i-law

Compliance Monitor

EU financial services update
Market abuse
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
Distance Marketing Directive: it’s getting closer
The Distance Marketing of Consumer Financial Services Directive must be implemented in the UK by 9 October 2004, which means that in less than a year UK providers of financial products and services to consumers by distance means will have to comply with potentially onerous new rules. Sara MacKenzie of Denton Wilde Sapte summarises the Directive’s main provisions and highlights issues arising from FSA implementation.
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
Discipline and enforcement – prohibition orders, injunctions, restitution and redress
After covering the FSA’s wide-ranging powers to conduct general and specific investigations and the challenges that may be raised to their exercise, John Virgo, barrister and Philip Ryley, solicitor turn their attention to non-disciplinary enforcement. In this article they look at the regulator’s use of prohibition orders, injunctions, restitution and redress.
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
Endowments and beyond – pushing the complaints envelope
In previous articles, Adam Samuel has looked at the basic nuts and bolts of safe endowment complaint handling. This month he looks in more depth at the problems arising from critical illness deductions and limitation.
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
The Financial Services and Markets Tribunal: not toothless in Hoodless
In a recent decision, the Financial Services and Markets Tribunal for the first time made significant findings against the FSA. Partner Sidney Myers and senior associate Arnondo Chakrabarti, of international law firm Allen & Overy’s Regulatory Investigations Group, consider the decision’s impact.
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
Stricter enforcement
Enforcement’s standard practice is to require production of documents and attendance at interview under its statutory powers, according to clarification advice posted on the FSA website at the beginning of December. However, it may also depart..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
Market-timing & late-trading – just a US problem?
Is the UK safe from market timing and late trading in securities of mutual funds that have emerged in the US? Not necessarily, according to the FSA Chairman Callum McCarthy. Asked whether the UK’s unit trust industry had experienced similar..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
Two years on it’s time to take stock
“The regulatory framework established has been a resounding success,” Ruth Kelly, Financial Secretary to the Treasury, declared at the start of November as the Government launched its first review of operation of the Financial Services..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
EU regulation streamlined to meet Financial Services Action Plan deadline
The European Commission is to expedite decision-making and strengthen regulatory and supervisory cooperation across EU financial services. It will extend the ‘four-level’ approach proposed by the Committee of Wise Men on the Regulation..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
All change
New chief executives like to make their mark early and this commonly takes the form of restructuring. John Tiner, who became chief executive of the FSA on 22 September, has lost no time in announcing a shake-up of the organisation.The model that..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
News
Fines and bans for ex-Credit Suisse Financial Products senior managers
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
Moving on
For the last three years Compliance Monitor has joined forces with leading City recruitment consultancy Joslin Rowe to survey opinion amongst compliance professionals on a variety of topics: how are compliance departments coping with the statutory..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 16 No 4 - 01 December 2003
Basel II
The New Basel Capital Accord (Basel II) will be one of the drivers behind the biggest overhaul in prudential supervision since the original Capital Accord of 1988. The proposed changes will have fundamental consequences for the way affected firms conduct their business, significantly impacting systems, operations, resource planning and pricing, says Vishal Vedi of Deloitte & Touche’s Banking Group, tel: 020 7303 6737 vvedi@deloitte.co.uk.
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
EU update
New Investment Services Directive
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
Mortgages and cold calling
A number of mortgage intermediaries are concerned with the proposed regime for qualifying credit promotions as set out in CP146 - The FSA’s approach to regulating mortgage sales. Philip Ryley, solicitor and John Virgo barrister look at the subject of unsolicited real-time promotions.
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
Awake and alert to market abuse
Timon Molloy, Editor
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
Balancing acts
Human resources specialists struggle to comply with the provisions of an ever growing range of employment law obligations while their colleagues in financial services compliance have to contend with the FSA’s rules. Both departments need to understand the limitations that the other faces if the firm is to achieve overall compliance in both areas. Dealing with recruitment, disciplinary issues and provision of references illustrate this uneasy balancing act says Anna Fletcher, Associate, Wragge & Co.
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
Tackling market abuse: one year on
On 1 December 2001 (N2), the Financial Services and Markets Act 2000 introduced a new financial penalties regime to challenge market abuse (Part VIII of the Act). This required the FSA to publish a code of guidance on whether or not certain behaviours, in the FSA’s opinion, amount or do not amount to market abuse. The Code of Market Conduct (the Code – see chapter 1 of the FSA’s Market Conduct Sourcebook [MAR]) was implemented at N2 yet, observes Michelle Stennett of Denton Wilde Sapte, despite the extensive consultations that took place prior to the implementation of the new regime, the FSA’s work does not appear to be over.
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
More time to complain about endowments
The Financial Ombudsman Service will generally only consider complaints made within three years of when a party becomes aware of loss suffered. However, after discussions with insurers, the FSA will consult until the end of this year on a proposal..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
FSA expands choice of unit trusts and OEICs
In accordance with the UCITS (Undertakings for Collective Investment in Transferable Securities) Amending Directive on investment powers (the Product Directive), the Financial Services Authority widened the range of authorised unit trusts and..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
De-polarised
Confirmation that the polarisation regime is to be abolished came in Howard Davies’ speech at the annual dinner of the Association of Independent Financial Advisers (AIFA) last month. The FSA chairman said that the regulator had changed its..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
News
Doing the splits
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002
What do you think of the show so far?
Last year Compliance Monitor joined forces with leading City recruitment consultancy Joslin Rowe to discover what compliance specialists thought about the impending post-N2 regime. These views (see ‘N2…no problem!?’ Compliance..
Online Published Date:  01 December 2003
Appeared in issue:  Vol 15 No 5 - 01 December 2002

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