News & Regulatory Updates

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17/07/2019
James Hinch

FCA to replace GABRIEL reporting with new data collection platform

The Financial Conduct Authority is to move to a new platform for its data collection systems, which will include replacing Gabriel. Gabriel is the FCA’s main regulatory data collection system, facilitating the collection of over 500,000 submissions annually, across 120,000 users and 52,000 firms. The regulator has asked all users to complete a short survey

24/06/2019
James Hinch

LAUNCH OF THE SENIOR MANAGERS & CERTIFICATION REGIME PDP

Following recommendations by the Parliamentary Commission on Banking Standards, the FCA and PRA introduced the Senior Managers and Certification Regime (SM&CR)  from March 2016. The key aim is to increase individual accountability within the banking sector. SM&CR makes it easier for regulators to understand which individuals have responsibility for each of the key aspects of

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

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