FSA’s wealth management review – Dear CEO letter – The FSA has written a letter addressed to wealth management CEOs in which it has identified significant, widespread failings which it is concerned may be prevalent outside the firms it sampled. The FSA is concerned about firms failing to demonstrate suitability for a number of reasons, […]

A Comsure workshop “JFSC – Under the Court’s Microscope” – The Workshop Content – The workshop is intended to expand on the Royal Court’s judgment and compare this current case to cases brought by others which have been unsuccessful. The workshop will also provide discussion in respect of Mr Leslie-Smith’s other allegations against the Commission […]

FSA highlights inadequate risk assessment – The Financial Services Authority (FSA) has today (21 March) published its final guidance report on risk, which highlights inadequate assessment processes from many advisers.  Many advisers are using inadequate processes to assess the risk profile of clients and failing to take account of capacity for loss, according to a […]

Document retention in England and Wales: law, practice and cross-border issues – In recent times a number of high profile cases have demonstrated in stark terms that a failure to manage documents properly can have far reaching and serious consequences. Perhaps most famously, Arthur Andersen, then one of the world’s largest accountancy firms, collapsed in […]

Successive sets of professional disciplinary proceedings based on the same conduct – The Institute of Chartered Accountants in England and Wales was estopped from bringing disciplinary proceedings in respect of a member’s conduct, where another complaint based on the same conduct had been dismissed. The effect of the Court’s decision was that a chartered accountant, […]

FSA to examine structured product compliance – Compliance procedures at major structured products providers have come under the microscope as the FSA continues its thematic review into the sector, Money Management has learnt. senior executive at one major structured product provider, who wished not to be named, revealed that a request for information had been […]

More than three years after the implementation of MiFID, the review of the directive is now well on its way. Earlier this year, the Committee of European Securities Regulators (CESR) conducted consultations and provided the European Commission with technical advice on specific topics within MiFID. The European Parliament is also in the process of adopting […]

Implications of Dodd-Frank for UK and EU fund managers and advisers – Many UK and EU investment managers and advisers (including those in the private equity, hedge fund and real estate sectors) may be required to register with the US Securities and Exchange Commission (the “SEC”) with effect from 21 July 2011, even if they […]