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Pondering diversity

Online Published Date : 11 October 2021 | Appeared in issue: Vol 34 No2 - 14 September 2021

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.

General insurance pricing and fair value: new rules stall ‘price walking’

Online Published Date : 11 October 2021 | Appeared in issue: Vol 34 No2 - 14 September 2021

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.

SMCR extends to cover financial market infrastructures

Online Published Date : 11 October 2021 | Appeared in issue: Vol 34 No2 - 14 September 2021

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.

Blurred lines: weaknesses in retail banks’ financial crime controls

Online Published Date : 12 October 2021 | Appeared in issue: Vol 34 No2 - 14 September 2021

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.