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FCA moves to ban third ex-director of Manchester debt management firm
The Financial Conduct Authority has decided to ban the owner of a Manchester debt management firm seven months after the regulator banned its previous owners and bosses who sold the business to him.
Darren Lee Newton, the director and..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
CFDs – Europe tackles a product where consumers mostly lose out
ESMA’s three-month ban on binary options for retail investors and restrictions on marketing other contracts for difference has profound significance for anyone interested in product governance, financial promotions and appropriateness testing...
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Contract terms guidance to be updated by year end
Firms have until 7 September to respond to a consultation on variation of contract terms before new guidance is issued in December.
The Financial Conduct Authority is working on the new guidance to take account of a series of rulings from the..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Firms grapple with new CASS audit standards
A Freedom of Information request has revealed how firms are coping with higher audit standards for their client assets procedures. Nicola Green comments on the trickier areas of CASS rules where financial services firms struggle time and time again,..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Treating vulnerable customers fairly
Despite a high degree of regulatory focus in recent years, firms are still struggling to ensure vulnerable customers are correctly identified and supported throughout the customer journey. Phil Deeks discusses how firms can ensure they have embedded..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Rising to the challenge of the Certification Regime
The certification element of the Senior Managers and Certification Regime has tended to be sidelined by firms due to other regulatory pressures. But Julie Pardy believes that the ‘heavy lifting’ in the SMCR sits predominantly with the..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
FCA prepares clampdown on rent-to-own and overdraft rip-offs
The regulator is intervening on eye-watering unarranged overdraft charges as well as in the rent-to-own sector – where vulnerable customers can pay over £1,500 for essentials like an electric cooker, which retails under £300 on the..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Jes Staley fine rates 2 out of 5 on seriousness scale
Regulators have fined Barclays CEO Jes Staley £642,430 for trying to ascertain the identity of an anonymous whistleblower in June 2016 – this represents the lowest level of fine within the penalty scheme.
The Financial Conduct..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Regulated firms in the crossfire as they handle PEP risks
An increased impetus from authorities to tackle corrupt funds that are laundered in the United Kingdom should galvanise the regulated sector to pay vigilant attention to their dealings with PEPs. By Jonathan Pickworth and Jonah..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Operation Tabernula dealers must pay £1.7m or face extended jail sentences
The two men imprisoned for insider trading in the Operation Tabernula case have been told their prison sentences will be more than doubled if they do not pay confiscation orders totalling nearly £1.7m between them.
Martyn Dodgson —..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
FCA publishes analysis of weaknesses among robo advice pioneers
The regulator has published a critique of the weaknesses it has found in ten firms that are pioneering robo advice — in a sign of the attention it plans to pay to this developing sector.
The Financial Conduct Authority expects “a..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Between the rocks and a hard Brexit?
The Financial Conduct Authority chief Andrew Bailey has urged that the “eminently achievable” approach of “mutual recognition” be adopted as the financial services solution for Brexit – but chief European negotiator..
Online Published Date:
07 June 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Rising to the challenge of the Certification Regime
The certification element of the Senior Managers and Certification Regime has tended to be sidelined by firms due to other regulatory pressures. But Julie Pardy believes that the ‘heavy lifting’ in the SMCR sits predominantly with the ongoing obligation to assess and evidence competence, fitness and propriety. She discusses practical aspects of implementation…
Online Published Date:
19 September 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018
Firms grapple with new CASS audit standards
A Freedom of Information request has revealed how firms are coping with higher audit standards for their client assets procedures. Nicola Green comments on the trickier areas of CASS rules where financial services firms struggle time and time again, and suggests how to prepare for your next audit.
Online Published Date:
19 September 2018
Appeared in issue:
Vol 30 No 09 - 07 June 2018