Compliance Monitor

FCA finds broad divergence in firms' sanctions controls

The ramping-up of conflict in Ukraine last year has prompted countries around the world to introduce or expand sanctions regimes against Russia. But a review by the UK financial regulator has found wide-ranging weaknesses in the compliance of many institutions, with serious consequences for some firms, reports Denis O'Connor.
Online Published Date:  07 November 2023

AI in financial services: taming your tech

Fast-evolving technologies that mimic cognitive functions bring enormous potential as well as fear of dangers that could slip outside our control. How is the financial services industry to respond? John Buyers and Tom Sharpe set out c-suite considerations for the safe and responsible deployment of AI.
Online Published Date:  07 November 2023

Banks receive bonus cap freedom on current-year compensation arrangements

Banks, building societies and PRA-designated investment firms can remove the bonus cap from their remuneration calculations with effect from 31 October without having to wait, as previously planned, for the start of their next performance year.
Online Published Date:  07 November 2023

Firms warned of common failings in crypto investment promotions

The FCA is issuing alerts at the rate of 13 a day under the powers it acquired on 8 October to supervise cryptoasset promotions. Some 221 alerts were issued in the first 17 days, according to theregulator. Andrestrictionswere imposed on one firm,rebuildingsociety.com, on the third day of the new regime.
Online Published Date:  07 November 2023

A post-Brexit rulebook wishlist

The UK's exit from the European Union prompted speculation about a possible re-shaping of the financial services framework - yet progress so far is more of a 'damp squib' than 'regulatory bonfire'. Adam Samuel vents vexation with the current rulebook.
Online Published Date:  07 November 2023

Moving to mandatory reimbursement for APP fraud

Recently-adopted legislation will lead to onerous requirements for banks to share liability for reimbursing victims of in-scope scams, within certain time and value limits. While some firms already have governance and processes in place, others will find preparation a significant undertaking, write Gary Orritt and Daniel Murphy.
Online Published Date:  07 November 2023

FCA sharpens focus on handling of UK PEPs

The Financial Conduct Authority is reviewing the treatment of domestic politically exposed persons (UK PEPs) by financial services firms. Charlotte Hill and Struan Clark consider the scope and potential impact of the probe.
Online Published Date:  08 November 2023

FCA ups the ante on social media promotions

The regulator's activity in amending or withdrawing financial promotions is skyrocketing, while draft guidance clarifies and updates its expectations for interactive online channels, reports Adam Strickland.
Online Published Date:  08 November 2023

Pensions adviser drops Upper Tribunal appeal and agrees £200k FSCS payment

A pensions adviser is to pay £200,000 to the Financial Services Compensation Scheme in lieu of an FCAfine of nearly £1.5 million that he can no longer afford to meet.
Online Published Date:  10 November 2023

Ex financial adviser faces up to ten-year sentence for mortgage fraud

A former regulated financial adviser and a suspended chartered accountant face maximum punishments of ten years in prison and/or a fine when they are sentenced in February for false representation on mortgage applications. The prosecutions were brought by the FCA and both men have been found guilty at a hearing in Southwark Crown Court.
Online Published Date:  20 November 2023

PayPal and QVC give undertakings as FCA tackles unfair BNPL contracts

PayPal and QVC have both offered Undertakings to the FCA under the Consumer Rights Act 2015 after the regulator raised concerns about "potentially unfair and unclear contract terms" in their unregulated BNPL (Buy Now Pay Later) consumer contracts.
Online Published Date:  20 November 2023

FTSE healthcare company censured for false financial statements

A FTSE 100 company that traded in 19 companies and excluded two-thirds of its debts from its financial reports has been censured by the FCA. No fine is being levied on NMC, the UAE-based healthcare operator, because it went into administration in 2020 and a fine would reduce the amounts paid to existing creditors.
Online Published Date:  20 November 2023

Labelling regime tackles misleading and confusing ESG claims

The Financial Conduct Authority has confirmed an anti-greenwashing rule, standardised labels, along with a ban on non-labelled products being called 'sustainable' - in what it calls "a crucial cornerstone of our ESG strategy".
Online Published Date:  28 November 2023

Welsh pension advisers fined as FCA aborts transfers out of British Steel scheme

The FCA has intervened to stop a Llanelli firm transferring out 141 people from the British Steel Pension Scheme after it had already switched out 25 people into "riskier" defined contribution scheme.
Online Published Date:  30 November 2023

Up to 1,550 personal investment firms in line for 'redress capital' provisions

The FCA is beginning an "extensive programme of outreach" to the personal investment sector aboutproposed rulesthat will require firms which give "bad advice" to set aside "enough capital to compensate for it".
Online Published Date:  30 November 2023

Copyright © 2023 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.