The GFSC have issued a FAQ to answer the following question Can I rely on a 3rd party to perform my AML Compliance Function? A business may outsource a function which forms a part of its compliance arrangements designed to deter, forestall and prevent financial crime. Guidance on the factors which a business should consider […]

This briefing highlights the issues for listed companies to be aware of as they prepare for their 2014 AGM and the publication of their annual report and accounts. A key focus for many UK listed companies at this time of year is finalising their annual report and notice of annual general meeting. This briefing focuses […]

The ‘jumbo’ directorships scandal in Cayman would not be repeated in Jersey, which enjoys robust regulation of non executive directors, writes Sarah Rayson, director of DCG Funds Services. A good board of directors requires a mix of skills, experience and backgrounds. The need for independence is a given and non executive directors (NEDs) can play […]

Legal Risk Benchmarking Report: Survey Results and Analysis Eighty percent of company executives have little or no confidence in their organisation’s ability to manage emerging legal risks, according to a survey of senior business figures carried out by Berwin Leighton Paisner, which looks at how companies are tackling the legal aspects of operational risk. You […]

The Financial Conduct Authority (FCA) has published a Decision Notice in respect of the provisional decision by its predecessor, the Financial Services Authority (FSA), to fine a former non-executive director of two UK mutual societies, Angela Burns, £154,000 and banning her from performing any role in regulated financial services for breach of Statement of Principle […]

Senior management responsibility – The Upper Tribunal reviews the standard – The Upper Tribunal (the tribunal) has recently overturned the Financial Services Authority’s (FSA) decision to hold John Pottage, former CEO at a large financial institution, responsible for an alleged failure to take reasonable steps to implement prompt measures to review and overhaul his firm’s […]

Upper Tribunal unanimously clears John Pottage of misconduct – As previously reported the Upper Tribunal (the “Tribunal”) recently issued an important decision clearing John Pottage of misconduct in carrying out his CF3 and CF8 functions while he was CEO at UBS Wealth Management (UK) Limited and UBS AG. In so doing, it directed the FSA […]

Protecting directors: Get the details right – It can be a risky business being a director of a UK company these days and we all know the common myth that the limited liability status protects directors personally against being sued – from action by shareholders, employees, clients, suppliers, regulators, or just about anyone else who […]