- Home/Publications/Compliance Monitor
PRA clarifies its use of reporting options under Solvency II
Two supervisory statements on Solvency II have been published by the Prudential Regulation Authority – relating to departures from the defaults set in the standards for reporting and public disclosure, along with compliance with the European..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Certified functions under the SMR: time ticks toward implementation
Amid the stir over the incoming Senior Managers Regime – largely focused on the ‘presumption of responsibility’ which has now been reversed – less public attention has fallen on the onerous obligations for firms with regard..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Credit card study poses tech role for consumer quotes
The Financial Conduct Authority is considering a technological solution to improve competition in the credit card market that could have a substantial effect on other products if its use is extended.
In its Credit Card Market Study, the..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
FCA could lose redress powers under BBA proposals
The Financial Conduct Authority could be divested of its powers of penalty and redress under proposals made to the government by the British Banking Association and former FCA chief executive Sir Hector Sants.
In the report ‘Winning the..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Spoofing is in the spotlight
Regulators around the world have become increasingly galvanised to tackle abuses associated with high frequency trading and 2015 has seen heightened enforcement activity, including successful criminal actions. Neil Swift and Nicholas Querée..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Cybersecurity: think prevention and recovery
A sense of urgency to take action against cyber threats is lamentably absent from some firms. Yet they also risk overspending in this area, while remaining exposed to cybersecurity dangers. David Copland outlines a risk-based strategy that will meet..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Investment analyst fined and banned for ‘cherry picking’ trade allocations
Mothahir Miah, a former investment analyst at Aviva Investors Global Services, has been fined £139,000 and banned from any regulated activity by the Financial Conduct Authority. He exploited weaknesses in the firm’s trading controls in..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
New York LIBOR convictions could pave way for further prosecutions
The guilty verdicts from a New York jury relating to LIBOR-fixing by two British ex-Rabobank traders are likely to encourage prosecutors to bring other cases, according to experts.
Successfully bringing a relatively complicated case in front of..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
EURIBOR-rigging charges likely against further individuals
The ten individuals being charged under criminal law on EURIBOR-fixing allegations are to make their first appearance at Westminster Magistrates’ Court in January – and are expected to be followed by other defendants as the Serious Fraud..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Short deadline for securities sector on Transparency Directive rules
Listed companies, issuers of securities, along with those dealing and investing in securities and securitised derivatives, have until 26 November to prepare for new notification requirements. The Financial Conduct Authority’s PS15/26 outlines..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
FCA consults on implementing EU Market Abuse Regulation
The Financial Conduct Authority is consulting on the changes needed to implement an updated EU civil market abuse framework. Responses are sought by 4 February regarding amendments required by the Market Abuse Regulation (2014/596/EU), which needs..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
More details emerge on 2018 deadline for PPI claims
A £42 million promotion campaign will begin next year to encourage claims to be made for redress over payment protection insurance before a 2018 closing date, under proposals unveiled by the Financial Conduct Authority.
The scheme is..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Vickers reforms tipped to cushion UK entities from new EU bank rules
EU banking reforms that may be adopted by the European Parliament imminently are expected to have fewer practical effects in the UK than in other member states. The rules will give EU regulators more power to break up activities performed by the..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
FSA’s investigation of HBOS was “materially flawed”
The Financial Services Authority closed its eyes to evidence of poor management beyond the limited scope of its investigation into the failed bank HBOS, an independent report has determined. The findings may spark fresh investigations into..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Draft guidance clarifies cloud outsourcing rules
Firms that use the cloud or outsource their IT services in other ways are requested to comment on Financial Conduct Authority draft guidance. The FCA is keen for firms to be able to outsource in this way if they wish and so is responding to a lack..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Peer-to-peer lending discussion paper sets course for April changes
A new discussion paper from the Financial Conduct Authority seeks to pave the way for peer-to-peer lending to be included in ‘Innovative Finance ISAs’ from next April.
At that time, the government also intends to make advising on..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
FCA clarifies reasons to delay disclosure of inside information
The Financial Conduct Authority is consulting on a proposed change to the Disclosure and Transparency Rules, in order to clarify the legitimate reasons issuers might have for delaying the disclosure of inside information.
In its consultation..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Internal investigations must not be “gamed” using legal privilege, warns regulator
Records of interviews with staff and other documents created by firms during their own internal investigations throw up some of the most common areas of dispute with the Financial Conduct Authority, according to Jamie Symington, director of..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
FCA prepares to bring first charge mortgage activity under regulation
The Financial Conduct Authority is consulting on rules to take effect in March over the administration and handling of first charge mortgages, which were set up before 31 October 2004 and regulated under the Consumer Credit Act 1974.
As of..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
FCA alerts mortgage firms to concerns about customer refinancing
Lenders must treat mortgage customers fairly in cases where they are seeking to refinance at the end of a fixed duration deal, the regulator has cautioned. Jonathan Davidson, director of supervision (retail and authorisations) at the Financial..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Market study terms set for £6.6tr asset management sector
Asset managers will soon be approached by the Financial Conduct Authority, which is collecting data on competition for its market study on the sector. With the aim of publishing an interim report in the Summer and a final one in early 2017, the..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
“Giant Ponzi scheme” operator banned by FCA
The regulator has banned Phillip Harold Boakes, now serving ten years in prison, from regulated activities and also obtained a confiscation order against the former investment adviser and purported trader.
The Court of Appeal has upheld the..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Barclays fined record £72m: bypassed AML controls to land “deal of the century”
Barclays Bank has received the biggest fine handed out by the Financial Conduct Authority or its predecessor in relation to breaches of rules to minimise financial crime risk – £72,069,400. This was due to its handling of a global, highly..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Another payday lender concedes redress plan on account of unaffordable loans
CashEuroNet has struck a deal with the Financial Conduct Authority owing to problems with its lending criteria, agreeing to pay £1.7 million of redress to 3,940 customers. The firm is the second payday lender in two weeks to finalise a redress..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
How to solve the five most common malus and clawback issues
Malus and clawback rules brought in by EU and UK regulators can throw up complicated conundrums when firms attempt to outwork them in practice. Alex Beidas provides pointers on FAQs.
The UK Prudential Regulation Authority and Financial..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
New rules may encourage more City workers to speak out
A set of whistleblowing requirements for certain UK financial services institutions – to take effect in September 2016 – represent a further attempt to clean up conduct in the sector. Annabel Mackay examines the regime along with its..
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Man or machine? The future of financial advice
From the man-made monster depicted in Frankenstein (1818) to today, both fascination and fear have surrounded the potential for humans to create artificially intelligent forms that might enhance or perhaps undermine our wellbeing. Adam Samuel deconstructs the issues involved in utilising ‘robo advice’ in the financial services industry.
Online Published Date:
11 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015
Threadneedle's lax front office controls sew up £6m fine
The Financial Conduct Authority has penalised Threadneedle Asset Management Ltd £6,038,504 because the firm had inadequate controls in its fixed income front office and provided incorrect information to the regulator.In April 2011, the Financial..
Online Published Date:
15 December 2015
Appeared in issue:
Vol 28 No 4 - 11 December 2015