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Action points given to insurance firms to protect customers in hardship
Insurance sector firms are being warned they could face the loss of their permissions and other penalties if they do not reassess the position of vulnerable customers in financial difficulties.
Online Published Date:
03 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Insurers warned to learn from handling pandemic Business Interruption Insurance
Insurance firms need to transfer the knowledge they gained from handling customers during the Covid pandemic to the cost-of-living crisis - or they could face regulatory action, according to the FCA.
Online Published Date:
04 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Two directors banned and brokerage fined £530k for defective market abuse controls
A compliance department that lacked qualified staff and clear reporting lines was a major factor in circumstances at a London broker which has been fined £530,000, as well as had two of its directors prohibited.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Cessation date set for 1 and 6-month LIBOR while deliberation continues on 3-month
Use of one and six-month sterling LIBOR is to finish on 31 March 2023 - but some extra time is expected to be given for three-month sterling.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
The model compliance officer
Harassed business prevention executive, stickler for form over substance, spouter of business-speak - or engaged, informed individual with a finely tuned and rounded skillset? Adam Samuel discusses how to do the crucial and challenging role of compliance.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
A guide to anti-money laundering for crypto firms
While the regulatory landscape is far from settled, and each jurisdiction will vary in its arrangements, several trends have started to emerge that will inform a crypto firm's approach to financial crime and compliance. ComplyAdvantage provides a step-by-step guide to risk mitigation and regulatory compliance best practices.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
The Data Reform Bill: a post-Brexit crossroad
One of the ways the UK is looking to capitalise on its greater legislative freedom outside the European Union is with a "pro-growth data regime". But what are the potential costs of divergence? Sian Stephens and Chris Weaver report on the consequences for businesses and the financial services sector if the EU decides that the Data Reform Bill, once law, fails its adequacy standard.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Regulatory heads in the Cloud: 'critical third parties' and financial services infrastructure
Financial institutions increasingly rely on third parties outside of their regulated sector to provide key functions and services, like cloud data storage. Yet what systemic risk do these entities pose in the event of failure? Regulators are addressing the issue with new proposals, write Paul Armstrong and Harshil Patel.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Closing regulatory gaps between principals and appointed representatives
The Financial Conduct Authority has recently published its final rules and guidance for enhancements to the appointed representatives regime. The reforms, consulted on in December 2021, respond to the disproportionate level of compensation claims, supervisory cases and complaints that these arrangements produce. Charlotte Hill and Marcel Nengou examine the new requirements.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
FCA "consistently behind the curve" on British Steel pension scandal, say MPs
A report from parliamentarians dives into the dodgy fee structures, as well as lack of preventative action from the regulator, which contributed to significant financial loss for former British Steel Pension Scheme members who transferred their funds out. It appears that 'credible deterrence' is no more, commentsDenis O'Connor.
Online Published Date:
06 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
The Kremlin, sanctions evasion and preventing wrongdoing
Two transactions conducted unilaterally by institutions in Russia - but involving the UK operations of Sberbank - have led to assets being realised for the benefit of Russian parties. As the British sanctions watchdog examines the incidents, all financial services firms should see this as a wake-up call that they must be able to demonstrate adequate procedures against potential sanctions violations. Angelika Hellweger reports.
Online Published Date:
10 October 2022
Appeared in issue:
Vol 35 No 2 - 03 October 2022
Kweku Abodoli banned from financial services
By Neasa MacErlean
Online Published Date:
11 October 2022
Appeared in issue:
Vol 28 No 3 - 06 November 2015
EURIBOR-rigging charges likely against further individuals
By Neasa MacErlean
Online Published Date:
11 October 2022
Appeared in issue:
Vol 28 No 4 - 11 December 2015
"Under-resourced" Compliance highlighted as Gatehouse Bank fined over AML controls
The FCA has fined the third firm in two months for lacking correct controls in cases where little or no financial damage was proven to have happened.
Online Published Date:
17 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Pro-consumer intervention on the rise, as 20% of new authorisation requests are turned down
Over one in five applications to carry out Consumer Investment business were rejected or withdrawn in 2021/22.
Online Published Date:
18 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
FCA steps up greenwashing checks as it unveils product labelling proposals
Green funds will need to carry one of three labels when proposed FCA rules come into effect after the first half of 2023.
Online Published Date:
27 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Barclays challenges £50m fine for Qatar deal with reference to Upper Tribunal
The regulatory battle between Barclays and the FCA continues, with the bank appealing to the Upper Tribunal against the £50 million fine that the regulator plans to impose over payments to Qatari investors during the bank's 2008 capital-raising of £11 billion.
Online Published Date:
27 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Criminal case moves to Crown Court following FCA investigation into listed company
Five men involved with a listed company are the subject of an FCA criminal investigation and would face sentences of up to ten and 14 years if found guilty of the charges against them.
Online Published Date:
27 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Internal Audit warned of 'underwriter-led' culture at Lloyd's firm fined £9m by PRA
A Lloyd's underwriter has been fined over £9 million by the PRA after failures to comply on a range of governance and risk issues - despite warnings to the board from the regulator, and concerns expressed by the Internal Audit team about the prevailing 'underwriter-led' culture.
Online Published Date:
27 October 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022