i-law

Compliance Monitor

FCA pursues Facebook and other platforms over illegal promotions

Instagram, Facebook, YouTube, TikTok and "all" the other major social media companies have received requests from the FCA to take down financial promotions that include harmful content, according to the regulator.
Online Published Date:  01 March 2023
Appeared in issue:  Vol 35 No 6 - 01 March 2023

Taking stock, pressing forward

As Covid-19 fears abate, the brutal conflict in Ukraine grinds into its second year and reverberates around the globe through disruption to supply chains as well as a cost-of-living squeeze. Amid these challenges, compliance professionals in the United Kingdom are facing multiple significant programmes of financial regulatory reform, write Mark Simpson and Kimberley Everitt.
Online Published Date:  07 March 2023
Appeared in issue:  Vol 35 No 6 - 01 March 2023

In for a penny - in for a digital pound?

On 7 February 2023, the joint Bank of England-HM Treasury CBDC Taskforce published a consultation paper on a potential retail UK central bank digital currency (CBDC). This 'digital pound' would be a new form of sterling, similar to a digital banknote, issued by the Bank of England for everyday use by households and businesses. Charlotte Hill and Mila Pencheva consider the case for a CBDC, the proposed model and key milestones.
Online Published Date:  07 March 2023
Appeared in issue:  Vol 35 No 6 - 01 March 2023

Managing ESG risk for financial institutions

With Environmental, Social and Governance concerns now at the forefront of public and industry agendas, firms that slip up find themselves exposed to potential reputational, stakeholder, litigation and regulatory fallout. Arwen Handley overviews the main areas of risk for financial institutions and preventative steps for managing them.
Online Published Date:  07 March 2023
Appeared in issue:  Vol 35 No 6 - 01 March 2023

SIPP providers must compensate customers mis-sold by unregulated introducers, rules High Court

A recent decision in the second Options pensions case may conclude the court arguments about obligations of SIPP providers when dealing with non-mainstream investments and unregulated introducers. Adam Samuel analyses the judgment.
Online Published Date:  07 March 2023
Appeared in issue:  Vol 35 No 6 - 01 March 2023

What's ahead for consumer finance?

Once again, 2023 promises to be a year of regulatory change. With a mixture of reforms already agreed and yet to be implemented, consultations underway and the promise of more to come, all regulated firms in the UK will be viewing the coming months with some trepidation. Emma Radmore and Duncan Scott discuss what may be in store for consumer finance firms.
Online Published Date:  07 March 2023
Appeared in issue:  Vol 35 No 6 - 01 March 2023

Chief Risk Officer wins whistleblowing case against London bank

A recent Employment Tribunal decision delivers a warning to financial institutions that internal communications about their regulatory obligations may constitute a protected whistleblowing disclosure. A subsequent 'detriment' to the employee could fall foul of the Public Interest Disclosure Act, reports Denis O'Connor.
Online Published Date:  07 March 2023
Appeared in issue:  Vol 35 No 6 - 01 March 2023

Are we on the cusp of a 'Big Bang 2.0' for financial trading and markets?

A swathe of reforms in the pipeline to enhance the United Kingdom's financial regulatory framework, while boosting competitiveness and growth, are touted as a "once in a generation opportunity" - but are they as radical as Margaret Thatcher's deregulatory programme of 1986? Neil Robson and Nathaniel Lalone examine the Financial Services and Markets Bill along with the Edinburgh Reforms.
Online Published Date:  07 March 2023
Appeared in issue:  Vol 35 No 6 - 01 March 2023

Final FCA guidance published on forbearance options for mortgage lenders

The regulator has confirmed itsfinal guidanceon the treatment of existing mortgage borrowers with cost-of-living issues.
Online Published Date:  10 March 2023
Appeared in issue:  Vol 35 No 7 - 03 April 2023

Compliance challenges loom as Chancellor loosens pension limits for high-earners

The Chancellor has given a boost to the financial advice sector through his Budget changes on pensions.
Online Published Date:  16 March 2023
Appeared in issue:  Vol 35 No 7 - 03 April 2023

Spotting red flags for green crime

Environmental crime prevention is still in its infancy and business that is tainted by violations may be extremely difficult for financial institutions to spot.Maria Evstropovahighlights indicators which should prompt further scrutiny, along with risk management precautions.
Online Published Date:  16 March 2023
Appeared in issue:  Vol 35 No 7 - 03 April 2023

"Poor" standards among ESG benchmarks push sector closer to FCA regulation

Benchmark administrators are being warned that the FCA will take action against them unless they improve the quality of their ESG benchmarks.
Online Published Date:  20 March 2023
Appeared in issue:  Vol 35 No 7 - 03 April 2023

Terrorism officer and FCA long-server appointed to lead Enforcement team

The Financial Conduct Authority is increasing its emphasis on enforcement by appointing two people as executive directors of Enforcement and Market Oversight - replacing Mark Steward who leaves on 13 April.
Online Published Date:  24 March 2023
Appeared in issue:  Vol 35 No 7 - 03 April 2023

Firms urged to feed concerns into SMCR reviews

Reviews of the SMCR by the Treasury, FCA and PRA are expected to explore three areas in particular - the compliance requirements for authorising the appointment of new senior managers, the varying levels of scrutiny applied to different firms, and the interaction with other regulatory regimes.
Online Published Date:  31 March 2023
Appeared in issue:  Vol 35 No 7 - 03 April 2023

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