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Compliance

SM&CR is coming to solo-regulated firms: what do you need to know?

In less than six months – on 9 December 2019 – the Senior Managers and Certification Regime will be extended to apply to solo-regulated firms. What does the new regulation mean, and if you are a solo-regulated firm, what do you need to do to comply? What the SM&CR means for firms The Senior [...]

June 14th, 2019|Compliance|0 Comments

The Curse of AML

A steep financial burden that proceeds to grow steeper. The sum of money that FIs of all shapes and sizes are investing in KYC and customer due diligence continues to skyrocket year after year, with around 10 percent of the world's major financial institutions spending upwards of $100 million annually (and many exceeding $500 [...]

June 12th, 2019|Compliance|0 Comments

Getting tough on unethical claims firm practices

The Financial Conduct Authority (FCA) promises to get tough on unethical claims firm practices This week, the FCA published a Dear CEO letter to claims management companies (CMC). The letter reminds firms of their obligations under FCA regulation and flags a number of areas where the regulator has found practices falling short of its [...]

June 7th, 2019|Compliance|0 Comments

What will the FCA review of the financial advice market achieve?

Earlier this month, the Financial Conduct Authority announced that it was planning to review the financial advice market. The review will look at how the market has changed since the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) were introduced, and consider whether the initiatives have been successful in achieving their [...]

May 31st, 2019|Compliance|0 Comments

Are You Ready for the 6MLD?

Are You Ready for the 6MLD? Money-laundering continues to drive ahead with more and more fines and promises from politicians, bureaucrats and statesmen. Standard Chartered were recently fined $1.1 bn for money laundering and sanction breaches. Almost immediately afterwards, Unicredit were fined $1.3 bn. Latvia's Prime Minister also vowed to overhaul their banking sector [...]

May 30th, 2019|Compliance|0 Comments