On Monday 10th June deadline the responses to the HMT consultation paper on the implementation of the 5th Money Laundering Directive in the UK needed to be submitted. The 88-page document is daunting. However, an excellent article from Accounting Web gives a good high-level summary of each section of the consultation document, helping accountants to […]

SPEED READ The courts considered the arguments from the JFSC concerning integrity of an investment adviser (SWM) when they dealt with two complaints. In complaint No 1 SWM refused to re-open a compliant after being directed to do so by a 3rd party – the court stated it is not unreasonable on the part of […]

SPEED READ On due diligence the JFSC are specifically clear on the view that centrally important part of proper due diligence is that written records be created to document the steps taken more generally the JFSC are of the view that Keeping records of operational behaviour is essential and the JFSCs views is that 1. […]

London is the global leader for raising capital; Its infrastructure, people, breadth of financial services and even the GMT zone itself ensures companies and investors from around the world can intersect. It’s stock exchanges enable companies of all shapes and sizes to float and raise capital, and investors to buy shares. However, with its diverse […]

On 13 June 2019, Bank of England (BoE), FCA and the Monetary Authority of Singapore (MAS) published a joint press release announcing their intention to work together to strengthen cybersecurity in their financial sectors. The authorities plan to enter into a memorandum of understanding (MoU) to formalise the enhanced collaboration, which will identify effective ways […]

The following is part of a Speech delivered by Karina McTeague, Director of General Insurance and Conduct Specialists Supervision, at the British Insurance Brokers’ Association (BIBA) Conference 2019. Sustainable business models Andrew Bailey, the FCA’s Chief Executive, has previously talked about the UK having had two financial crises: the first, was prudential the second, was […]

The charity has confirmed some of its email contacts have been ‘illegally accessed’ and that the phishing attempt has been reported to the Office of the Information Commissioner. Last Thursday afternoon, the message, titled ‘Document’, was sent to a number of email addresses previously in contact with Community Savings. The phishing email was only been sent to a […]

The UK Financial Conduct Authority’s (FCA) enforcement action against Carphone Warehouse (CPW) featured the second focused resolution agreement that the FCA has entered into. Importantly, this is the first focused resolution agreement that has resulted in a change being made to the financial penalty that the FCA imposed. However, relatively little air time has been […]