FSA demands inquiry over RBS IT failures 5 Sep 2012 Financial Services Authority (FSA) chairman Lord Turner has promised an independent inquiry into an IT glitch that affected millions of Royal Bank of Scotland (RBS), NatWest and Ulster Bank customers in June. The bank was forced to set aside £125m in compensation for the error, […]

FSA issues RDR guide for consumers 30th Aug 2012 The Financial Services Authority (FSA) has issued a new guide to consumers on the Retail Distribution Review (RDR), emphasising that financial advice has never been free. The six-page document runs through the three key areas of ‘improvements’ to the industry, with consumer told they will ‘know […]

FSA issue 7th RDR newsletter The FSA have issued their 7th RDR newsletter and the penultimate edition before RDR-day. In this edition the issues covered are:- the importance of holdint the right permissions templates for disclosure documents information about gap-fill requirements for structured products a reminder about our process for waivers to RDR requirements; and […]

Compliance officer banned over UCIS failings – A compliance officer has received a partial prohibition from the Financial Services Authority (FSA) for failing to prevent unregulated collective investment scheme (UCIS) mis-selling by one of his firm’s directors. Anthony Adams’s prohibition prevents him from performing any significant influence function other than as or through an appointed […]

FSA takes action against investment firm and compliance director – The FSA has issued a public censure on City Gate Money Managers Limited (City Gate) and banned its director and compliance officer Stewart Wallace Domke from holding any significant influence functions in the future over unauthorised pension transfers. Mr Domke was in breach of the […]

Lawyers fined after banking £1.43m for mystery clients offshore – with no questions asked – LAWYERS in a High Street firm have been fined for flouting rules meant to stop money laundering. But George Morton and Malcolm Thomson escaped with their jobs. Legal watchdogs found that Morton, 58, “completely ignored” procedures put in place to […]

Lloyd’s market bulletin – FATCA – Lloyd’s has published a market bulletin, the purpose of which is to provide initial information to the market on how the proposed US Foreign Account Tax Compliance Act (FATCA) reporting requirements on foreign financial accounts and the associated withholding tax rules are likely to affect the Lloyd’s market, and […]

Analysis and case study Habib Bank AG Zurich (“Habib”) = FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements – In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) […]