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Tribunal upholds FSA fine for poor GTEP advice
The Upper Tribunal has backed the regulator’s £100,000 censure of Westwood Independent Financial Planners for communication and suitability failings regarding geared traded endowment policies.
It found that for all the customers who..
Online Published Date:
12 December 2013
Appeared in issue:
Vol 26 No 04 - 11 December 2013
FCA launches thematic review of price comparison websites
The Financial Conduct Authority will scrutinise 14 insurance price comparison websites – 90% of the market – to determine “does cheapest equal best?” Nearly half of internet users have researched motor insurance through such..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
Why we might not benefit from naming beneficial owners
David Cameron’s planned central registry of companies’ beneficial ownership could have unintended consequences, including an added compliance burden, argues Alan Ward.
The compliance obligations that businesses face are rarely..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
A Compliance Carol
“Ding dong merrily on high!”… Alas, ‘tis not a cheery chime, but one of pounding paperwork and penalties, meted out ‘twixt newborn year and yule. Horace Fletcher pleads for peace on earth and goodwill to all compliance..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
Doc 'n' defend for asset managers
“Documentation is the best form of defence,” reiterate Sam Bishop and Ben Nicholson. They draw lessons from the recent thematic review of anti-money laundering, bribery and corruption controls in the asset management sector.
Asset..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
When SEC registration results in examination
Registration of investment advisers and broker-dealers from outside the United States with the Securities and Exchange Commission invokes obligations under the Investment Advisers Act and other rules, as well as the possibility of inspection...
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12 December 2013
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Vol 26 No 04 - 11 December 2013
SEI Investments stung by client money penalty
Problems with its internal reconciliations have prompted SEI Investments (Europe) Ltd to be fined £900,200 by the Financial Conduct Authority for client money breaches. Between November 2007 and October 2012 SEI failed several times to ensure..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
EU weighs in on benchmark rigging, with cartel fines
The European Commission has used its competition law powers to penalise eight financial institutions a total of €1.71 billion for taking part in cartels relating to interest rate derivatives. This follows well-publicised action taken by..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
Regulators respond to the roar of crowdfunding
October saw initiatives in various legal systems to assess the impact and possible effects on consumers of the recent surge in crowdfunding. Emma Radmore and Juan Jose Manchado examine the Financial Conduct Authority’s proposals in particular..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
Who is the sophisticated investor?
Ladies and gentlemen to whom one may correctly promote complex investments are an elusive breed to label. Adam Samuel presents the sophisticated and professional clients defined by current financial services regulation.
The Parliamentary..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
FCA tightens dealing commission rules for investment managers
As part of its wider work on conflicts of interest and charges, the Financial Conduct Authority has released proposals for how charges paid by consumers for the execution of trades and related services can be made more transparent.
The regulator..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
FCA targets governance of SME loans
The Financial Conduct Authority has ordered a skilled person to examine allegations that the Royal Bank of Scotland is forcing viable small businesses into restructuring so that the bank’s property division can snap up assets on advantageous..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
Proposals shore up minority shareholder rights
A further consultation on reforms to the Listing Regime has sought to strengthen protections for minority shareholders.
Following on from CP12/25 and CP12/2, the new proposals from the Financial Conduct Authority in CP13/15 include:
Placing..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
Over 200 financial promotions withdrawn or amended in a year
During the year that ended on 30 June, 204 financial promotions were amended or withdrawn by the regulator.
This is according to information acquired by consultants Bovill, who say that typical failings include using excessive investment jargon;..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
Asset management outsourcing needs more work, says FCA
Positive steps have been taken by asset managers in relation to resilience risk as a result of a December 2012 Dear CEO letter, the Financial Conduct Authority has said in its thematic review of outsourcing in the sector (TR13/10). (Responding to..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
STRs in their eyes: suspicious transaction reports rocket
In the past five years the number of suspicious transaction reports to the financial regulator has shot up by 250%, according to data obtained by law firm Pinsent Masons. There were just 339 in 2008/9, compared with 1199 in 2012/13. On a..
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12 December 2013
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Vol 26 No 04 - 11 December 2013
Surprise loan cost cap from Government
Not long after the Financial Conduct Authority unveiled its proposed consumer credit regime, Chancellor George Osborne has unexpectedly announced plans to cap the cost of credit. This will entail amendments to the Banking Reform Bill, which is..
Online Published Date:
12 December 2013
Appeared in issue:
Vol 26 No 04 - 11 December 2013