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FCA civil action against directors clears High Court hurdle
The FCA has been allowed to continue its civil proceedings against the former CEO and CFO of a listed IT company after the High Court rejected a claim from the defendants to stop the case.
Online Published Date:
11 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Credit brokers targeted on misleading promotions
Credit brokers made over 3,800 amendments and withdrawals on their promotions in Q3 this year after the FCA contacted the 37 authorised firms involved.
Online Published Date:
11 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
ESG Conduct Code for data and ratings providers could be ready in 2023
A voluntary Code of Conduct for data and ratings providers on ESG (Environmental, Social and Governance) is expected to be ready for consultation in the second half of next year, coming into effect four months afterwards.
Online Published Date:
24 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Credit reference agencies set for more collaboration on consumer data access
A new industry body for credit reference agencies is expected to be established in 2023 as the prelude to improving competition and providing better information to consumers.
Online Published Date:
24 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Stock trading app providers told to review gaming features, over fears of problem-gambling
Some consumers using stock trading apps with gaming features are exhibiting "behaviours similar to problem-gambling", according to the FCA. As a result, the regulator is telling firms to review and improve their app products.
Online Published Date:
24 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Censure replaces £76k fine for former bank CEO
The previous CEO of a bank has escaped a £76,400 FCA fine because of "exceptional circumstances". Mohammad Prodhan has received a public censure instead, for two years of anti-money laundering failings at Sonali Bank (UK) Limited. The London-based bank served the Bangladeshi community.
Online Published Date:
24 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Transfer advisers to use FCA calculation process for compensation review
Firms that advised British Steel staff to transfer out of their employers' pension scheme are being required to follow special redress rules in order tocalculate compensation sums.
Online Published Date:
29 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
"Corrupt" relationships prompt £18m fine for Julius Baer wealth managers
Julius Baer International has beenpenalised just over £18 millionfor a lack of reasonable care that led to senior managers ignoring "obvious signs" of "corrupt" relationships.
Online Published Date:
30 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
FCA consults on simplified advice regime due to start in 2024
The FCA has begun its consultation on a "new core investment advice regime", which will ease the regulatory requirements on firms advising an estimated 4.2 million consumers who have more than £10,000 in cash and are "open to investing some of it". The start date for the new system is April 2024.
Online Published Date:
05 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Firm fined £2.4m as FCA reaches "advanced stage" with 30 BSPS pension transfer enforcements
A Welsh firm of advisers has been fined nearly £2.4 million over pension transfers - one of 30 investigations "at a very advanced stage" being carried out and concluded in relation to the British Steel Pension Scheme.
Online Published Date:
05 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
The hapless 100: FCA's fines against individuals
In its nearly ten years of existence, the Financial Conduct Authority has meted out 100 fines against individuals in the sector. Neasa MacErlean analyses the numbers and trends.
Online Published Date:
07 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
The Financial Services and Markets Bill: after the Public Bill Committee
A significant piece of legislation to reform the regulation of financial services in the UK is wending its way through the Westminster process, with a largely unscathed version emerging from the Public Bill Committee. Emma Radmore examines what was controversial, what wasn't and what the Bill looks like now.
Online Published Date:
07 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Regulation of financial promotions: 'clear, fair and not misleading'?
"The Financial Conduct Authority and Advertising Standards Authority are only scratching the surface of what is actually going on in financial promotions." Adam Samuel delves into FCA data as well as recent ASA cases to assess learnings and their respective performances.
Online Published Date:
07 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Open, global financial markets and the benefits of regulatory cooperation
Broad regulatory divergence and a patchwork of inconsistent rules would weaken global markets and compound growing levels of market fragmentation, argues Kevin Gaffney.
Online Published Date:
07 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Could doffing bankers' bonus cap lead to another financial crisis?
"Those who cannot remember the past are condemned to repeat it," (George Santayana). Michael Barnett discusses the role of the bonus culture in the financial crisis and what a relaxing of current restrictions could mean in this different era.
Online Published Date:
07 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
The ABC of ESG
There is a lack of well-informed and joined-up thinking when it comes to the urgent activity of environmentally sustainable investing, says an ethical specialist in the area. Chris Hamblin spoke with Julia Dreblow.
Online Published Date:
07 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Payment service providers to incur higher costs under APP fraud proposals
With authorised push payment scams on the rise, alongside disappointing results from the banks' voluntary repayment code, the Payment Systems Regulator is to be given legislative power to propose a more rigorous reimbursement regime. Charlotte Hill and Melissa Whitley examine the consultation paper.
Online Published Date:
07 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Widespread, longstanding use of personal devices costs Barclays $125m
Even senior managers in Barclays' investment banking entity sent tens of thousands of personal messages that violated the firm's policies. A costly remedial exercise is underway, reports Denis O'Connor.
Online Published Date:
07 December 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022