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20 years in Compliance
It's been said that looking back makes the view looking forward even clearer. As the Association of Professional Compliance Consultants passes a milestone, chair Julie Ampadu considers lessons learned so far and the path ahead.
Online Published Date:
02 September 2024
Appeared in issue:
Vol 37 No 1 - 25 July 2024
Assessment of 'elective professionals' examined
The High Court has endorsed the Ombudsman's disdain for a 'tick box' approach to client classification and underscored that firms must conduct an 'adequate assessment' of investment experience, reports Denis O'Connor.
Online Published Date:
02 September 2024
Appeared in issue:
Vol 37 No 1 - 25 July 2024
Adapting to climate change - steps for financial institutions
Recent guidance on adaptive practices that respond to climate-related risks and opportunities can help firms stay ahead of current and expected disruptions, as well as create value through innovation and meet new needs, write Simon Lovegrove and Haney Saadah.
Online Published Date:
02 September 2024
Appeared in issue:
Vol 37 No 1 - 25 July 2024
Judicial reviews and the FOS
A cluster of judicial reviews have clarified the scope and extent of recourse to the courts against Ombudsman decisions, along with other key compliance concerns. Adam Samuel unpacks the judgments.
Online Published Date:
02 September 2024
Appeared in issue:
Vol 37 No 1 - 25 July 2024
EU travel rule guidelines explained
On 4 July 2024, the European Banking Authority issued its final report on guidelines on the so-called travel rule - that is, information requirements relating to transfers of funds and certain cryptoasset transfers, designed to prevent money laundering and terrorist financing. Charlotte Hill and Shaanil Senarath-Dassanayake explore the guidelines and main takeaways.
Online Published Date:
02 September 2024
Appeared in issue:
Vol 37 No 1 - 25 July 2024
Remuneration after the bonus cap
The Bank of England's decision to drop the bonus cap has placed the issue of how to reward star players back on the financial services agenda. But how should compliance officers approach this sensitive subject and what are the reputational risks? Neasa MacErlean examines these and other difficult questions about banker bonuses.
Online Published Date:
02 September 2024
Appeared in issue:
Vol 37 No 1 - 25 July 2024
Senior managers to attest that bank accounts are not denied over political beliefs
Senior managers in retail banking are beingasked by the FCAto sign attestations that they have not "denied, suspended or terminated payment accounts" to customers because of their political beliefs or other views that are lawfully expressed.
Online Published Date:
04 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Faulty transfer model prompts FCA action against four Essex pension specialists
The FCA has decided to ban and fine four men in a Chelmsford-based firm of financial advisers for putting over 500 customers at "significant risk" by using a faulty model for arranging pension transfers.
Online Published Date:
06 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
One in three self-assessments on AR oversight fall below FCA expectations
A third of the self-assessments for firms overseeing appointed representatives (ARs) are under the standard set by the FCA.
Online Published Date:
06 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Court appearances set for pioneering prosecutions on crypto ATMs
The FCA is preparing for court proceedings after it and the Kent police arrested and charged the first individuals to be prosecuted for running unlawful crypto ATMs.
Online Published Date:
10 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Pension account holders give cool response to emails - especially "graphic and colourful" ones
Consumers who have recently logged into their accounts with a pension provider are significantly more likely than other individuals to engage with an email from that provider, according to Financial Conduct Authority research. Overall, however, theresearchers concludedthat it is "difficult to get people to engage with their pensions through email alone".
Online Published Date:
11 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Investment trusts granted safe passage on departures from PRIIPS
Investment trusts that choose to disapply the requirements of PRIIPs will not become the subject of supervisory or enforcement action by the FCA. Since the European Union-inherited regulation known as PRIIPs (Packaged Retail and Insurance-based Investment Products) is due to be replaced in United Kingdom law in H1 2025, the regulator has announced that it will not make investment trusts wait until then before they can disregard the existing, and controversial, PRIIPs framework for the disclosure of costs to investors. Its move took effect on 19 September.
Online Published Date:
19 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Internal review clears FCA chair of breaching whistleblower privacy policy
The chair of the FCA, Ashley Alder, has been cleared of wrongdoing after two allegations were made against him of not protecting the identity of whistleblowers.
Online Published Date:
23 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Redress scheme option gains ground as FCA deliberates on motor finance complaints
A consumer redress scheme is becoming a more likely outcome of the FCA review of the motor finance sector's use of discretionary commission arrangements (DCAs). The review into possible overcharging, which began in January, became bogged down this summer but the regulator now appears confident that it will be able to announce its next steps in May 2025.
Online Published Date:
24 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024
Society of Lloyd's acts to toughen byelaws for #MeToo era
Reflecting broader societal concerns and trends, the City of London has come under pressure to tackle poor behaviours that previously may have had an unclear regulatory status. Michelle Diamond and Imogen Makin discuss a Society of Lloyd's consultation on amending formal powers to clamp down on non-financial misconduct.
Online Published Date:
25 September 2024
Appeared in issue:
Vol 37 No 2 - 01 October 2024