News & Regulatory Updates

News

07/06/2019
nacfbcompliance2017

Currency rigging fines top £70m

Switzerland’s competition watchdog has fined RBS, Barclays, Citigroup, JPMorgan Chase and MUFG more than £70m after investigations uncovered “several anti-competitive practices”. Citigroup must pay £22.7m, while Barclays, RBS, JPMorgan and MUFG were fined £21.5m, £17.9m, £7.6m and £1.2m respectively. The settlements end investigations in the country into two cartels formed by the banks – and

07/06/2019
nacfbcompliance2017

FCA urged to probe buylists

The Financial Conduct Authority has been urged to probe the way platforms run their fund buylists in the wake of Woodford’s Equity Income Fund closing to investors amid liquidity concerns. Shaun Port, chief investment officer at Nutmeg, believes vested interests between fund houses and platforms’ best buylists should be investigated, while Fundscape consultant Bella Caridade-Ferreira

06/06/2019
James Hinch

FCA appoints new Chair at the Financial Ombudsman Service

Baroness Manzoor will take up the role on 2 August 2019, succeeding Sir Nicholas Montagu who is stepping down after more than seven years in post. Baroness Manzoor was appointed to the House of Lords in 2013, where she served as House of Lords Government Whip and Minister between March 2018 and May 2019. Before

03/06/2019
Nicholas Murphy

NACFB launches Senior Managers & Certification Regime hub

The NACFB have launched a bespoke Senior Managers & Certification Regime (SM&CR) hub for use by authorised Members of the Association. SM&CR replaces the Approved Persons Regime, and will apply to all regulated firms from December 2019, changing how those working in financial services are regulated. The NACFB have developed an interactive journey for our

23/05/2019
James Hinch

Culture and Ethics

Culture and ethics; get these drivers correct within your business and the rest will naturally follow. Phrases like culture or ethics and `tone from the top`, are used in firms at all levels, and they are always discussed as a core principal of the firm, then you read or hear about a scandal or breach

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