i-law

Compliance Monitor

FCA ban of Carrimjee upheld, in Goenka market abuse case

The Upper Tribunal has upheld the Financial Conduct Authority’s decision to ban Tariq Carrimjee from compliance oversight and money laundering reporting significant influence functions, because he failed to escalate the risk that Rameshkumar..
Online Published Date:  24 October 2016

Aviva fined £8.2m for outsourced client assets protection failings

The Financial Conduct Authority has fined Aviva £8,246,800 – the highest penalty for a firm so far in 2016 – because it neglected to oversee outsourced providers properly when protecting client assets.Between 1 January 2013 and 2..
Online Published Date:  24 October 2016

Ex BlackRock “star” manager charged with insider dealing

Criminal proceedings have been launched against Mark Lyttleton, a former BlackRock investment portfolio manager, who the Financial Conduct Authority has charged with three counts of insider dealing.The 45-year-old has been summoned to attend the..
Online Published Date:  24 October 2016

FCA hones its mission amid call for regulators’ culture change

New chief executive Andrew Bailey is consulting on the mission of the Financial Conduct Authority, which will shape its strategy and routine work in the coming years.
Online Published Date:  02 November 2016

Structuring incentives and pay to produce positive behaviour

Annual appraisals for financial services staff increasingly focus less on revenue generation and more on meeting specified performance criteria. Ian Fraser discusses how both the ‘carrot’ and the ‘stick’ are being used to transform the industry’s troubled relationship between remuneration and conduct.
Online Published Date:  07 November 2016

Building harmonious relationships with regulators

Financial services firms and their senior managers should step up and proactively manage their relationships with regulators. Jeannette Lichner shares practical tips.
Online Published Date:  07 November 2016

In search of ongoing service in financial advice

It is extraordinary to think that almost a decade since the regulator launched its first discussion paper on the Retail Distribution Review, the RDR is still producing technical problems and fundamental misunderstandings. One of the oddest concerns the notion of ‘servicing’, writes Adam Samuel.
Online Published Date:  07 November 2016

Applying the SMCR to out-of-scope firms

Investment firms that are not yet subject to the Senior Managers and Certification Regime should be arming themselves ahead of HM Treasury’s promised extension of the scheme. Julian Sampson provides reconnaissance.
Online Published Date:  07 November 2016

Responses to the compliance resource vacuum

Implementing efficiencies within a risk management framework, maintaining staff motivation and exploring outsourced arrangements, can alleviate pressure on compliance resource, suggests Jason Wintie.
Online Published Date:  07 November 2016

Where now for whistleblowing?

What makes an arrangement for financial services employees to raise malpractice concerns ‘effective’ or ‘appropriate’; and what is a ‘reasonable measure’ to protect those who report? Ben Henriques considers possible responses to the new whistleblowing rules.
Online Published Date:  07 November 2016

FCA outstrips CMA recommendations, to tackle high-cost overdrafts

On the back of recommendations from the Competition and Markets Authority’s investigation into retail banking, the Financial Conduct Authority will intervene to improve competition in the current account market.In 2017 the regulator will..
Online Published Date:  08 December 2016

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