:
13 September 2023
Appeared in issue:
Vol 36 No 2 - 13 September 2023
FCA finds "many" advice failures and misleading promotions among equity release firms
Firms advising on equity release are being told to review anFCA reportand act immediately where needed.
Online Published Date:
15 September 2023
Appeared in issue:
Vol 36 No 2 - 13 September 2023
Directors appeal FCA fines for "flawed" pension transfer business model
The FCA has decided to penalise two advisers from a firm based in Crowborough, East Sussex, for their design and operation of a "flawed business model" that created "significant risk" to many clients.
Online Published Date:
15 September 2023
Appeared in issue:
Vol 36 No 2 - 13 September 2023
Regulators drop £10k compo limit on claims over poor exercise of regulatory powers
Compensation claims against the financial regulators could exceed £10,000 after changes are introduced to the current scheme on 1 November.
Online Published Date:
15 September 2023
Appeared in issue:
Vol 36 No 2 - 13 September 2023
FCA wins collective investment Ponzi scheme case where investors were promised 8%pa
The High Court has found in favour of the Financial Conduct Authority in a case involving a £57 million Ponzi-like care home investment scheme relating to 13 residential homes in the northeast.
Online Published Date:
15 September 2023
Appeared in issue:
Vol 36 No 2 - 13 September 2023
Initial data from debanking review shows no political discrimination
No UK banks or building societies have closed bank accounts between July 2022 and June 2023 primarily because of a customer's political views, according to the regulator's preliminary findings in a review of account access and closures. [1]
Online Published Date:
20 September 2023
Appeared in issue:
Vol 36 No 2 - 13 September 2023
FCA clarifies 'non-financial misconduct' and proposes D&I targets from 2025
Large firms are to be required to set targets on diversity and inclusion from 2025, as part of a package of proposals on non-financial matters.
Online Published Date:
25 September 2023
Appeared in issue:
Vol 36 No 2 - 13 September 2023