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"Under-resourced" Compliance highlighted as Gatehouse Bank fined over AML controls
The FCA has fined the third firm in two months for lacking correct controls in cases where little or no financial damage was proven to have happened.
Online Published Date:
17 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Pro-consumer intervention on the rise, as 20% of new authorisation requests are turned down
Over one in five applications to carry out Consumer Investment business were rejected or withdrawn in 2021/22.
Online Published Date:
18 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
FCA steps up greenwashing checks as it unveils product labelling proposals
Green funds will need to carry one of three labels when proposed FCA rules come into effect after the first half of 2023.
Online Published Date:
27 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Barclays challenges £50m fine for Qatar deal with reference to Upper Tribunal
The regulatory battle between Barclays and the FCA continues, with the bank appealing to the Upper Tribunal against the £50 million fine that the regulator plans to impose over payments to Qatari investors during the bank's 2008 capital-raising of £11 billion.
Online Published Date:
27 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Criminal case moves to Crown Court following FCA investigation into listed company
Five men involved with a listed company are the subject of an FCA criminal investigation and would face sentences of up to ten and 14 years if found guilty of the charges against them.
Online Published Date:
27 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Internal Audit warned of 'underwriter-led' culture at Lloyd's firm fined £9m by PRA
A Lloyd's underwriter has been fined over £9 million by the PRA after failures to comply on a range of governance and risk issues - despite warnings to the board from the regulator, and concerns expressed by the Internal Audit team about the prevailing 'underwriter-led' culture.
Online Published Date:
27 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Four go on trial over alleged £1.2m binary trading investment fraud
Four men at London-based Bespoke Markets Group face a two-month criminal trial at Southwark Crown Court next year, accused by the FCA of defrauding £1.2 million from investors by offering a binary options investment scheme.
Online Published Date:
02 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Action threatened over poor practice by lenders, as consumers struggle with bills
As many as 70 per cent of lenders could be failing to meet FCA expectations on how repayment agreements should be adapted for millions of borrowers who are struggling during the cost-of-living crisis.
Online Published Date:
04 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
UK Court of Appeal denies judicial review for crude oil traders under US investigation
A group of traders resident in the United Kingdom have failed in their second attempt in the courts to prevent the FCA from assisting a United States probe into their activities.
Online Published Date:
04 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Aggressive US action against 'off-channel communications' sends sharp message across Atlantic
United States regulators recently targeted 11 financial institutions, as well as five affiliates, for breaches of record-keeping requirements conducted on employees' personal devices - fines of over $1.8 billion and remediation obligations were imposed. Firms here in the UK should revisit their response to the relevant rules, guidance and regulatory expectations, cautions David Rundle.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
FCA steps up crackdown on market abuse controls
Recent enforcement penalties reflect a wider push by the regulator to upgrade its data, analysis and supervision of potential abuse in the financial markets. As industry experts suggest that a significant number of laggards have yet to implement the Market Abuse Regulation fully, more fines may follow, reports Neasa MacErlean.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Fast-developing voice-recording tech opens new possibilities
Gone are the days when monitoring communications with customers meant analysing a small sample of voice recordings. Now, data gathered from multiple voices and video channels can be made accessible and searchable in real-time and on-demand, as well as combined with other artificial intelligence capabilities, writes Nigel Cannings.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
The FCA and PRA - better together or apart?
Liz Truss's brief and turbulent reign as Prime Minister raised the prospect of the UK's financial conduct, prudential and payment systems regulators being amalgamated into one body - prompting alarm as well as some serious 2000s déj? vu. Adam Samuel ponders the merits of the notion.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Education, education, education
IOSCO has published a report on retail investor education in the context of sustainable finance, making a series of recommendations to regulators as to how to improve retail investors' engagement with sustainable finance and related investment products. Charlotte Hill and Daniel Hirschfield review its findings.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Citibank broker-dealer fined £12.5m for bungled MAR roll-out
It took Citigroup Global Markets 18 months after the implementation date to identify "significant gaps" in its compliance with the Market Abuse Regulation. The regulator was unimpressed that a "key market participant" mishandled a "significant and well-publicised piece of legislation for which the Authority issued clear advice". Denis O'Connor examines the final notice.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022