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Bank of England warns again of possible Brexit no-deal
While significant focus has been on handling the coronavirus crisis in recent months, the Bank of England has reminded banks of the other major uncertainty they face – the possibility that the United Kingdom and European Union may fail to strike a..
Online Published Date:
03 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
DB pension transfer reforms released, amid 30 enforcement investigations
By Neasa MacErlean
Online Published Date:
05 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Lloyds subsidiaries penalised £64m for mortgage arrears call-handling issues
The Financial Conduct Authority has fined Lloyds Bank, Bank of Scotland and The Mortgage Business £64,046,800 for poor information-gathering about mortgage customers in payment difficulties, as well as inadequate systems to ensure they are treated..
Online Published Date:
11 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Commerzbank London fined £37.8m for nearly five years of AML breaches
By Timon Molloy
Online Published Date:
18 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Minibond ban to be extended, to block marketing of listed bonds
By Neasa MacErlean
Online Published Date:
18 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Three-month extension for Covid relief on consumer credit
By Neasa MacErlean
Online Published Date:
19 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Equity release firms told to check their processes, as FCA finds tick-box approach
By Neasa MacErlean
Online Published Date:
20 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
New FCA chief highlights international leadership and climate change among top issues
By Neasa MacErlean
Online Published Date:
23 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
FCA pushes toward bespoke prudential regime for investment firms
By Neasa MacErlean
Online Published Date:
24 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Value for Money checks to be tightened on workplace pensions
By Neasa MacErlean
Online Published Date:
25 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
AIM company avoids market abuse fine with compensation scheme
By Neasa MacErlean
Online Published Date:
26 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
FCA wins High Court case against unauthorised firms providing pensions services
By Neasa MacErlean
Online Published Date:
30 June 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
FCA relies on safeguarding rules to lift restrictions on Wirecard e-money services
By Neasa MacErlean
Online Published Date:
01 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
SMCR deadlines extended four months to March 2021
By Neasa MacErlean
Online Published Date:
01 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Benchmark administrators get 36 weeks for temporary replacement of APs
By Neasa MacErlean
Online Published Date:
02 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Covid-19 pressures will lead to more whistleblowing
Emboldened by increasing public acceptance andlegal protections, growing numbers of employees who encounter misconduct intheir work environment are willing to blow the whistle. And as recessionarypressures hit financial institutions, the potential for breaches will beheightened. Firms would be wise to ensure their whistleblowing procedures andtraining are up to the task, advises BambosTsiattalou.
Online Published Date:
13 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Covid-19 pressures will lead to more whistleblowing
Emboldened by increasing public acceptance and legal protections, growing numbers of employees who encounter misconduct in their work environment are willing to blow the whistle. And as recessionary pressures hit financial institutions, the potential for breaches will be heightened. Firms would be wise to ensure their whistleblowing procedures and training are up to the task, advises Bambos Tsiattalou.
Online Published Date:
13 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Regulators look to widen ‘open banking’
Customer use of open banking utilisingthe UK framework has surpassed one million users and there are over 200 activeservice providers across a range of services. Yet the growth of the sector hasbeen limited by the development of a regulatory framework for access to data. Charlotte Hill and KatieFry-Paul outline the journey so far.
Online Published Date:
13 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Confronting the market abuse risks of homeworking
Remote-working significantly increases the riskof market abuse and other misconduct, yet firms are still obliged to complywith all relevant provisions under the Market Abuse Regulation. The regulatormust provide clear and detailed guidance on how to achieve this, urge Neil Swift and Katie Jones.
Online Published Date:
13 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Adams v Options Sipp – regulatory feebleness towards SIPP providers
A recent judgment delivered by the High Court tackles another case where “consumers have been ripped off by unregulated introducers, as SIPP providers have stood idly by receiving their money”. Adam Samuel dissects “a nightmare judgment on inept regulation”, which may well be appealed.
Online Published Date:
13 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Treating Customers Fairly from home
As we grapple to contain the ongoing pandemicrisks as well as resume as normal a life as possible, financial institutionsneed to re-assess their conduct risk strategy and framework. Dee McManusdiscusses the actions firms are taking to implement additional monitoring to supportfair treatment of customers within the remote working structure.
Online Published Date:
13 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Mortgage arrears call-handling failures cost Lloyds dearly
Over a four-year period, some 38 per cent of customers battling with their mortgage repayments were treated unfairly by Lloyds – leading to a £300m redress scheme as well as a £64m fine from the regulator. Given the current coronavirus crisis, which has placed many customers under financial pressure, Abdulali Jiwaji and Tom Snelling stress that there are lessons to be learned.
Online Published Date:
14 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Benchmark administrators approach SMCR deadline
Any overhaul of a regulatory framework placesstress on a company and tackling this during a pandemic lockdown intensifiesthe challenges exponentially. Covid-19 is piling pressure on benchmarkadministrators scrambling to hit the SMCR deadline, says Maurice McDonald.
Online Published Date:
14 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Tribunal upholds age discrimination claim against Citibank
Ageist comments made by senior managers, low numbers of older senior staff, along with a lack of evidence that the bank took age discrimination or the claimant’s specific concerns seriously, persuaded the Employment Tribunal that Citibank had discriminated against a 55-year-old it made redundant. Lessons should be learned from this recent non-financial misconduct case, writes Denis O’Connor.
Online Published Date:
14 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020
Isle of Man suit brought against Old Mutual International and Friends Provident
By Neasa MacErlean
Online Published Date:
28 July 2020
Appeared in issue:
Vol 32 No 10 - 01 July 2020