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Wind-down planning and operational resilience: "readiness is all"
Many governing bodies would prefer not to think about wind-down planning - indeed, it ranks as the area firms most struggle with. Ian Morton and Jackie Domanska discuss company structure, liquidity and contingency issues firms need to consider as part of their operational resilience requirements.
Online Published Date:
01 November 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Risks and opportunities of deploying GenAI in investigations
With financial services at the hub of the fight against illicit finance, Generative AI unlocks new possibilities to accelerate efficiency in tackling this vast and complex challenge. James Grant sets out use cases, risks and how to manage them.
Online Published Date:
01 November 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
High Court allows Term SOFR-based rate as reasonable alternative to LIBOR
In its first decision on the consequences for financial instruments of LIBOR's cessation, the High Court has ruled that Standard Chartered may unilaterally apply a SOFR-based replacement rate in a case involving dividends on preference shares. This is a significant bellwether for challenges to the transition of financial instruments from LIBOR to alternative rates without investor consent, write Mike Logie and Philip Linton.
Online Published Date:
01 November 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
Prolix papers on the Consumer Duty
"Of making many books there is no end," sighed the writer of Ecclesiastes. Adam Samuel fears that the regulator's well-intentioned elaborations on applying the Consumer Duty in various contexts could engender a lot of compliance verbiage without significantly improving consumer outcomes.
Online Published Date:
01 November 2024
Appeared in issue:
Vol 37 No 3 - 01 November 2024
FCA secures two convictions over £1.5m crypto scam that fleeced 65 people
The regulator has brought successful prosecutions against two men from south London who were running a crypto investment scam.
Online Published Date:
07 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
Birmingham broker who used premium funds for "expensive cars" fined £1.1m
The FCA has fined and banned the bankrupt owner of a Birmingham-based insurance broker, now in liquidation, for diverting funds for insurance premiums to buy expensive company cars and pay salaries even though he knew that these payments resulted in a "significant" shortfall in the business's assets.
Online Published Date:
11 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
Metro fined £16m after warnings from junior staff were met with inaction
Metro Bank has received a £16.7 million penalty for anti-money laundering (AML) inadequacies resulting from the design of its reconciliation systems, as well as other IT issues.
Online Published Date:
12 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
Coventry advisers banned for emptying bank accounts in breach of FCA requirements
The two partners in a Coventry firm advising the medical and dental sector have been banned and fined for taking money out of their partnership the day after the FCA imposed an asset requirement.
Online Published Date:
15 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
FCA moves to stabilise motor-finance complaints timeline, as consumer claims soar
The FCA is seeking to prevent "disorderly, inconsistent and inefficient outcomes for consumers and firms" by extending the deadlines for making and handling claims in the motor finance sector.
Online Published Date:
21 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
Insurers ordered to cut administration delays on bereavement claims
Life insurers have been instructed to speed up their handling of bereavement cases after FCA research found poor outcomes in a market of 250,000 claims per year.
Online Published Date:
22 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
Barclays fine cut 20% to £40m in last-minute settlement with FCA
Barclays Bank and the FCA have reached an eleventh-hour agreement over disciplinary proceedings, with a reduction of the proposed fine from £50 million to £40m; this means the bank will not proceed with an appeal to the Upper Tribunal against the regulator's findings on Barclays' 2008 Qatari fundraising deal.
Online Published Date:
25 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
Junior trader hid losses in 420 fake trades to avoid disappointing supervisors
A "relatively junior trader" in the London branch of a bank was able to bypass four internal control systems for 20 months and hide over 420 fictitious trades - weaknesses that have now resulted in a £13 million fine for the firm and a ban on the individual.
Online Published Date:
26 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
Regulators consult on loosening restrictions around bankers' pay
Fewer people are likely to be caught in the deferment rules on bankers' pay after regulators promised changes and a simplification in their operation.
Online Published Date:
26 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
FCA maps out route to crypto rulebook design by 2026
A crypto regulation regime could be unveiled by the FCA as soon as 2026 involving rules drawn up with input from the industry and in consultation with regulators abroad, including the United States Securities and Exchange Commission. The possibility of setting up different systems for the institutional and retail sectors is an early frontrunner for the design.
Online Published Date:
26 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
MPs recommend "abolish or reform" among options to overhaul embattled FCA
The FCA has begun to fight back against damaging parliamentary criticism about numerous issues including the "failure" of its transformation programme, operations that are "incompetent at best, dishonest at worst" and its treatment of whistleblowers.
Online Published Date:
28 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024
FCA softens proposals to publicise names of firms under investigation
Only a "very small number" of firms may be affected by FCA plans to disclose the identify of organisations under investigation, after the Enforcement unit backed down on proposals announced in February this year.
Online Published Date:
28 November 2024
Appeared in issue:
Vol 37 No 4 - 01 December 2024