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PRA plans climate-related supervision from 2022 — highlighting gaps in risk and scenario planning
By Neasa MacErlean
Online Published Date:
02 November 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
FCA outlines design approach to ‘sustainable investment labels’ for products
By Neasa MacErlean
Online Published Date:
03 November 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Climate-focused regulation heats up
A sense of urgency in conference rooms and on the streets at the United Nations Climate Change Conference in Glasgow, will also be felt by compliance officers as they grapple with onerous requirements coming down the pipeline from UK and other regulators. Neasa MacErlean reports on key initiatives and takeaways.
Online Published Date:
09 November 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Home Office strikes blow against defensive SARs
Guidance from the Crown Prosecution Service and the Home Office ups the ante on relevant officers to submit Suspicious Activity Reports where appropriate, but not to succumb to over-filing. The emphasis is on firms suitably managing their risks and not using an easy escape route, comment Maria Evstropova and Julius Kania.
Online Published Date:
09 November 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Proposed changes to the FCA’s cancellation and variation powers
“Use it or lose it.” The FinancialConduct Authority is sending out a stronger message to firms that fail to utilisetheir regulatory permissions. Charlotte HillandArnavGupta explain the details of the regulator’s consultation.
Online Published Date:
09 November 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
NatWest’s conviction on AML charges was a failure of culture
Catastrophic anti-money laundering breaches have ledto a guilty plea and a possible £340 million fine for NatWest. No matter what ‘policies and procedures’ are in place, thereis a failure in culture when a client, which is not supposed todeposit cash, can bank £264m in person over a five-year period, says BarryFaudemer.
Online Published Date:
10 November 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
OPBAS slams professional body supervisors over weak regulation
As the Pandora Papers once again suggest, the net of anti-moneylaundering protectionin the United Kingdom has plenty of holes. While a May 2021 letter to retail banks is the latest expression of the Financial Conduct Authority’s displeasure at AML control failings under its watch, a recent report by the umbrella supervisor of the legal and accountancy sectors has enumerated further deficiencies among the gatekeepers. Denis O’Connor reports.
Online Published Date:
10 November 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
FOS fumbles with Covid-era case spike
Though payment protection insurance complaints are finally ebbing, the Financial Ombudsman Service is grappling with a case backlog, a productivity fall during the pandemic, along with a surge in cases – particularly in relation to current accounts and credit cards. Staff are reportedly being offered ‘voluntary overtime’ just months after FOS made 200 redundancies in its mass claims teams. [1] Adam Samuel scrutinises the Service’s performance.
Online Published Date:
11 November 2021
Appeared in issue:
Vol 34 No 3 - 11 October 2021
Sunrise Brokers fined £642,400 for not screening out cum-ex business
In the second case brought by the Financial Conduct Authority in connection to the cum-ex trading scandal, Sunrise Brokers has been fined £642,400 for defective systems and controls. [1]The firm failed to identify and appropriately handle the risk..
Online Published Date:
12 November 2021
Appeared in issue:
Vol 34 No 4 - 01 December 2021
FCA formalises ‘synthetic LIBOR’ plan to avoid disruption for markets and consumers
By Neasa MacErlean
Online Published Date:
17 November 2021
Appeared in issue:
Vol 34 No 4 - 01 December 2021
Debt packager business model under threat as FCA eyes referral fee ban
By Neasa MacErlean
Online Published Date:
18 November 2021
Appeared in issue:
Vol 34 No 4 - 01 December 2021
FCA holds firm on decision to empower senior managers in cases of consumer harm
By Neasa MacErlean
Online Published Date:
29 November 2021
Appeared in issue:
Vol 34 No 4 - 01 December 2021