i-law.com - Newsletter (Compliance Monitor)

The Financial Conduct Authority ordered 24 skilledpersons reports in Q4 of 2019/2020, bringing the total for the year to 57 [1] –a 68 per cent increase on the previous year, when 34 reports were commissioned.The past year has seen the highest annual..

Online Published Date: 04 May 2020

Appeared in issue: Vol 32 No 8 - 01 May 2020

Cultural star-gazing

The Financial Conduct Authority’s latest discussion paper on culture points to a new focus on the purpose underpinning regulated entities: “firms need to offer meaning, not just money” and bring the purpose of society, employees, the firm and shareholders into ‘astral’ alignment. But are such aspirations rooted in business realities or a case of starry-eyed dreaming? asks Julian Sampson.

Online Published Date: 05 May 2020

Appeared in issue: Vol 32 No 8 - 01 May 2020

Operational resilience: a regulatory paradigm shift?

The concept of ‘operational resilience’ has become increasingly prominent in financial regulatory rhetoric in recent years. But who would have predicted at the start of 2020 that the industry’s capacity to respond to disruption was so soon to be put to the test? Charlotte Hill and Clare Reynolds examine current proposals and what firms will need to have in place.

Online Published Date: 06 May 2020

Appeared in issue: Vol 32 No 8 - 01 May 2020

Compliance during Covid-19

The Financial Conduct Authority has responded to the coronavirus pandemic with a flurry of measures to cushion the impact on cash-strapped consumers as well as address implications for its regulatory regime. Financial services firms have adapted to the disruption with varying degrees of success but – as lockdown continues – everyone is learning new tricks, reports Adam Samuel.

Online Published Date: 06 May 2020

Appeared in issue: Vol 32 No 8 - 01 May 2020

MiFID II stocktake: where are we now?

Though the performance of MiFID II is already under review by European institutions, many financial services firms are still grappling to comply with this mammoth implementation project. Yasin Sridhar assesses the regime in practice so far.

Online Published Date: 06 May 2020

Appeared in issue: Vol 32 No 8 - 01 May 2020

Financial Services Bill – the new path ahead

Following Brexit, the Government pledged it would introduce various new laws under the umbrella of a new Financial Services Bill, as well as enhance some existing laws outside the necessary changes. The Queen’s Speech in October highlighted three key measures and the Government has now got underway. Emma Radmore sets out the progress so far.

Online Published Date: 06 May 2020

Appeared in issue: Vol 32 No 8 - 01 May 2020

Banks’ cultural performance is still lagging

More than a decade after the financial crisis, public trust in banks is falling and the Banking Standards Board’s 2019 assessment of culture reveals minimal progress, reports Denis O’Connor.

Online Published Date: 06 May 2020

Appeared in issue: Vol 32 No 8 - 01 May 2020

Cyber issues on the FCA’s radar

As the financial system becomes ever-moreinterconnected and complex, responding quickly and effectively to cyberattackswill only get harder. Resilience depends on careful planning, says DavidRundle.

Online Published Date: 06 May 2020

Appeared in issue: Vol 32 No 8 - 01 May 2020