i-law.com - Newsletter (Compliance Monitor)

A mystery solved: how to ensure suitable investment advice

The FSA’s recent mystery shopping assessment of the quality of investment advice given by banks and building societies found that 11% of visits resulted in unsuitable advice, while in another 15% not enough information was obtained. Rebecca Prestage examines the report and previous guidelines for clues on how to provide consistently suitable advice.

Online Published Date: 10 June 2022

Appeared in issue: Vol 25 No 9 - 03 June 2013

BSPS compensation: a Pension Review repeat

Former members of the British Steel Pension Scheme received "significantly higher levels of unsuitable advice than other cases", according to the Financial Conduct Authority. As the regulator prepares to wield its 'section 404 powers' for only the second time and consults on a redress scheme, Adam Samuel opines that we are not learning the lessons of history.

Online Published Date: 10 June 2022

Appeared in issue: Vol 34 No 9 - 01 June 2022

Conflicts of interest turbulence for Greensill-linked firm

An FCA warning letter and a signedattestation of compliance did not deter GAM International Management from multiplefailures to manage its conflicts of interest appropriately. Denis O’Connordissects the enforcement notices against the firm and investment directorTimothy Hayward.

Online Published Date: 10 June 2022

Appeared in issue: Vol 34 No 9 - 01 June 2022

Firms to lose permissions within 28 days of a warning for lack of activity

By Neasa MacErlean

Online Published Date: 10 June 2022

Appeared in issue: Vol 34 No 9 - 01 June 2022

Global perspective – SMCR compared with equivalent regimes

While all financial services marketplacesrecognise the imperative of keeping senior managers accountable, regulators aretaking lessons from each other and tailoring their respective rules to theirown environment. Simon Collinscompares and contrasts the more prescriptive approach of the UK’s SMCR with someother leading jurisdictions.

Online Published Date: 10 June 2022

Appeared in issue: Vol 34 No 9 - 01 June 2022

Former Gordon Brown adviser starts as interim FCA chair

ByNeasa MacErlean

Online Published Date: 10 June 2022

Appeared in issue: Vol 34 No 9 - 01 June 2022

Weaving the Consumer Duty into the fabric of your firm

Just ten months remain to implement whatthe regulator describes as “a significant shift in culture and behaviour”.Firms must act now to demonstrate their consideration of consumer outcomesacross all stages of product manufacturing, distribution, service execution andcustomer support, writes Simon Goryl.

Online Published Date: 10 June 2022

Appeared in issue: Vol 34 No 9 - 01 June 2022

FCA makes foray into use of freezing orders

Suspicious activity by a fintech start-uphas prompted the Financial Conduct Authority to bring urgent court proceedingsagainst seven bank accounts held by QPay Europe, securing £2 million of allegedcriminal proceeds. Jonah Anderson and Lucy Rogers examine the useof account freezing orders and account forfeiture orders by the FCA and other UKauthorities.

Online Published Date: 10 June 2022

Appeared in issue: Vol 34 No 9 - 01 June 2022

Focus broadens from climate to nature-related disclosures

On the heels of the United Kingdomadopting new climate-related financial disclosures for a range of firms, aninternational taskforce has released a draft framework for nature-relatedrisks, opportunities and disclosures. The recommended nature-relateddisclosures will be able to capture risks and opportunities that the TCFDFramework does not capture, report Charlotte HillandJessicaHoward.

Online Published Date: 10 June 2022

Appeared in issue: Vol 34 No 9 - 01 June 2022