Compliance Monitor

FCA consults on simplified advice regime due to start in 2024

The FCA has begun its consultation on a "new core investment advice regime", which will ease the regulatory requirements on firms advising an estimated 4.2 million consumers who have more than £10,000 in cash and are "open to investing some of it". The start date for the new system is April 2024.
Online Published Date:  05 December 2022

Firm fined £2.4m as FCA reaches "advanced stage" with 30 BSPS pension transfer enforcements

A Welsh firm of advisers has been fined nearly £2.4 million over pension transfers - one of 30 investigations "at a very advanced stage" being carried out and concluded in relation to the British Steel Pension Scheme.
Online Published Date:  05 December 2022

The hapless 100: FCA's fines against individuals

In its nearly ten years of existence, the Financial Conduct Authority has meted out 100 fines against individuals in the sector. Neasa MacErlean analyses the numbers and trends.
Online Published Date:  07 December 2022

The Financial Services and Markets Bill: after the Public Bill Committee

A significant piece of legislation to reform the regulation of financial services in the UK is wending its way through the Westminster process, with a largely unscathed version emerging from the Public Bill Committee. Emma Radmore examines what was controversial, what wasn't and what the Bill looks like now.
Online Published Date:  07 December 2022

Regulation of financial promotions: 'clear, fair and not misleading'?

"The Financial Conduct Authority and Advertising Standards Authority are only scratching the surface of what is actually going on in financial promotions." Adam Samuel delves into FCA data as well as recent ASA cases to assess learnings and their respective performances.
Online Published Date:  07 December 2022

Open, global financial markets and the benefits of regulatory cooperation

Broad regulatory divergence and a patchwork of inconsistent rules would weaken global markets and compound growing levels of market fragmentation, argues Kevin Gaffney.
Online Published Date:  07 December 2022

Could doffing bankers' bonus cap lead to another financial crisis?

"Those who cannot remember the past are condemned to repeat it," (George Santayana). Michael Barnett discusses the role of the bonus culture in the financial crisis and what a relaxing of current restrictions could mean in this different era.
Online Published Date:  07 December 2022

The ABC of ESG

There is a lack of well-informed and joined-up thinking when it comes to the urgent activity of environmentally sustainable investing, says an ethical specialist in the area. Chris Hamblin spoke with Julia Dreblow.
Online Published Date:  07 December 2022

Payment service providers to incur higher costs under APP fraud proposals

With authorised push payment scams on the rise, alongside disappointing results from the banks' voluntary repayment code, the Payment Systems Regulator is to be given legislative power to propose a more rigorous reimbursement regime. Charlotte Hill and Melissa Whitley examine the consultation paper.
Online Published Date:  07 December 2022

Widespread, longstanding use of personal devices costs Barclays $125m

Even senior managers in Barclays' investment banking entity sent tens of thousands of personal messages that violated the firm's policies. A costly remedial exercise is underway, reports Denis O'Connor.
Online Published Date:  07 December 2022

Poor controls on communications contribute to £4.7m market abuse risk fine

Weaknesses in controls on their voice brokerage systems were a significant reason for the £4.7 million fine imposed on three linked inter-broker dealing firms. The three - all part of BGC Inc - conducted 80 per cent of their business this way but used a "limited, sample-focused design that was not sufficient to provide adequate monitoring", according to the FCA.
Online Published Date:  12 December 2022

FCA consults on details of financial promotions authorisation gateway

Rules setting up new checks for firms that authorise the financial promotions of unauthorised organisations look likely to be ready by the middle of 2023. If the necessary legislative changes have been made in the Financial Services and Markets Bill, then a transition period to the new regime could begin soon after.
Online Published Date:  12 December 2022

Three bond traders appeal against FCA market abuse bans and fines

The FCA is proposing to ban and fine three traders from Mizuho International plc for market abuse carried out over two months through transactions involving Italian government bond futures.
Online Published Date:  12 December 2022

Santander fined £108m after AML checks fail for small business accounts

Santander UK has been fined nearly £108 million for anti-money laundering failings regarding its controls on 560,000 small business customers.
Online Published Date:  13 December 2022

Edinburgh Reforms: Chancellor announces imminent SMCR review

A review of the Senior Managers and Certification Regime is to be launched within the first three months of next year.
Online Published Date:  13 December 2022

Metro Bank £10m fine includes 50 per cent deterrence premium

Metro Bank's £10 million fine appears to have come as something of a surprise to the company, which announced its doubling of its provision for the fine from £5m to £10m only five days before the FCA's statement.
Online Published Date:  15 December 2022

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