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From ‘light touch’ to Consumer Duty

Online Published Date : 06 September 2022 | Appeared in issue: Vol 35 No 1 - 18 July 2022

After years of debate and in response to a succession of scandals, the United Kingdom has adopted a much more prescriptive approach to protecting financial services consumers. Scrutiny will fall not only on firms but also on the regulator to make a success of these reforms, writes Esther Martin.

IFA links with unauthorised introducers: here be dragons

Online Published Date : 06 September 2022 | Appeared in issue: Vol 35 No 1 - 18 July 2022

In a recent case, over 2,000 consumers lost morethan £50 million after financial advice firms steered their pension savings tohigh-risk products in which an unauthorised firm had a significant interest. Theregulator should use its powers to close a business or impose a new CEO,compliance officer or section 166 Skilled Person more often, says Adam Samuel.

Insurance broker receives second fine for lax anti-bribery controls

Online Published Date : 06 September 2022 | Appeared in issue: Vol 35 No 1 - 18 July 2022

A previous fine, work with a Skilled Person,along with group-wide third-party due diligence and approval processes, wereinsufficient to prevent corrupt payments related to Jardine Lloyd Thompson’sSouth American business – including an instance of over US$3 million in bribes.Denis O’Connor analyses the lessonsfor careful consideration.

Corporate criminal liability up against the wall

Online Published Date : 06 September 2022 | Appeared in issue: Vol 35 No 1 - 18 July 2022

It is notoriously difficult to attribute criminal liability to large corporates in the United Kingdom. Proposals from the Law Commission for reform are on the table – including the extension of ‘failure to prevent’ offences to cover certain fraud charges. Thomas Cattee and Susana Ferrín Pérez examine how the criminal law has developed, challenges to establishing criminal corporate liability, along with the recent proposals.