i-law

Compliance Monitor

Whistleblowers’ champions required at firms by next March
New rules on whistleblowing, published by the Financial Conduct Authority and Prudential Regulation Authority, oblige certain firms to have mechanisms for employees to raise concerns internally and to appoint a senior person to take responsibility..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Kweku Abodoli banned from financial services
Kweku Adoboli, the former senior trader convicted of fraud in relation to $2.25 billion losses at UBS, has been banned by the Financial Conduct Authority from performing any function in relation to regulated financial activity. Released from..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Payday lender to refund £15.4m because of unaffordable loans
Dollar UK is to make cash refunds worth £15.4 million to customers as part of an agreement with the Financial Conduct Authority – because many were lent more than they could afford to repay. Dollar – operating as the Money Shop..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Regulatory reference proposals hem in “rolling bad apples”
Tom Hayes, the “ringmaster” convicted of LIBOR manipulation, was a bright young trader who had worked at several banks and had valuable contacts in the finance industry. Now authorities are taking steps to stem future cultural contagion..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Delivering your FCA authorisation
Decisionmaking, preparation as well as a great deal of waiting around comprise the tense and often frustrating process of obtaining regulatory authorisation for your incipient financial services business. By Julian Sampson. Divorce, moving..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Regulators consult on new reference rules for senior roles
The financial regulators are consulting on changes to the way in which firms seek and provide references for candidates of certain prescribed roles. The proposals relate to regulatory references for candidates of senior management functions..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Dividend payments to be permitted across bank ring-fences
The big six retail banks will be able to make dividend transfers from their ring-fenced retail units to other parts of their operations, under proposals from the Prudential Regulation Authority. The announcement is seen as part of a thawing in the..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
The AIFMD revolution
The AIFMD is not just a development: it is a revolution in business models and practices – particularly around risk management – that is unfolding across the entire financial marketplace, argues Dr Alan Picone. Introduced on 23..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
FCA tackles distortions around payday loan listings on comparison websites
A raft of proposals regarding the display of payday loan information on comparison websites are being consulted on by the Financial Conduct Authority. Final rules are expected next year, with their introduction six months after. Comparison..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Can ‘robo advice’ bridge the advice gap?
By Neasa MacErlean
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
FCA imposes opt-out selling ban
Opt-out selling is to be banned across financial services from 1 April 2016, under new rules and guidance published by the Financial Conduct Authority. Opt-out selling requires customers to take active steps – such as cancelling a pre-ticked..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Regulatory pressure must persist as economy improves, says McDermott
Tracey McDermott, acting chief executive of the Financial Conduct Authority, has warned against “pendulum shifts in regulation” when – as now – the economic climate lifts, old lessons are forgotten and the desire for..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Ex-hedge fund head banned by FCA
Magnus Peterson, formerly head of Weavering Macro Fixed Income Fund Ltd, has been banned from performing all regulated activities after he was sentenced in January this year to 13 years in prison for fraud, amid client losses amounting to $536..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Treasury U-turn on ‘burden of proof’ for bank senior managers
Senior financial services executives are to be spared the introduction of a rule that would have required them to prove their innocence in relation to regulatory breaches under the Senior Managers and Certification Regime. However, the industry is..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
ECB seeks to shield central bankers from FCA press briefing trap
The European Central Bank has issued guidelines for central bankers to help them avoid the kind of communication error that saw former Financial Conduct Authority chief executive Martin Wheatley forgo his bonus after a much-criticised press briefing..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Compliance head takes reins at Investment Association amid consumer stance split
The head of compliance, Guy Sears, is taking over as interim chief executive at the Investment Association while the organisation searches for a permanent replacement to Daniel Godfrey, who was seen by some members as taking a somewhat regulatory,..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Banks exposed to cyber dangers by “drastic” lack of boardroom experience
Many bank boards are lacking in the necessary experience among directors to assess issues relating to cyber security and the IT implications of regulatory changes, according to Accenture. The management consulting company’s report..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Champing at the bitcoin?
As a swathe of major banks test blockchain ledger methodology with a view to modernising their trading systems, digital currencies look poised to head into the mainstream. Ashley Roughton examines the regulatory picture. In essence a bitcoin..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
PPI complaint floodgates poised to slam
The regulator’s controversial proposal to time-bar future claims against PPI – the UK’s most complained-about financial product of all time – would be completely unnecessary if existing processes were followed, argues Adam..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015
Investment managers risk higher capital requirements due to basic errors
Investment managers could be forced to double their individual capital requirements – some of them because of basic mistakes and inadequate risk assessment processes, according to KPMG. In its ‘Right from the start’ report,..
Online Published Date:  06 November 2015
Appeared in issue:  Vol 28 No 3 - 06 November 2015

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