i-law.com - Newsletter (Compliance Monitor)

Emboldened by increasing public acceptance andlegal protections, growing numbers of employees who encounter misconduct intheir work environment are willing to blow the whistle. And as recessionarypressures hit financial institutions, the potential for breaches will beheightened. Firms would be wise to ensure their whistleblowing procedures andtraining are up to the task, advises BambosTsiattalou.

Online Published Date: 13 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020

Covid-19 pressures will lead to more whistleblowing

Emboldened by increasing public acceptance and legal protections, growing numbers of employees who encounter misconduct in their work environment are willing to blow the whistle. And as recessionary pressures hit financial institutions, the potential for breaches will be heightened. Firms would be wise to ensure their whistleblowing procedures and training are up to the task, advises Bambos Tsiattalou.

Online Published Date: 13 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020

Regulators look to widen ‘open banking’

Customer use of open banking utilisingthe UK framework has surpassed one million users and there are over 200 activeservice providers across a range of services. Yet the growth of the sector hasbeen limited by the development of a regulatory framework for access to data. Charlotte Hill and KatieFry-Paul outline the journey so far.

Online Published Date: 13 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020

Confronting the market abuse risks of homeworking

Remote-working significantly increases the riskof market abuse and other misconduct, yet firms are still obliged to complywith all relevant provisions under the Market Abuse Regulation. The regulatormust provide clear and detailed guidance on how to achieve this, urge Neil Swift and Katie Jones.

Online Published Date: 13 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020

Adams v Options Sipp – regulatory feebleness towards SIPP providers

A recent judgment delivered by the High Court tackles another case where “consumers have been ripped off by unregulated introducers, as SIPP providers have stood idly by receiving their money”. Adam Samuel dissects “a nightmare judgment on inept regulation”, which may well be appealed.

Online Published Date: 13 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020

Treating Customers Fairly from home

As we grapple to contain the ongoing pandemicrisks as well as resume as normal a life as possible, financial institutionsneed to re-assess their conduct risk strategy and framework. Dee McManusdiscusses the actions firms are taking to implement additional monitoring to supportfair treatment of customers within the remote working structure.

Online Published Date: 13 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020

Mortgage arrears call-handling failures cost Lloyds dearly

Over a four-year period, some 38 per cent of customers battling with their mortgage repayments were treated unfairly by Lloyds – leading to a £300m redress scheme as well as a £64m fine from the regulator. Given the current coronavirus crisis, which has placed many customers under financial pressure, Abdulali Jiwaji and Tom Snelling stress that there are lessons to be learned.

Online Published Date: 14 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020

Benchmark administrators approach SMCR deadline

Any overhaul of a regulatory framework placesstress on a company and tackling this during a pandemic lockdown intensifiesthe challenges exponentially. Covid-19 is piling pressure on benchmarkadministrators scrambling to hit the SMCR deadline, says Maurice McDonald.

Online Published Date: 14 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020

Tribunal upholds age discrimination claim against Citibank

Ageist comments made by senior managers, low numbers of older senior staff, along with a lack of evidence that the bank took age discrimination or the claimant’s specific concerns seriously, persuaded the Employment Tribunal that Citibank had discriminated against a 55-year-old it made redundant. Lessons should be learned from this recent non-financial misconduct case, writes Denis O’Connor.

Online Published Date: 14 July 2020

Appeared in issue: Vol 32 No 10 - 01 July 2020