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Tools of deterrence
"Credible deterrence: here to stay," was the truculent title of the FSA's Enforcement Conference back in July. We've been warned. Adam Samuel examines the historical context of financial services enforcement and the arsenal of weapons that may be wielded by the regulator.
Online Published Date:
03 January 2024
Appeared in issue:
Vol 25 No 3 - 15 November 2012
The words take on flesh: creation of the Financial Conduct Authority
As meat forms on the bones of the future regulator, Charlotte Hill and William Maycock summarise key issues in the FSA's October Approach Document and flag up concerns for compliance officers.
Online Published Date:
03 January 2024
Appeared in issue:
Vol 25 No 3 - 15 November 2012
Management Information for conduct and business advantage
Recent FSA final notices and thematic reviews habitually highlight the role that poor Management Information (MI) has played in regulatory failures at financial services firms. Excessive and insufficiently relevant MI can seriously hamper management's ability to understand and act upon conduct risks. Angus Goldie and Andrew Nanson suggest some questions that executives should be asking of their approach.
Online Published Date:
03 January 2024
Appeared in issue:
Vol 25 No 3 - 15 November 2012
SIFs under pressure to meet unclear expectations
For years the Financial Services Authority was castigated for its seeming inability to bring enforcement actions against senior members of key firms. But cases in which it has lately made aggressive attempts to answer its critics have highlighted that regulatory expectations of Significant Influence Functions are somewhat skimpily outlined in the Handbook. Nathan Willmott warned a recent conference that many SIFs do not grasp the proactive rather than reactive nature of their responsibilities, as currently viewed by Canary Wharf.
Online Published Date:
03 January 2024
Appeared in issue:
Vol 25 No 3 - 15 November 2012
Finance director fined for capital requirement failures
Graeham Sampson, finance director of a Leicester-based SIPP operator and administrator, has been penalised £17,850 for failing to calculate his firm's regulatory capital position correctly. The firm, MPAS, therefore operated in breach of its..
Online Published Date:
03 January 2024
Appeared in issue:
Vol 25 No 3 - 15 November 2012
Wagner's refrain sounds flat to tribunal, but he avoids fine
The Upper Tribunal has directed the FSA to ban Raymond Wagner from regulated functions, but not to fine him for his part in the submission of inaccurate mortgage applications - as he is subject to financial hardship. He has instead been publicly..
Online Published Date:
03 January 2024
Appeared in issue:
Vol 25 No 3 - 15 November 2012
£117,330 penalty and ban over unscrupulous UCIS sales
Martin Rigney, the partner and only adviser at Sheffield-based Topps Rogers, has been fined £117,330 by the FSA and banned from the industry. He has shown a serious lack of both integrity and competence, the regulator said, in promoting UCIS..
Online Published Date:
03 January 2024
Appeared in issue:
Vol 25 No 3 - 15 November 2012
PRA fines and negotiates with UAE-based Wyelands Bank CEO
The former CEO of Wyelands Bank, now living outside the United Kingdom, has reached a settlement with the PRA in which he was fined nearly £119,000 and agreed not to carry out regulated activities.
Online Published Date:
15 January 2024
Appeared in issue:
6576 - 30 April 2024
FCA hits 'pause' and orders review amid surge in motor cover commission complaints
The FCA is predicting a "significant increase" in historic complaints against motor insurance brokers following two Financial Ombudsman decisions in favour of the consumer.
Online Published Date:
15 January 2024
Appeared in issue:
6576 - 30 April 2024