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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 tribunal case, over 2,000 consumers lost more than £50 million after financial advice firms steered their pension savings to high-risk products in which an unauthorised firm had a significant interest. The regulator 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.

The Kremlin, sanctions evasion and preventing wrongdoing

Online Published Date : 29 September 2022 | Appeared in issue: Vol 35 No 2 - 29 September 2022

Two transactions conducted unilaterally by institutions in Russia – but involving the UK operations of Sberbank – have led to assets being realised for the benefit of Russian parties. As the British sanctions watchdog examines the incidents, all financial services firms should see this as a wake-up call that they must be able to demonstrate adequate procedures against potential sanctions violations. Angelika Hellweger reports.