- Practice Areas
- Publication Type
- Resources
- Practice Areas
- Publication Type
- Resources
- Home/Publications/Compliance Monitor
Capital costs of insuring the banks
A ‘First Loss’ tranche of losses associated with loans covered by the Government Asset Protection Scheme will be a fixed Sterling amount, based on the nominal (gross) assets value at 31 December 2008, according to details of the capital..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Risk and Plan 2009/10: an alternative view
February was dominated by the annual publication of the Financial Services Authority’s Financial Risk Outlook and Business Plan for 2009/10. We thought we had better ask our regular regulatory specialist, Adam Samuel to give us an alternative view.
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Specific disclosure of short positions may go beyond financials
Shorting is not bad per se, at least not normally, the FSA asserts in DP09/1, but it wants more transparency around the practice. Instead of an obligation to disclose aggregate short positions, which would be an expensive proposition, it favours..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Right man for the job
Paul Moore, ex Group Head of Risk at HBOS, may have had a personal axe to grind about his removal from post while Sir James Crosby, latterly deputy chairman of the FSA, was CEO of the bank, and it may be that KPMG found it was not attributable to..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Directions on pay to make boards think
Boards of directors will need to listen to Compliance and Risk when setting compensation for business areas, says a new draft ten-point FSA code on remuneration policies, and care should be taken to ensure that they are rewarded on different..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Stop single premium PPI sales, says FSA
FSA has called on firms to stop selling single premium payment protection insurance (PPI) with unsecured personal loans as soon as possible but no later than 29 May this year. The regulator has already taken action for misselling against 20 firms..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Fees up 194%
Regulatory fees, including the Financial Ombudsman Scheme levy and payouts by the Financial Services Compensation Scheme (FSCS), are likely to be £707.3m more in 2009/10 than last year – the new figure is £1071.6m. FSA’s..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Dormant account funds join authorised community
Reclaim funds, which handle the dormant accounts of banks and building societies, will be authorised and regulated by the FSA, under proposals in CP09/8. Accounts that have been inactive for 15 years, which are not subject to disincentives or..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Enhanced supervision now business as usual
The project to improve supervision in the aftermath of the Northern Rock affair is finished and in his closing summary, Hector Sants, FSA chief executive, says the changes wrought should now be part of day to day operations. High impact firms..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Sale and rent back adds to FSA workload
In a bid to stay in their own home, more people who can no longer afford to keep up mortgage payments are entering sale and rent back (SRB) agreements, all too often on unfavourable terms; regulating this business will be a job for the FSA from..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Rights issues can speed up
..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Fictitious applicant helps end mortgage broker career
Kwadjo Amoteng made 12 mortgage applications, two through Oxford House Financial Services, a mortgage broker run by Leo Kusi-Appiah in Wood Green, London. Only he didn’t - Mr Amoteng never existed. An investigation of his applications,..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Ex CEO and former FD of stockbroker fined and banned
Pacific Continental Securities UK Limited (PCS), a stockbroking firm, now in liquidation, used high pressure sales techniques that deprived clients of suitable advice and has now cost two of its past directors prohibition and a financial penalty...
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Darwin’s Desire leads to abuse by Byron
Darwin Lewis Clifton OBE should really have known that it would be market abuse to encourage Byron Holdings Ltd, of which he was a director, to invest in Desire Petroleum plc, where he was a non-executive director, when he was already aware of an..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Tweak to with-profits rules on compensation payments
Shareholders alone will only have to pay for any compensation and redress awards made against proprietary life insurance companies for misselling identified after new with-profits rules take effect, which is expected at the end of July 2009...
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Questionable introductions and poor advice cost mortgage broker £17,500
Two-man Nottingham mortgage broker Gillen Farrelly would have done well not to place so much confidence in their third party introducer when accepting self-certified business. Although the FSA noted in December 2005 that the firm had conducted no..
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
A deal of talk
Timon Molloy, Editor
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Supervision: principles-based to outcomes-focused
FSA supervision is facing a shake-up in 2009, writes John Tattersall of PricewaterhouseCoopers LLP: not only will the impact of the Supervisory Enhancement Programme, now apparently concluded [1], be felt over the next 12 months, but the new themes for supervision proposed in FSA’s Business Plan 2009/10 [2] promise to eliminate forever the suggestion that FSA regulation and supervision is “light touch”.
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Approved extension
Recent high profile failures at financial institutions (both in the UK and almost everywhere else) have highlighted the importance of effective corporate governance, and in particular the role of non-executive directors. Ian Mason of Barlow Lyde & Gilbert considers the FSA’s response.
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Beyond the crunch…
As night follows day there will be an end to the current recession, or depending which newspaper you read, depression, writes Richard Burger of Reynolds Porter Chamberlain; but post-recession what will be the state of financial services regulation? In an attempt to look into the regulatory future the Financial Services Authority’s (FSA) crystal balls of the Business Plan 2009/10 (the Plan) and Financial Risk Outlook 2009 (the Outlook), provide some guidance on what we can expect of the regulator and what the regulator expects of firms in future years.
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Grey skies
Reporting by Timon Molloy
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009
Why Treating Customers Fairly is here to stay
In his article last month, Adam Samuel delivered an elegant obituary for TCF, concluding that the FSA had “run out of steam… descended into the abstract… and failed to take proper care of its own child which has withered and died.” This month Kate Davies of Mazars, a former member of the FSA’s TCF Consultative Group, takes a different view.
Online Published Date:
10 March 2009
Appeared in issue:
Vol 21 No 6 - 01 March 2009