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Panel launched to review cost and benefits of FCA and PSR policy proposals
Some proposed policy changes from the FCA and Payment Systems Regulator will from 1 August come under the ambit of a newly-established and independent Cost Benefits Assessment Panelunder the chairmanship ofDr Felix Martin, co-founder of 1167 Capital.
Online Published Date:
17 June 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
FCA exec helicoptered into embattled PSR, as banks resist APP fraud refund plan
The FCA's relatively low-profile director of Retail has been plunged into a high-profile dispute involving the Payment Systems Regulator (PSR), which has just appointed him as interim managing director.David Geale took over on 10 June, three days after his predecessor, Chris Helmsley, stood down amid growing industry criticism.
Online Published Date:
19 June 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
Cracks appear in Basel III unity as EU delays Endgame reforms on capital holdings
EU implementation of the Basel III 'Endgame' provisions is to be delayed a year, meaning that banks operating there will not be required to introduce them before rivals in the United Kingdom, United States and elsewhere.
Online Published Date:
19 June 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
Gaming-style approach on apps encourages consumers to boost transaction levels
Gamification techniques appear to be encouraging consumers who use trading apps to carry out more trades, with some social groups particularly affected.
Online Published Date:
21 June 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
Police help FCA raid £1bn unauthorised London crypto exchange
The FCA, aided by the Metropolitan Police, is investigating what they believe is an illegal cryptoasset exchange in London. Run from two residential properties, which the regulator and the police searched, the organisation is thought to have bought and sold more than £1 billion of unregistered cryptoassets. Two individuals, aged 38 and 44, were arrested as suspects, interviewed under caution by the Financial Conduct Authority and then released on bail.
Online Published Date:
25 June 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
Compliance Head in battle with CEO as FCA brings action over "mistreatment of pension funds"
Two senior employees in SVS Securities, a City of London firm of discretionary fund managers, are disputing evidence given by their former CEO, Kulvir Virk. The evidence helped the FCA decide to fine all three of them and to reduce the roles that they can play in financial services in future.
Online Published Date:
26 June 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
DEI in financial services: can the regulators shift the dial?
Though some of the ambitious proposals have been halted, the FCA's work on integrating non-financial misconduct, including sexual harassment and bullying, into its conduct regime is an immediate priority. Lucy Hadrill and Jo Martin examine the story so far, the direction of travel, what this might mean for financial services firms, along with how to take a proactive approach to DEI in the workplace.
Online Published Date:
01 July 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
Heads-up on digital IDs
In the next few years, UK consumers will move from relying on passwords for accessing their financial accounts to quicker, safer systems of digital IDs built around biometrics and libraries of background data. Neasa MacErlean outlines the path ahead as well as its opportunities and regulatory challenges for compliance officers.
Online Published Date:
01 July 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
Financial promotions: back to the basics
In some areas there are far too many rules and in others not enough to guide businesses dealing with day-to-day financial promotions issues, who want to do the right thing. Neglect of appropriate enforcement and clear drafting has created an unfair market in which firms with a higher compliance risk-appetite have been cheating at the expense of everyone else, writes Adam Samuel.
Online Published Date:
01 July 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
How a 'fat finger' trade defeated Citi's weak controls
Just an ordinary morning and a bit of careless typing rattled markets across Europe and spiralled into a crisis costing Citigroup over £100 million and counting. Yet the firm had received repeated regulatory and internal warnings about flaws in their trading controls, reports Denis O'Connor.
Online Published Date:
01 July 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
Marrying AI and ethics in financial services
In this transformative period of technological change for financial services, incorporating regulatory compliance and ethical considerations into the adoption of artificial intelligence will be key to long-term success. Philip James and Clemence Girault report on the regulatory landscape as well as practical ways for financial institutions to manage their data, culture and ethics.
Online Published Date:
01 July 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024
What's in a fund name? ESMA guidelines on ESG or sustainability terms
As the demand for investment funds with an environmental, social and governance (ESG) or sustainable focus continues to increase, regulators have sharpened their focus on developing rules regarding the naming of such funds, in an effort to counter greenwashing and mitigate the risk of investors being misled. Charlotte Hill and Daniel Hirschfield review the position in the EU, as found in ESMA's finalised guidelines on the use of ESG or sustainability-related terms in funds' names.
Online Published Date:
01 July 2024
Appeared in issue:
Vol 36 No 10 - 17 June 2024