News

Stonebridge International Insurance has been slapped with a £8.4m fine by the Financial Conduct Authority after issues were uncovered with the broker’s sales of accident insurance products. The FCA found that between April 2011 and December 2012, Stonebridge targeted low and middle income customers without college degrees or professional qualifications, with its personal accident, accidental […]

INTRODUCTION The JFSC have issued their 2014 Summary Findings following its 2013 On-Site Visit Examination Programme. The key findings are as follows KEY FINDINGS Suspicious Activity Reporting Procedures Evaluation of SARs and Reporting to the JFCU Corporate Governance Delegated functions of the board Business Risk Assessment and Strategy Conflicts of Interest Compliance Function Compliance Resourcing […]

Anti-Money Laundering (AML) has never been higher on senior management’s agenda, with regulatory fines now running into billions of dollars, and regulatory action becoming genuinely license threatening. Financial institutions are making significant changes in response to regulatory action and increasingly far-reaching global AML regulations; with numerous new regulations across Asia, and the US Foreign Account […]

Compliance risk management has come a long way, but compliance programs still have some distance to go to become — in their own estimation — true strategic business partners. The results of Accenture’s 2014 Compliance Risk Study – based on survey responses from 100 compliance officers at banking and capital markets firms across Europe and […]

The purpose of the paper is to outline an approach to Compliance Monitoring and provide examples of good and poor practice identified during the Commission’s on-site examinations over the past 18 months. It is expected that senior management (including the board) of registered persons consider this paper against their own arrangements and take action where […]

Clive Adamson, Director of Supervision, FCA, has given a speech at the Insurance Institute of London entitled “Trust and confidence – ensuring firms’ ethics are built around their customers”. In his speech Mr Adamson outlined the need for the FCA to work with the insurance industry to enhance public trust in the sector and the […]

FSA Dear CEO letter on review of outsourcing arrangements in the asset management sector 12 Dec 2012 The FSA has written to the CEOs of asset managers regarding a review of outsourcing arrangements in the asset management sector. The FSA states that it is assessing risks to its objectives arising from the outsourcing by asset […]

The FSA has written to the CEOs of asset managers regarding a review of outsourcing arrangements in the asset management sector. The FSA states that it is assessing risks to its objectives arising from the outsourcing by asset management firms of operational activities to external service providers. The asset management industry outsources a growing number […]