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Small isn’t always beautiful
Reducing financial crime has always been a focus for the FSA as one of its statutory objectives under the Financial Services and Markets Act 2000 but for small firms this area of regulation has recently risen up the agenda, writes
Fiona Raistrick
of BDO Stoy Hayward LLP.
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
There’s always an alternative
For some time there has been appetite for making hedge funds available at a retail level. The “route to retail” for this breed of fund has many barriers. Now, new investment powers for non-UCITS retail schemes (NURS) will allow Funds of Alternative Investment Funds (FAIF) to emerge. These schemes will be able to invest far more liberally in hedge funds yet still market to retail customers. In this article,
Emma Radmore
and
Dominic Gilmore
of Denton Wilde Sapte look at the current regime and the proposals for change.
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
Managing culture and expertise – a behaviour risk approach
Well, here we are starting to enjoy the barbeque season, writes
Charles Cattell
of The Cattellyst Consultancy. The dark days of winter and the implementation of MiFID are behind us, as is FSA’s March deadline for Treating Customers Fairly (TCF) and Christmas is a long way off (just like FSA’s next TCF deadline). So now is an ideal opportunity to reflect on some of the recent twists and turns in the regulator’s pronouncements about how we should be going about managing our people and, more importantly, what firms and compliance specialists should be doing about it.
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
The Senior Management Responsibility regime – disappointing and unprincipled
In the run-up to the creation of the FSA, much was made of the innovation introduced by the Financial Services and Markets Act of a power to discipline personally approved persons. By including senior managers as well as firms, the legislation hoped to strike fear into the hearts of top people in the industry when they were tempted to cut corners. Six years later, we asked regular contributor,
Adam Samuel
, to have a look at whether the regime has succeeded or ever could do so.
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
Tuning in to the Principles: compliance oversight and monitoring
The move to More Principles-Based Regulation calls for a realignment of compliance oversight and monitoring functions.
Lucy Williams
, Director of Compliance, Norwich Union Life explains how one institution has modified its approach.
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
Leading answers
MiFID is broadly in place and in the brief lull before the expected next round of market-wide change management, precipitated by the credit crunch, Compliance Monitor editor Timon Molloy spoke to Antony Whitehouse , Head of Compliance in London for Calyon, the French corporate and investment banking arm of the Crédit Agricole group, about the business of regulation and the tactical and strategic risks and challenges he faces.
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
Financial promotions and sales flaws earn censure for Mortgageland
If a mortgage broker wishes to promote its services to people with County Court judgements (CCJs), loan arrears or defaults, it should ensure that the APR rate is given equal prominence in its marketing, the FSA states in its censure of mortgage..
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01 June 2008
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Vol 20 No 9 - 01 June 2008
Travel insurance regulation lands in new year
Travel firms that wish to sell insurance cover for holidays will face the same professional indemnity insurance (PII) requirements as general insurance intermediaries when they are regulated on 1 January next year. Firms that already carry on..
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
Thinc has to re-think record-keeping after £900,000 fine
Thinc Group Limited, one of the UK’s largest IFA networks, has been fined £900,000 for deficient record-keeping around sales of sub-prime mortgages during the period 1 January 2006 to 30 September last year. The group comprised at the..
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
Civil penalties under Money Laundering Regulations enter Handbook
The power granted to the FSA to impose civil penalties for breaches of both the Money Laundering Regulations 2007 and the Transfer of Funds Regulations, which add to its existing ability to bring prosecutions under the Financial Services and Markets..
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01 June 2008
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Vol 20 No 9 - 01 June 2008
Mortgage advisers pay for poor advice
Three mortgage brokers have been fined for failing to collect adequate information about customers’ needs and circumstances and to demonstrate the suitability of their advice. Mohammad Rama, trading as Property Compass (Countrywide), paid..
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01 June 2008
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Vol 20 No 9 - 01 June 2008
Land of Leather and chief executive given strap over PPI sales
Furniture retailer Land of Leather and its chief executive, Paul Briant, have been fined £210,000 and £14,000, respectively, for inadequate controls around the sale of payment protection insurance (PPI). The firm was authorised to sell PPI..
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
Compensation scheme extension to insurance of EEA risk
UK and EEA risks written under long-term or general insurance policies issued through EEA branches of UK insurers will be equally eligible under the Financial Services Compensation Scheme (FSCS) if proposals in CP08/9 are confirmed. As matters..
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01 June 2008
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Vol 20 No 9 - 01 June 2008
UNAT DIRECT pays £640,000 for premature call centre sales
Incomplete due diligence on external call centres contracted to sell general insurance products has cost UNAT DIRECT Insurance, a subsidiary of AIG Inc, £640,000. The FSA penalty relates to non-adherence by the firm to its own Third Party..
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01 June 2008
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Vol 20 No 9 - 01 June 2008
Transparency code heralds complaints league table and quicker promotions censure
Complaints data for individual firms will be published in early 2009 under a new draft Code of Practice on Regulatory Transparency set out by the FSA in DP08/3. The regulator intends to focus on firms that receive the largest number of complaints..
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01 June 2008
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Vol 20 No 9 - 01 June 2008
Variation of Permissions gains sharper edge
Wording in the Enforcement Guide (EG 8.2-8.5) is set to be tightened to indicate that the FSA may apply Own Initiative Variation of Permissions (OIVoPs), whether as a supervisory or enforcement tool, even if a firm has already confirmed that it will..
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01 June 2008
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Vol 20 No 9 - 01 June 2008
Immunity prospect to tempt insider traders
Insider traders whose evidence assists the prosecution of other market abuse suspects may escape criminal proceedings under a leniency proposal in CP08/10, the annual review of the Decision Procedure and Penalties manual (DEPP) and the Enforcement..
Online Published Date:
01 June 2008
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Vol 20 No 9 - 01 June 2008
TCF – The Clarity Failure
Timon Molloy, Editor. For information about Infoline events, visit www.infoline.org.uk
Online Published Date:
01 June 2008
Appeared in issue:
Vol 20 No 9 - 01 June 2008