- Home/Publications/Compliance Monitor
FCA bans spike 27 per cent up from last year
Prohibitions against individuals working in financial services have risen by nearly a third in 12 months. In the period between 1 October 2017 and 2018 there were 23 prohibition orders – up from 18 the previous year.“In many ways, this is the..
Online Published Date:
21 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
Mitsubishi UFJ Securities execs fined for not informing PRA
The Prudential Regulation Authority has imposed stiff penalties on former non-executive directors of Mitsubishi UFJ Securities because they failed to disclose information to the regulator.Akira Kamiya, who had been chair, and Takami Onodera, who was..
Online Published Date:
21 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
Largest 2,000 AML-regulated firms employ 11,500 anti-fraud staff
By Neasa MacErlean
Online Published Date:
21 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
Preparing for an unknown future outside the EU
With either a hard Brexit or transition arrangement taking effect in just four months, there may be further upheaval – the parliamentary vote or even a threatened no-confidence motion in the Prime Minister – fuelling uncertainty for financial services firms. However, elements of the future landscape are in view. Roseyna Jahangir takes stock of how Brexit looks right now. [1]
Online Published Date:
21 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
‘Rent-to-own’ sector faces price caps on credit and product costs
By Neasa
MacErlean
Online Published Date:
22 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
MPs’ inquiry on IT failures to cover regulators and firms
By Neasa
MacErlean
Online Published Date:
27 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
EU sets out financial services contingency plan in case of ‘no deal’
By Neasa MacErlean
Online Published Date:
27 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
FCA issues 1,000-page paper on ‘hard Brexit’ changes
By Neasa MacErlean
Online Published Date:
27 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
PSR consults on timing of ‘confirmation of payee’ system to cut payment fraud
By Neasa
MacErlean
Online Published Date:
27 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
Five-year sentence handed down after FCA files fraud charges
By Neasa MacErlean
Online Published Date:
29 November 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
New approaches to tackle APP and other frauds
From regulatory consultations, a range of responses to authorised push payment fraud, and courts developing helpful approaches to assist cybercrime victims take legal measures against “person(s) unknown” – authorities in the United Kingdom are seeking new ways to confront specific fraud challenges. By Rhodri Thomas.
Online Published Date:
03 December 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
Keys from the Keydata fiasco
Between 2005 and 2009 Keydata sold £475 million worth of ‘death bond’ products to over 37,000 retail investors, utilising a series of fictitious claims. This is “the first big product governance case”, where failure in this core area led to “all sorts of regulatory mayhem”. Adam Samuel sorts out the lessons learnt.
Online Published Date:
03 December 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
What the banks learnt from implementing SMCR
The first wave of institutions to embed the
Senior Managers and Certification Regime found that they needed buy-in across
the organisation, a detailed understanding of business areas and careful
planning. Emma Sutcliffe and Penny Miller set out the lessons for
the larger tranche of firms now required to align their accountability
procedures.
Online Published Date:
03 December 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
The other regulator – ICO and financial services
As if the conduct and prudential regulators
weren’t enough to worry about, the General Data Protection Regulation along
with the recurring menace of cyber breaches, have brought the role of the
Information Commissioner’s Office into greater prominence. By Neasa MacErlean.
Online Published Date:
03 December 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
AI versus humans – no competition?
Latest developments in automated technology can help financial services firms meet increasingly complex regulatory demands, but employees always have been, and always will be, a firm’s strongest or weakest link, argues Martin Schofield.
Online Published Date:
03 December 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
Will SMCR change the way managers manage?
A poorly-executed implementation of SMCR, where bureaucracy replaces trust, may inadvertently introduce tensions between employees and their managers, argues Mark Turner.
Online Published Date:
04 December 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
The Insurance Distribution Directive – time to plug any gaps
Though the directive is now in force, some firms are struggling with the more prescriptive product governance requirements as well as with handling conflicts of interest. Umar Mohamad provides pointers for ensuring compliance.
Online Published Date:
04 December 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018
What financial services firms need to know about Brexit right now (video)
The scheduled parliamentary vote on the Withdrawal Agreement is just days away, but further uncertainty seems inevitable – despite the rapidly approaching Brexit date of 29 March. Esther Martin talks to lawyers Jonathan Drake and Emma Radmore from Womble Bond Dickinson about the current picture for financial services firms.
Online Published Date:
07 December 2018
Appeared in issue:
Vol 31 No 04 - 01 December 2018