In many ways, client identification and verification is secondary in anti-money laundering compliance to understanding the source of funds and the purpose of a retainer. Essentially AML compliance is about limiting the opportunities for criminals to use criminal property. If there is no criminal property, then there is no money laundering. Client identification is included […]

FSA’s corporate governance framework and intensive supervisory approach – Corporate governance is currently high on the FSA’s radar and it is clear that issues relating to corporate governance are a key component of the FSA’s new intensive supervisory approach. This briefing discusses some of the recent regulatory proposals relating to corporate governance, notably those found […]

Identifying regulatory misconduct within the finance industry is an important function of the Commission. The Commission has introduced an anonymous and untraceable whistleblowing telephone line to assist in the collection of information to identify regulatory misconduct. All calls made to the whistleblowing line will be regarded as intelligence to assist the Commission in the exercise […]

The Guernsey Financial Services Commission (the “Commission”) is consulting with financial services businesses on a proposed corporate governance code (the “Code”). The Code comprises a set of outcomes, best practice provisions, guidance and a “comply or explain” methodology. The existing consultation process relates only to the outcomes and best practice provisions and the Commission’s current […]

The Guernsey Financial Services Commission has published the final draft of new Capital Adequacy Rules, mandatory for all entities licensed under the Protection of Investors (Bailiwick of Guernsey) Law 1987. The release of the Rules in the their final form is culmination of a November 2009 consultation. The Capital Adequacy Rules will become effective on […]

The Financial Services Authority (FSA) has banned two colleagues of London mortgage broker Gary Lester of Lifestyle Mortgages for failing to scrutinise information provided by customers on application forms. Earlier this month, FTAdviser.com broke the news that Mr Lester had been fined £103,000 for knowingly submitting 42 mortgage applications to lenders with false and misleading […]

On 12 April 2010, the FSA published the Final Notice it has issued to Kensington Mortgage Company Limited (Kensington), fining it £1,225,000 in relation to poor treatment of customers facing mortgage arrears. The FSA found that, between January 2007 and October 2008, Kensington breached principles 3 (management and control) and 6 (customers’ interests) as well […]

The Bribery Act has been introduced as a result of pressure to reform the law regarding bribery and corruption in the UK as the current law is out of date, ineffective and not suitable for the modern global economy. The purpose of the proposed legislation is to simplify the law on bribery and to allow […]