FSA fines firm and its director/compliance officer over risk management failings – The FSA has fined Accendo Markets Ltd (Accendo) £56,000 (including a 20 per cent discount) for failing to have adequate risk management systems in place when providing advice to customers on contracts for difference (CFDs) contrary to Principles 3 and 9 of the […]

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 […]

JERSEY SANCTIONS – Latest News – 7 June 2012 Jersey Law Update: Community Provisions (Restrictive Measures – Guinea-Bissau) (Amendment) (Jersey) Order 2012 2 June 2012 Jersey Law Update: Community Provisions (Restrictive Measures – Guinea-Bissau) (Jersey) Order 2012 1 June 2012 New EU Sanctions against Guinea-Bissau 29 May 2012 Jersey Law Update: Community Provisions (Restrictive Measures […]

Quality control: can small firms keep compliance in-house? As regulatory demands on advisers intensify, Maria Merricks finds out whether it is realistic for smaller businesses to take care of their own compliance affairs. The biggest regulatory overhaul ever seen in the financial advice industry, the Retail Distribution Review (RDR) has led the majority of advisers […]

The Security Interests (Jersey) Law 1983 to be updated – The Security Interests (Jersey) Law 1983 will soon be replaced by the new Security Interests (Jersey) Law, which was passed by the States of Jersey on July 19 2011 and is expected to come into force after Privy Council approval in 2012. The Security Interests […]

FATF assesses progress – FATF has assessed progress towards effective prevention of money laundering and terrorist finance in the Caribbean and Central American region, specifically Curacao, and the Eurasian region. Source: FATF Assesses Caribbean http://www.fatf-gafi.org/documents/repository/amlcftprogressinthecaribbeanandcentralamericanregion.html Central American Progress and FATF Assesses Eurasia Progress – http://www.fatf-gafi.org/documents/repository/recentprogressinaddressingmltfintheeurasianregion.html

Maltese company implicated in French anti-corruption sting – Opposition MP Evarist Bartolo highlights details of ongoing international criminal investigation into a complex web of murder, intrigue and scandal in which a Maltese company is understood to be involved.Share on print Labour MP Evarist Bartolo revealed details of a Maltese company implicated in French anti-corruption stingRaphael […]

FSA relaxes non-exec recruitment scrutiny – The Financial Services Authority (FSA) is to relax its investigations into prospective non-executive recruits to banks and other financial services companies after complaints about the procedure, the Financial Times reports. The FT said firms had complained the process was making it harder for them to make non-exec appointments. It […]