August 30, 2019 Nicholas Murphy

Simon Lovell, field compliance manager at TMA Club, has said that the majority of brokers are not ready for the Senior Managers and Certification Regime, just 100 days before it replaces the Approved Persons Regime. Whilst high level awareness is currently good, he said, he urged brokers to “engage with the scheme” and “do what…

July 17, 2019 James Hinch

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…

June 24, 2019 James Hinch

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…

June 7, 2019 nacfbcompliance2017

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…

June 7, 2019 nacfbcompliance2017

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…

June 6, 2019 James Hinch

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…

June 3, 2019 Nicholas Murphy

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…

May 23, 2019 James Hinch

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…

May 22, 2019 Nicholas Murphy

Jose Manuel Barroso, chairman of Goldman Sachs and former president of the European Commission, has urged Britain’s Brexit negotiators to prioritise the UK’s financial services sector. Speaking at the City Week conference in London, he said: “I think the most important issue for Britain is services, and in services certainly the jewel of the crown…

May 22, 2019 Nicholas Murphy

Robert Colvile, director of the Centre for Policy Studies, criticises Britain’s “one-size-fits-all” approach to business tax, regulation and administration, which, he argues, is stifling SMEs. The CPS proposes in a new report a sweeping act of tax and administration simplification, whereby companies with a turnover under £1m would be able to choose between paying all…