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Crunchy thinking
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Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
Incompetent directors banned for flawed mortgage advice
Edward and Ronald Allen, directors and mortgage advisers at now defunct Homeplan Finance UK Limited, have been prohibited from working in the industry and publicly censured after they failed to correct systems and controls deficiencies first..
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
AWD Chase de Vere chastened by £1.12m mis-selling fine
A central City location at Pasternoster Square is no guarantee against poor pensions advice based on the £1.12m fine levied on AWD Chase de Vere for breaches of Principles 9 (Customers: relationships of trust) and 3 (Management and Control)...
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
TCF – it ends and starts
If anyone thought that the December 2008 Treating Customers Fairly (TCF) deadline meant an end to the matter, they probably should not have been working on the project in the first place, but even if they only thought that pressure would ease a..
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
‘Diplomatic immunity’ for insider trader
If you are a former ambassador in HM Diplomatic Service it means you may escape with a fine rather than criminal prosecution for insider dealing – at least, that would seem to be the message from the FSA’s decision in the case of..
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
Insurance comparison websites better but regulatory cover not comprehensive
General insurance aggregator websites have improved the quality of information given to consumers since FSA’s publication of desk-based review findings in May 2008. In follow-up visits to firms, accounting in total for more than 50% of the..
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
King of fraud in New Forest
Sole director of New Forest Mortgage Company Ltd, Peter King, who sold both mortgages and insurance in Bournemouth, has been banned along with his firm for making fraudulent life assurance applications.
The FSA was alerted by an insurance provider..
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
New fee structure for parts of Financial Services Compensation Scheme
Compensation for depositors in failed retail banks through pre-funding guarantees under the Financial Services Compensation Scheme (FSCS) may have to wait for consultation early next year but the FSA has meanwhile published changes to the tariff..
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
RDRessed
The FSA has basically been trying to reform the structure of retail financial services since 2002. Its first effort, implemented in 2005, had only been in place for two years when the regulator re-started the process with the retail distribution review (RDR). Our guide through the thickets of this process has been regular contributor, Adam Samuel.
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
Left musing on client money breaches for three years
A father and son, managing director and finance director, respectively, of general insurance intermediary FHI (Northern) Ltd [FHIN], mainly having commercial clients and which ceased trading on 1 May 2006, have been banned from holding significance..
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
Unauthorised insurance agents banned as customers exposed to legal risk
Stephen Fryett and Richard Baines, directors of firms engaged in writing employers’ liability insurance, have been banned from performing regulatory activities for breaches of the general prohibition. Fryett held himself out as business..
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
Retail banking conduct of business – FSA tools up
FSA plans to extend its conduct of business regime for retail banking services, notably to deposit-taking, which signals the end of voluntary compliance with the Banking Codes. Robert Finney and Dominic Gilmore of Denton Wilde Sapte look at the details and likely outcome of the proposed framework.
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
Working together
David McWhir of Corporate Training Partnerships, explores whether the traditional adversarial relationship between business units and compliance monitoring teams is the best approach. He also offers ten suggestions for improving this relationship.
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
The Banking Bill: where are we now?
Since the Government made emergency laws following the Northern Rock collapse, the industry, indeed the country, has waited for some permanent statute to replace them. Rosali Pretorius and Emma Radmore of Denton Wilde Sapte look at the progress of the Banking Bill so far, and what might still happen before it becomes law.
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
New-build
Recent meltdown in the financial markets reached the top of the political agenda in November when the leaders of the ‘G20’ group of nations met in Washington DC, write Chris Warren-Smith and Ian Pegram of Fulbright & Jaworski. The press release which followed confirms that changes to the regulatory landscape are on the cards. The G20 called for a strengthening in transparency and accountability; enhanced and sound regulation; the promotion of integrity in the financial markets; reinforced international cooperation; and reform of the world’s international financial institutions. In practical terms, what are these changes likely to mean for regulators and regulated?
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
Credible bite
The FSA has shown some determination to tackle non-compliant Significant Influence Function (SIF) holders this year, most recently by fining an MLRO for the first time. If we are truly entering a new robust era of enforcement, what should approved persons do to protect themselves? Richard Burger of Reynolds Porter Chamberlain makes some suggestions.
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008
Valuation not litigation
In this period of heightened economic turbulence and uncertainty, we are witnessing a large number of hedge fund wind-ups, write Julian Korek and Malin Nilsson of Kinetic Partners LLP. One of the consequences has been an increased focus on valuation and liquidation of assets by all stakeholders in the investment management industry, especially illiquid and hard-to-value investments. This article will look at why valuation is increasingly important and at good practice valuation standards, which could prove an invaluable investigative defence against adverse scenarios or disputes. We will also examine the potential future developments in valuation.
Online Published Date:
10 December 2008
Appeared in issue:
Vol 21 No 4 - 01 December 2008