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Towards a bespoke financial regulatory regime for cryptocurrencies

Online Published Date : 13 October 2021 | Appeared in issue: Vol 34 No 3 - 11 October 2021

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.

Climate-focused regulation heats up

Online Published Date : 09 November 2021 | Appeared in issue: Vol 34 No 3 - 11 October 2021

A sense of urgency in conference roomsand on the streets at the United Nations Climate Change Conference in Glasgow,will also be felt by compliance officers as they grapple with onerousrequirements coming down the pipeline from UK and other regulators. NeasaMacErlean reports on key initiatives and takeaways.

Home Office strikes blow against defensive SARs

Online Published Date : 09 November 2021 | Appeared in issue: Vol 34 No 3 - 11 October 2021

Guidance from the Crown Prosecution Service and the Home Office ups the ante on relevant officers to submit Suspicious Activity Reports where appropriate, but not to succumb to over-filing. The emphasis is on firms suitably managing their risks and not using an easy escape route, comment Maria Evstropova and Julius Kania.

OPBAS slams professional body supervisors over weak regulation

Online Published Date : 10 November 2021 | Appeared in issue: Vol 34 No 3 - 11 October 2021

As the Pandora Papers once again suggest, the net of anti-moneylaundering protectionin the United Kingdom has plenty of holes. While a May 2021 letter to retail banks is the latest expression of the Financial Conduct Authority’s displeasure at AML control failings under its watch, a recent report by the umbrella supervisor of the legal and accountancy sectors has enumerated further deficiencies among the gatekeepers. Denis O’Connor reports.

FOS fumbles with Covid-era case spike

Online Published Date : 11 November 2021 | Appeared in issue: Vol 34 No 3 - 11 October 2021

Though payment protection insurance complaints are finally ebbing, the Financial Ombudsman Service is grappling with a case backlog, a productivity fall during the pandemic, along with a surge in cases – particularly in relation to current accounts and credit cards. Staff are reportedly being offered ‘voluntary overtime’ just months after FOS made 200 redundancies in its mass claims teams. [1] Adam Samuel scrutinises the Service’s performance.