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Supreme Court ruling on Daiwa has far-reaching implications
A recent decision from the highest court in the United Kingdom confirms the liability of financial institutions if they carry out transactions where a mandated employee of a customer is acting fraudulently. “This is not a comfortable conclusion” argue Oliver Lodge and Ian Mason as they explain the key takeaways of the case.
Online Published Date:
04 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
SMCR – so, you think it’s all over...?
It seemed a long time in the making but, finally, 9 December and the implementation of the Senior Managers and Certification Regime for solo-regulated firms is upon us. Firms will have spent months preparing and should now be breathing a sigh of relief at what they have achieved. But it’s not all over – there is still work to be done, not to mention general ongoing compliance. Emma Radmore examines what experience has identified as thorny points in SMCR implementation to date and what to watch in 2020.
Online Published Date:
04 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
Banks and insurers called to action on climate change
With the deadline for implementation of the Prudential Regulation Authority’s supervisory statement on managing the financial risks from climate change now past, certain requirements should already be in place. But financial institutions need to recognise this is just the beginning, stress Carlos Sanchez and Alexandra Chittock.
Online Published Date:
05 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
Regulatory challenges of LIBOR transition
Weaning the banking system off LIBOR – sometimes dubbed ‘the world’s most important number’ – is now considered the biggest regulatory challenge facing the sector. Hannah Meakin discusses the need for effective governance, achieving fair outcomes for clients, technical issues for derivatives and the mitigation of conduct risks threatened by the transition.
Online Published Date:
05 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
Going into reverse on car finance commissions
The FCA’s recently-released consultation paper CP19/28 contains a ban on discretionary commissions in motor finance deals, as well as amendments to enhance disclosure of financial arrangements and associated risks to buyers. The culmination of an industry review, the proposals are an attempt to bring greater awareness of customer outcomes and healthy sales culture to an industry that is unaccustomed to regulatory intervention. Yasin Sridhar considers the wider implications of FCA plans for the motor finance industry.
Online Published Date:
05 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
Barclays settles US corruption charges as 3LOD model fails again
Investigations into corrupt hiring practices by banks – in this case Barclays – in the Far East have highlighted the gaping holes that can exist in the three lines of defence compliance model, reports Denis O’Connor.
Online Published Date:
05 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
Compliance job market sanguine over Brexit outcomes
Three-and-a-half years after the referendum it is still unclear when or even whether the United Kingdom will leave the European Union – but many market participants believe there will be opportunities for financial services compliance work either way, report recruiters Caleb Hawkins and Leo Bellometti.
Online Published Date:
06 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
RegTech: the financial crime-fighting sidekick
A warning from the regulator about inadequate compliance protections around personal account dealing is a reminder of the benefits provided by automated assistance, suggests Patrick Conroy.
Online Published Date:
06 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
Firms at risk over MiFID II reporting errors
By Neasa MacErlean
Online Published Date:
06 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
Regulators set out draft operational resilience rules
By Neasa MacErlean
Online Published Date:
06 December 2019
Appeared in issue:
Vol 32 No 4 - 22 November 2019
Firms could be compelled to exchange data on insurance, savings and mortgages
By Neasa MacErlean
Online Published Date:
18 December 2019
Appeared in issue:
Vol 32 No 5 - 18 December 2019
FCA closes first case in claims management sector with £70,000 fine
By Neasa MacErlean
Online Published Date:
18 December 2019
Appeared in issue:
Vol 32 No 5 - 18 December 2019