i-law.com - Newsletter (Compliance Monitor)

: A mystery solved: how to ensure suitable investment advice; Online Published Date : 10 June 2022 | Appeared in issue: Vol 25 No 9 - 03 June 2013; The FSA’s recent mystery shopping assessment of the quality of investment advice given by banks and building societies found that 11% of visits resulted in unsuitable advice, while in another 15% not enough information was obtained. Rebecca Prestage examines the report and previous guidelines for clues on how to provide consistently suitable advice.

: BSPS compensation: a Pension Review repeat; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; Former members of the British Steel Pension Scheme received “significantly higher levels of unsuitable advice than other cases”, according to the Financial Conduct Authority. As the regulator prepares to wield its ‘section 404 powers’ for only the second time and consults on a redress scheme, Adam Samuel opines that we are not learning the lessons of history.

: Conflicts of interest turbulence for Greensill-linked firm; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; An FCA warning letter and a signedattestation of compliance did not deter GAM International Management from multiplefailures to manage its conflicts of interest appropriately. Denis O’Connordissects the enforcement notices against the firm and investment directorTimothy Hayward.

: Firms to lose permissions within 28 days of a warning for lack of activity; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; By Neasa MacErlean

: Global perspective – SMCR compared with equivalent regimes; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; While all financial services marketplacesrecognise the imperative of keeping senior managers accountable, regulators aretaking lessons from each other and tailoring their respective rules to theirown environment. Simon Collinscompares and contrasts the more prescriptive approach of the UK’s SMCR with someother leading jurisdictions.

: Former Gordon Brown adviser starts as interim FCA chair; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; ByNeasa MacErlean

: Weaving the Consumer Duty into the fabric of your firm; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; Just ten months remain to implement whatthe regulator describes as “a significant shift in culture and behaviour”.Firms must act now to demonstrate their consideration of consumer outcomesacross all stages of product manufacturing, distribution, service execution andcustomer support, writes Simon Goryl.

: FCA makes foray into use of freezing orders; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; Suspicious activity by a fintech start-uphas prompted the Financial Conduct Authority to bring urgent court proceedingsagainst seven bank accounts held by QPay Europe, securing £2 million of allegedcriminal proceeds. Jonah Anderson and Lucy Rogers examine the useof account freezing orders and account forfeiture orders by the FCA and other UKauthorities.

: Focus broadens from climate to nature-related disclosures; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; On the heels of the United Kingdomadopting new climate-related financial disclosures for a range of firms, aninternational taskforce has released a draft framework for nature-relatedrisks, opportunities and disclosures. The recommended nature-relateddisclosures will be able to capture risks and opportunities that the TCFDFramework does not capture, report Charlotte HillandJessicaHoward.

: FCA overrides investor sector opposition to propose single listing system for equities; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; ByNeasa MacErlean

: FCA warns consumers against using two funeral plan providers ahead of July deadline; Online Published Date : 10 June 2022 | Appeared in issue: Vol 34 No 9 - 09 May 2022; By Neasa MacErlean

: Guarantor lender fined £800k for ignoring daily living costs in affordability formula; Online Published Date : 13 June 2022 | Appeared in issue: Vol 34 No 10 - 13 June 2022; ByNeasa MacErlean

: Consumer groups likely to be consulted on full and partial bank branch closures; Online Published Date : 15 June 2022 | Appeared in issue: Vol 34 No 10 - 13 June 2022; By Neasa MacErlean