Compliance Monitor

The prudential and conduct regulators have each forged bespoke procedures for taking action against parties for breaches of their rulebooks. Firms and individuals under enforcement investigation by the Prudential Regulation Authority must make key decisions early in the process as well as consider specific risks, say Jack Moore and Hywel Jenkins.

In a recent review of non-investment insurancethe Financial Conduct Authority "has woken up to what it always assumed was a sleepy backwater of its activities and found some highly undesirable activities". The regulator's opinions sometimes go well beyond what its rulebook says and what can sensibly be achieved by a corporate board in practice, commentsAdam Samuel.

As we hit the home stretch before the FCA's rules on building operational resilience come into force, the regulator has published "insights and observations" to help in-scope firms with their preparations. Michael Lewis and Emma Radmore examine the requirements and what needs to be done now.

After complaints from United Kingdom parliamentarians and their close associates that they had been plied for excessive information or denied services by banks, the FCA has conducted a review of how firms have implemented Guidance for a "risk-based and proportionate approach". All firms have work to do, the regulator concluded. By Denis O'Connor.

Starling Bank has been penalised £28,959,426 for failings in its financial crime systems and controls thatallowed it to open accounts for over 500 high-risk customers who should have been immediately refused.

Deepfake incidents in the financial sector increased within Europe by over 780 per cent last year. Given the threats this technology presents to customer onboarding, fraud detection and systems security, Caroline Dawson and Oscar Tang outline the regulatory landscape and suggested actions for firms.

TSB has been penalised £10.9 million for failing to ensure that customers in arrears were treated fairly.