- Home/Publications/Compliance Monitor
Tom Hayes battles against ban and conviction
The Upper Tribunal has stayed a decision by the Financial
Conduct Authority to ban Tom Hayes, who was convicted of acting fraudulently to
manipulate Yen LIBOR, while the Criminal Cases Review Commission decides
whether his case should be reheard..
Online Published Date:
13 November 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Bond trader fined £60k for conduct he did not realise was market abuse
An experienced bond trader of 20 years’ standing who had carried out a CF30 (customer) controlled function for 12 years has been fined for a series of 12 trades that “he should have realised… constituted market abuse”,..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
UK must rely on equivalence after Brexit, says Barnier
The European Union’s chief negotiator on Brexit has given a cool response to suggestions from the British Government that it will get most of what it wants regarding financial services.
Michel Barnier said in a speech to the Centre for..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
FCA updates RBS report with “drafting changes”
The Financial Conduct Authority has published its final summary on the Global Restructuring Group at RBS, reflecting “a number of drafting changes” proposed by specialist advisers appointed by the Treasury Committee.
The move is the..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Four face sentencing for investment scheme after FCA prosecution
Four men are to be sentenced this month after they pled or were found guilty in a criminal prosecution brought by the Financial Conduct Authority with help from the City of London Police. All four were involved in “the systematic and prolonged..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Ex-HSBC forex head awaits sentencing over $3.5bn currency transaction
The former head of global foreign exchange cash trading at HSBC Bank is expected to be sentenced to jail in New York in relation to a $3.5 billion currency deal — while a London-based colleague faces extradition and similar proceedings.
..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
How UK law is changing under PSD2
The revised Payment Services Directive (PDS2) was published in the Official Journal of the European Union nearly two years ago. Its passage to adoption had not been smooth, and neither has its route to implementation, not least because of..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Post-crisis low in individuals banned from financial services by FCA
The number of people banned from working in financial services in the past year – 18 – is the lowest since the financial crisis. This tally, from the year ended 30 September 2017, has slumped from the 25 individuals who received..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
FCA enforcement themes and trends
A quiet year for financial regulatory enforcement outcomes belies the level of activity not making headlines, and points to a number of key trends, observe Alison McHaffie and David Pygott.
London headquarters of Deutsche Bank, which received..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Regulatory references – the sting in SMCR’s tail
The Financial Conduct Authority’s proposals to extend the Senior Managers and Certification Regime to the remaining cohort of regulated firms include important new rules on regulatory references. The aim of those rules is to prevent the..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Guide to conducting internal investigations: employee issues
This is the final article of a series abridged from the ‘Guide to conducting internal investigations’, on best practices and guidance for those conducting or overseeing investigations in both the United Kingdom and the United States. In..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Senior managers’ transaction reporting face-off
When the Senior Managers Regime and the complex beast of MiFID II transaction reporting collide on 3 January 2018, how worried should your firm’s senior manager be? asks Ian Rennie.
VERY, is/should be the answer, as two different..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
The evolving shape of financial advice
“In trying to answer the questions posed by the Financial Advice Market Review, the regulator may be creating a series of compliance problems for the future…” Adam Samuel discusses the Financial Conduct Authority’s latest..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Compensation scheme proposed within a year for ‘push payment’ scams
An industry-run scheme to reimburse victims of ‘push payment’ scams will be in place by September 2018, if proposals are accepted from the Payment Systems Regulator (PSR).
Citing UK Finance statistics that 19,000 people lost over..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
FCA makes first use of competition powers against four asset managers
Four asset management firms have received a statement of objections from the Financial Conduct Authority, in its inaugural use of competition enforcement powers. A statement of objections notifies firms that the regulator considers they have..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Capita Financial Managers to pay £66m after failing to act on compliance team warnings
Capita Financial Managers are to pay up to £66 million to investors who lost out by investing in one of its funds — not having acted upon warnings from its compliance team.
The payments will be made to investors of the Connaught..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Tom Hayes battles against ban and conviction
The Upper Tribunal has stayed a decision by the Financial Conduct Authority to ban Tom Hayes, who was convicted of acting fraudulently to manipulate Yen LIBOR, while the Criminal Cases Review Commission decides whether his case should be reheard..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017
Axa subsidiary fined £4m after telling clients it was ‘truly independent’
Bluefin, an Axa subsidiary with more than 40 offices, was warned of problems by its compliance team but continued to declare itself ‘truly independent’ — resulting in a £5.7 million fine that was reduced 30 per cent when it..
Online Published Date:
15 December 2017
Appeared in issue:
Vol 30 No 4 - 01 December 2017