News

A full copy of the FSA report on financial services firms’ approach to UK financial sanctions is available for download at http://www.fsa.gov.uk/pubs/other/Sanctions%20Final%20Report.pdf.

Auditing your Screening Process – HR departments should approach the hiring process as they would any acquisition, joint venture or other significant transaction involving company assets. Screening a potential hire is an important step of the process which should not be neglected. Before a company opens its doors to new employees, hiring managers should stop […]

Developing an employment reference policy that makes sense – Employment references present a difficult dilemma for organisations. Some wish to provide glowing references to deserving employees – or to those who they would rather see employed elsewhere. Others may wish to address every real or perceived flaw in an employee’s performance. Favourable, unfavourable and neutral […]

Aon fined for suspicious payments – The fine is the biggest yet from the FSA related to financial crime – The UK arm of the insurance broking group Aon has been fined £5.25m for making “suspicious payments” worth $7m (£4.6m) to people and firms overseas. The fine was levied by the Financial Service Authority (FSA) […]

Lloyds TSB agrees to pay fine of $350m for sanctions help – Lloyds TSB has agreed to pay $350m (£231m) to the US government for helping customers get around American sanctions on dealing with Libya, Sudan and Iran. The bank, which the British government will shortly own a 43pc stake in, agreed to settle the […]

Unregulated Funds – (Jan 28) – Two amendment orders have come into force in respect of Unregulated Funds. The effect of the first order is that SPV GPs and trustees of Unregulated Funds are now exempt from the requirement to be regulated for fund services business. The second order has added the Specialist Fund Market […]

The effect of this exemption notice is that notification requirements under Article 7(6) and Article 8(4) will apply only to regulated persons, as defined, until such time as this exemption is revoked. The notice is issued under Article 10 of the Money Laundering (Jersey) Order 2008 (the “Order”), which Order came into force on 4 […]

On the 20th June 2008 the JFSC issued a Dear Ceo letter to Jersey Trust and Company Service Providers. In this letter John Harris as Director General stated ……where businesses fail to meet the required regulatory standards, whether it be through serious breaches of the regulatory regime (albeit some latitude will be given where such […]