i-law

Compliance Monitor

Awards under the Financial Ombudsman Scheme

Philip Ryley is a solicitor and head of Financial Services & Markets at Michelmores LLP, based in London and Exeter. JohnVirgo is a barrister specialising in financial services law and regulatory issues from Guildhall Chambers, Bristol and at 5, Stone Buildings, Lincoln’s Inn, London. Philip Ryley can be contacted by email phr@michel-mores.com or by telephone 01392 687 671.
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

A year of Enforcement

Adam Samuel Dip PFS, LLM, barrister and compliance consultant can be contacted on tel 020 7435 2620; email AdamSamuel@aol.com, website www.adamsamuel.co.uk His book, “Complaints and Compensation: a Guide to the Financial Services Market”, is available from www.cityandfinancial.com and www.adamsamuel.com.
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Multi-speed MiFID Europe: FSA goes for the chequered flag

© FSA Compliance Consultants Ltd 2007. Mazhar Manzoor is Managing Director of FSA Compliance Consultants Ltd and can be contacted on tel: +44 (0)845 450 7222 or email: enquiries@fs-a.com; website: www.fs-a.com. He is a regulatory compliance practitioner assisting clients in money laundering and fraud prevention and all areas of Financial Services Authority regulation including preparations for EU led changes such as the Market in Financial Instruments Directive and the Capital Requirements Directive. He also runs compliance, risk and money laundering training workshops in the Middle East.
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Best expectations

Rosie Bhattacharjee is an associate director at Bovill, Financial Services Regulatory Consultants, www.bovill.com. She may be contacted on tel: + 44 (0)161 247 8562; email RBhattacharjee@bovill.com
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Demanding more

Lindsay Reid can be reached on tel: +44 (0) 7269 1848; email: lindsayreid@michaelpage.com
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

MiFID Connect outsourcing guidance confirmed by FSA

Firms that follow industry guidance on outsourcing issued by MiFID Connect, the joint task force set up by 11 trade associations to assist their members in implementing the Directive, can have confidence in it as a ‘sturdy breakwater’..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Split ends

A sorry chapter in the history of mis-selling, conflicted governance and dubious cross-holdings closed in May when the FSA concluded its investigation into the behaviour of fund managers and brokers in the split capital investment trust sector. Four..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

SERPS/S2P alternatives not widely missold

There is no evidence of widespread misselling of Appropriate Personal Pensions (APPs) to people who contracted out of the State Second Pension (S2P) / State Earnings Related Pension Scheme (SERPS), according to the FSA. It estimates that only about..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Better home and motor insurance adverts, research finds

A 10-day survey in April of all home and motor insurance advertising carried by the national press found that 94% of promotions by 28 firms were fair and accurate in describing savings that consumers would achieve. The figure compares to 55% from a..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Financial advisers not under radar, says FSA

The “folk lore” that small retail firms escape scrutiny by the regulator is wrong according to Stephen Bland, FSA Director of Small Firms. Speaking at Financial Adviser Expo in London in May, he said that only a third of financial..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

MiFID permissions and notifications checklist

FSA has issued a guide to help firms determine the MiFID-related notifications and applications, including variations of permission (VoPs), they should make in time for Directive implementation on 1 November 2007. Many firms, will see their..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Charterhouse pays £122,500 for lack of discretion

Charterhouse Consulting Wealth Management Ltd, a small multi-tied financial adviser has been fined £122,500 for switching clients between funds in a bond product without permission to carry on discretionary portfolio management. An enforcement..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Advice gap over with-profits policies

Nearly two thirds of financial advisers believe that their peers fail to talk “at least occasionally” to clients about their with-profits policies, according to a Mori poll commissioned by the FSA, even though there are currently 32..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Any other non-MiFID business

The 12 specialist regimes in COB that deal with non-MiFID business [corporate finance, commodity and exotic derivatives, non-financial spread betting, service companies, locals, depositaries, Lloyds, Collective Investment Scheme (CIS) operators,..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

TCF – a progress update

Firms must be consistently treating customers fairly by the end of December 2008, the FSA announced on the 8 May. On the same day it reported industry progress in meeting the March 07 deadline for implementing TCF-inspired change in a substantial..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Insider fraud costs BNP Paribas Private Bank £350,000 for lax controls

Holes in the anti-fraud controls at BNP Paribas Private Bank (BNPP Private Bank), which enabled a senior employee to steal £1.4 million from client accounts between February 2002 and March 2005, by forging clients’ signatures and..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Pillar 2 assessment approach set down

The FSA has published details of how it will judge the Internal Capital Adequacy Assessment Process (ICAAP) of firms covered by the Capital Requirements Directive (CRD). The Pillar 2 assessment or Supervisory Review and Evaluation Process (SREP)..
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

Hedge funds for the masses?

Richard Stones is a consultant at Lovells. He may be contacted on tel: +44 20 7296 2000; email: richard.stones@lovells.com
Online Published Date:  01 June 2007
Appeared in issue:  Vol 19 No 9 - 01 June 2007

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