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"Multiple parties" under FCA investigation over Woodford Fund suspension
The FCA has confirmed that it has made a provisional decision to fine the manager of the Woodford Equity Income Fund, Link Fund Solutions Ltd.
Online Published Date:
29 September 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
FCA to address "significant concerns" found in Grenfell-style building insurance
Reduced premiums and cross-industry pooling arrangements are among the proposals being put forward for the high-rise and multi-occupancy buildings insurance market by the FCA.
Online Published Date:
29 September 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
The Kremlin, sanctions evasion and preventing wrongdoing
Two transactions conducted unilaterally by institutions in Russia – but involving the UK operations of Sberbank – have led to assets being realised for the benefit of Russian parties. As the British sanctions watchdog examines the incidents, all financial services firms should see this as a wake-up call that they must be able to demonstrate adequate procedures against potential sanctions violations. Angelika Hellweger reports.
Online Published Date:
29 September 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Action points given to insurance firms to protect customers in hardship
Insurance sector firms are being warned they could face the loss of their permissions and other penalties if they do not reassess the position of vulnerable customers in financial difficulties.
Online Published Date:
03 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Insurers warned to learn from handling pandemic Business Interruption Insurance
Insurance firms need to transfer the knowledge they gained from handling customers during the Covid pandemic to the cost-of-living crisis - or they could face regulatory action, according to the FCA.
Online Published Date:
04 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Two directors banned and brokerage fined £530k for defective market abuse controls
A compliance department that lacked qualified staff and clear reporting lines was a major factor in circumstances at a London broker which has been fined £530,000, as well as had two of its directors prohibited.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Cessation date set for 1 and 6-month LIBOR while deliberation continues on 3-month
Use of one and six-month sterling LIBOR is to finish on 31 March 2023 - but some extra time is expected to be given for three-month sterling.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
The model compliance officer
Harassed business prevention executive, stickler for form over substance, spouter of business-speak - or engaged, informed individual with a finely tuned and rounded skillset? Adam Samuel discusses how to do the crucial and challenging role of compliance.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
A guide to anti-money laundering for crypto firms
While the regulatory landscape is far from settled, and each jurisdiction will vary in its arrangements, several trends have started to emerge that will inform a crypto firm's approach to financial crime and compliance. ComplyAdvantage provides a step-by-step guide to risk mitigation and regulatory compliance best practices.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
The Data Reform Bill: a post-Brexit crossroad
One of the ways the UK is looking to capitalise on its greater legislative freedom outside the European Union is with a "pro-growth data regime". But what are the potential costs of divergence? Sian Stephens and Chris Weaver report on the consequences for businesses and the financial services sector if the EU decides that the Data Reform Bill, once law, fails its adequacy standard.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Regulatory heads in the Cloud: 'critical third parties' and financial services infrastructure
Financial institutions increasingly rely on third parties outside of their regulated sector to provide key functions and services, like cloud data storage. Yet what systemic risk do these entities pose in the event of failure? Regulators are addressing the issue with new proposals, write Paul Armstrong and Harshil Patel.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Closing regulatory gaps between principals and appointed representatives
The Financial Conduct Authority has recently published its final rules and guidance for enhancements to the appointed representatives regime. The reforms, consulted on in December 2021, respond to the disproportionate level of compensation claims, supervisory cases and complaints that these arrangements produce. Charlotte Hill and Marcel Nengou examine the new requirements.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
FCA "consistently behind the curve" on British Steel pension scandal, say MPs
A report from parliamentarians dives into the dodgy fee structures, as well as lack of preventative action from the regulator, which contributed to significant financial loss for former British Steel Pension Scheme members who transferred their funds out. It appears that 'credible deterrence' is no more, commentsDenis O'Connor.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
The Kremlin, sanctions evasion and preventing wrongdoing
Two transactions conducted unilaterally by institutions in Russia - but involving the UK operations of Sberbank - have led to assets being realised for the benefit of Russian parties. As the British sanctions watchdog examines the incidents, all financial services firms should see this as a wake-up call that they must be able to demonstrate adequate procedures against potential sanctions violations. Angelika Hellweger reports.
Online Published Date:
10 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022