Jersey SARS – States of Jersey Police & Customs Joint Financial Crimes Unit – Guide to compiling a Suspicious Activity Report (SAR) – October 2008 Introduction – This document has been produced to assist compliance and money laundering reporting officers within the Jersey Financial Services Industry in the submission of a SAR to the States […]

FSA Financial promotions – guidance – Prominence the FSA publish industry updates on issues or trends that the FSA identify through our routine Monitoring of financial promotions compliance. The aim of these publications is to capture emerging concerns and where necessary, to clarify our expectations of firms. These updates are meant to help firms understand […]

FSA loses supervision test case – The Financial Services Authority (FSA) has lost a test case involving UBS in which it tried for the first time to punish a senior manager for inadequate supervision rather than for errors he personally committed. The FSA was seeking to fine John Pottage, the former chief executive of UBS’s […]

Tribunal overturns FSA decision to fine CEO – John Pottage took on the role of UK Head of Wealth Management at UBS in 2006. Various compliance issues came to light between Mr Pottage’s appointment in September 2006 and July 2007. Mr Pottage directed detailed investigations of these issues as they arose and a comprehensive review […]

British firms caught sanctions-busting with Iran doubles in three years – Sanction-busting by British firms which trade with Iran has more than doubled in three years, official figures show. So far this financial year 84 British companies have been found to have breached the strict sanctions regime which controls how firms can do business with […]

Managing bribery and corruption risks – IMPACT ANALYSIS – The FSA’s thematic review of anti bribery systems and controls found that most firms had not properly taken account of FSA rules before or after the Bribery Act 2010. Evidence suggested that organisations had only put systems and controls in place post Bribery Act. According to […]

Delivering effective corporate governance: the financial regulator’s role – speech by Hector Sants (FSA) – Hector Sants, Chief Executive, FSA, has given a speech at Merchant Taylor’s Hall entitled “Delivering effective corporate governance: the financial regulator’s role”. Mr Sants’ speech reviewed the progress of regulatory reforms since the financial crisis and, in particular, how more […]