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Dangerous waters – issues to consider
This note addresses some of the issues raised by part one of the case study on page 7. It is not a model answer to the case study – indeed, it would be impossible to provide one – rather it highlights areas of concern and practical ways in which concerns might be addressed. This note does not constitute legal advice from Denton Wilde Sapte. In the case of a specific problem, it is recommended that professional advice be sought.
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Welcome to the pleasure dome – but take your lawyer with you
Financial gambling is fast becoming a legal minefield for punters, bookmakers and regulators. Helen Parry of London Metropolitan University looks at how the cards are falling. (See note 1 for the ‘pleasure dome’ reference.). “I still regret not having a few quid on Labour seats at the last election. Labour’s pollster told me days before the result that we were in for a landslide. But I suppose I would have been guilty of insider dealing.”. Charlie Whelan [2]
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Compliance issues for fee-based advisers
31 October 2004 was an important date for a number of reasons, most notably the start of the regulation of mortgage intermediaries. A less-noticed aspect of the Mortgage Conduct of Business rules (MCOB) was the requirement, soon to take effect in the investment sector, for independent firms to offer clients the option of paying by fees. This recognition of the central nature of fee-paying to the notion of independence represents an important step in the development of this type of remuneration. However, when a regulator gives a positive message about a particular way to do business, one can be confident that related compliance issues will arrive shortly afterwards, says Adam Samuel.
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01 December 2004
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Vol 17 No 4 - 01 December 2004
A festive message: “Treat your customers fairly or you will be sorry!”
As we approach the festive season and embrace the message of goodwill to all men and women, it is an appropriate time to look at the FSA’s focus on how it expects regulated firms to treat their customers fairly. Philip Ryley, solicitor and John Virgo, barrister, briefly set out what the FSA has indicated is required on the part of regulated firms.
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Dangerous waters – a conflicts workshop
by Denton Wilde Sapte
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Child Trust Funds rules take effect
The Child Trust Fund (CTF) draft rules were revised before they came into force on 1 December 2004. Firms will be expected to provide a “balanced comparison” between stakeholder and non-stakeholder CTF accounts. The equity-based..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Simplified prospectus proposals for collective investment schemes
The FSA set out its proposals last month for compliance with the Third UCITS Directive, which requires EU member states to provide investors in collective investment schemes (CISs) with a “simplified prospectus” (SP). They are designed..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
FSA encouraged by industry progress on soft and bundled commissions
It looks as if the Investment Management Association, supported by the London Investment Bankers’ Association and the National Association of Pension Funds, will meet the FSA’s end of year deadline to produce a market-based solution for..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Basic advice regime for stakeholder products goes ahead
From April 2005 firms will be able to sell stakeholder products, other than, “for now”, the smoothed investment fund (which is to be the subject to further research on consumer understanding) if they are judged to be suitable on the..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Business continuity report points to continuing work
The UK financial system is “more resilient and better prepared to manage disruption” than a year ago says the Financial Sector Business Continuity Progress Report published last month. However, the Tripartite Standing Committee on..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
FSA censures The Underwriter and fines former CEO for Principles breaches
The Underwriter Insurance Company Limited was censured for breaching Principle 11 - the requirement to be open and cooperative with the regulator – last month and its former CEO, Keith Rutter, was fined £20,000 for contravening Principles..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Depolarised
1 December 2004 witnessed the depolarisation of financial advice. Firms will now be able to advise consumers on products, whether from across the whole market, from a limited number of providers or a single provider. All private customers will..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Evolution Beeson Gregory fined £500,000 and its former market making head pays £75,000 for distortion
Evolution Beeson Gregory (EBG), the investment banking arm of the Evolution Group, a market-maker in mid cap and small cap AIM stocks, which sold short 252% of the issued share capital of Room Service (now named Azure (Holdings) Plc) between 25..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
“Mixed picture” on information security
Information security represents a “material risk” to combating the financial crime objective, the FSA acknowledges in its recent report, “Countering financial crime risks in information security”,..
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01 December 2004
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Vol 17 No 4 - 01 December 2004
News
No great surprises in FSMA two-year review
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01 December 2004
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Vol 17 No 4 - 01 December 2004
Sun behind the clouds
Over the last four years Compliance Monitor has joined forces with City recruitment specialists Joslin Rowe to survey compliance professionals about trends in the industry, the work of the FSA and their personal thoughts on their careers to date. Through an online questionnaire we collated the views of over 80 senior individuals in financial services compliance: 36% of our respondents were heads of department, 21% were senior managers whilst a further 43% were managers and other experienced staff. Anonymity was assured which meant that the survey generated some hard-hitting insights.
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01 December 2004
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Vol 17 No 4 - 01 December 2004