Dear CEO and Compliance Officer The Jersey Financial Services Commission’s (JFSC) Consultation Paper (CP) on Data for Risk Based Supervision addresses our long-term data needs. The proposals set out in the CP will have a direct impact on your firm and we would therefore ask that you take the time to study them and provide […]
Read MoreFCA “Dear CEO letter” on its expectations of principal firms operating in the general insurance sector
The FCA has published a “Dear CEO” letter on its expectations of principal firms operating in the general insurance sector. In the letter, the FCA refers to the publication of the results of its thematic review into the supervision by principal firms of their appointed representatives in the general insurance sector The review found widespread […]
Read MoreCourt of Appeal upholds ten year prison sentence against former trader.
The Court of Appeal has upheld a ten year prison sentence imposed on Philip Harold Boakes following his convictions in an FCA prosecution. In addition, the FCA has banned Mr Boakes from performing any regulated activity and imposed a confiscation order on him. The prison sentence was imposed in March 2015 on Mr Boakes for […]
Read More“EU court finds US data Safe Harbor invalid: WHAT SHOULD MY BUSINESS DO NOW?On 6 October 2015, the issued a judgment striking down the US safe harbor framework, which lets EU businesses send personal data to the US businesses registered under the scheme.
What should my business do now? The EU and the US may replace Safe Harbor, but this is unlikely to happen quickly. In the interim, EU-US data transfers can continue, but businesses should take steps to manage their data protection risk. Right now, you should: assess whether your organisation currently uses Safe Harbor as a […]
Read MoreImportant changes to the Senior Managers and Certification Regime
Last week the Government announced some important changes to the Senior Managers and Certification Regime On the one hand these extend the scope of the regime to the whole of the financial services industry. But on the other hand they remove one of the most controversial elements of the regime, namely the “presumption of […]
Read MoreWHISTLEBLOWING AND Guernsey
On 6 October, following recommendations by the Parliamentary Commission on Banking Standards in 2013, the UK financial regulators (the Prudential Regulation Authority and the Financial Conduct Authority) introduced new whistleblowing rules. In practice, what this means is that by 7 March 2016 relevant firms must have appointed a sufficiently senior ‘whistle-blowers’ champion’ who must have […]
Read MoreJFSC Internal Systems and Controls findings from 2014 report
JFSC Internal Systems and Controls findings for Fund Services Business & Collective Investment Funds On the 16th June 2015, the JFSC published it’s ON-SITE EXAMINATION PROGRAM 2014 SUMMARY FINDINGS FOR FUND SERVICES BUSINESS & COLLECTIVE INVESTMENT FUNDS THE FINDINGS were as follows · 6 Internal Systems and Controls · 7 AML/CFT · 8 […]
Read MoreInside Job – How crooks set up the largest bank in Afghanistan & then robbed it for almost $1 billion (first published 28th November 2012)
The first official analysis of the “Kabul Bank Crisis” of 2010 reveals an urgent need for reform in the international banking system, said Global Witness today [28th November 2012]. The “Report of the Public Inquiry into the Kabul Bank Crisis”, [ http://mec.af/files/knpir-final.pdf ] published today by Afghanistan’s Independent Joint Anti-Corruption Monitoring and Evaluation Committee (MEC) […]
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