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Covid-19 pressures will lead to more whistleblowing

Online Published Date : 13 July 2020 | Appeared in issue: Vol 32 No 10 - 01 July 2020

Emboldened by increasing public acceptance andlegal protections, growing numbers of employees who encounter misconduct intheir work environment are willing to blow the whistle. And as recessionarypressures hit financial institutions, the potential for breaches will beheightened. Firms would be wise to ensure their whistleblowing procedures andtraining are up to the task, advises BambosTsiattalou.

Covid-19 pressures will lead to more whistleblowing

Online Published Date : 13 July 2020 | Appeared in issue: Vol 32 No 10 - 01 July 2020

Emboldened by increasing public acceptance and legal protections, growing numbers of employees who encounter misconduct in their work environment are willing to blow the whistle. And as recessionary pressures hit financial institutions, the potential for breaches will be heightened. Firms would be wise to ensure their whistleblowing procedures and training are up to the task, advises Bambos Tsiattalou.

Regulators look to widen ‘open banking’

Online Published Date : 13 July 2020 | Appeared in issue: Vol 32 No 10 - 01 July 2020

Customer use of open banking utilisingthe UK framework has surpassed one million users and there are over 200 activeservice providers across a range of services. Yet the growth of the sector hasbeen limited by the development of a regulatory framework for access to data. Charlotte Hill and KatieFry-Paul outline the journey so far.

Treating Customers Fairly from home

Online Published Date : 13 July 2020 | Appeared in issue: Vol 32 No 10 - 01 July 2020

As we grapple to contain the ongoing pandemicrisks as well as resume as normal a life as possible, financial institutionsneed to re-assess their conduct risk strategy and framework. Dee McManusdiscusses the actions firms are taking to implement additional monitoring to supportfair treatment of customers within the remote working structure.

Mortgage arrears-handling failures cost Lloyds dearly

Online Published Date : 14 July 2020 | Appeared in issue: Vol 32 No 10 - 01 July 2020

Over a four-year period, some 38 per centof customers battling with their mortgage repayments were treated unfairly byLloyds – leading to a £300m redress scheme as well as a £64m fine from theregulator. Given the current coronavirus crisis, which has placed manycustomers under financial pressure, AbdulaliJiwaji and Tom Snelling stress that thereare lessons to be learned.

Tribunal upholds age discrimination claim against Citibank

Online Published Date : 14 July 2020 | Appeared in issue: Vol 32 No 10 - 01 July 2020

Ageist comments made by senior managers, low numbers of older senior staff, along with a lack of evidence that the bank took age discrimination, or the claimant’s specific concerns, seriously, persuaded the Employment Tribunal to find that Citibank had discriminated against a 55-year-old it made redundant. Lessons should be learned from this recent non-financial misconduct case, writes Denis O’Connor.