A comment on the fine imposed by the FCA on Commerzbank, and a discussion of the wider implications.....More
In what has become something of a festive tradition at ICA, we’ve collated the biggest of these fines issued by both OFAC and the FCA this year to see what lessons can be learnt for 2020.
It is often said that the only constant in life is change, and that certainly rings true for the current regulatory climate. The global nature of financial crime means that all regulators, and firms operating in the regulated sector, must be quick to respond to threats.....More
It was announced that Standard Chartered has agreed to pay more than $1 billion to US regulators and the UK’s Financial Conduct Authority (FCA). What lessons can we learn from this?
The £896,100 fine recently imposed on Canara Bank by the FCA is a useful example of the thinking behind penalties issued by the UK regulator.....More
The FCA’s business plan for this year has had to strike a careful balance between the considerable amount of work that is going to be taking place on Brexit, which is already well underway, and their other strategic priorities.
At the beginning of this year, the ICA published the top Financial Conduct Authority (FCA) fines of 2016. So as we come to the end of 2017, I thought we’d take a look at who’s been on Santa’s naughty list this year; in other words, the top FCA fines of 2017.....More
We break down combined fines of nearly £18 million issued by the Financial Conduct Authority to five top offenders in 2016.
The year began with the FCA coming under heavy criticism for suspending its thematic review into banking culture. However, the regulator recently reaffirmed in its Business Plan for 2016/17 that firms’ culture and governance is one of the seven priority themes around which it will organize core activities for the coming year.....More
Since the Financial Conduct Authority (FCA) replaced the Financial Services Authority there has been a short run, but dramatic, trend in the UK towards greater whistleblowing activity. 2014 saw 1,367 complaints reported to the FCA, an increase of 44% on 2013 and of 142% on 2012. However, in 2015 reported complaints declined by a fifth compared with 2014, according to law firm Pinsent Masons.
How equal are women? According to the World Economic Forum (WEF), not very. It released the startling estimate that we will have to wait until 2095 to close the gender gap. The UN has pledged to tackle this and want to achieve gender equality by 2030.....More
Several months ago we carried an article in our magazine InCompliance about the new Senior Manager and Certification Regime
Today feels quite significant to me. Not only has it been a week since I took up my role within the Research and Development team at International Compliance Training, but also very importantly, it’s International Anti-Corruption Day.....More
As we know the FCA strategic objective is to make markets work well, and to achieve this they have the operational objectives of: - Protecting consumers - Protecting and enhancing the integrity of the financial systems - Promoting competition in the interests of consumers.
The FCA has issued a comprehensive review on its progress over the year including how it has achieved its objectives. This is a quick overview of how it assesses its performance in discharging its powers as a regulator. In ICT, we explain to our delegates that the regulator has four main powers:....More
Yesterday the Financial Conduct Authority in the UK released a statement of their expectations of Banks’ management of money laundering risk:
It is with some disquiet and unease that I have been reflecting on the finer points of the recent enforcement action that was published earlier this month by the FCA concerning the affairs of the Bank of Beirut and in particular the personal sanction announced of the Compliance Officer and Internal Auditor, and I felt compelled to put pen to paper.....More
The call for greater standards of professionalism within the financial sector has increased in volume in the years following the financial crisis. And no doubt that call will continue to get louder.
2014 has so far been a year of massive regulatory fines. The US authorities in particular have upped the ante in their actions against large financial institutions. Amongst the highest profile of these was the $9bn fine issued against BNP Paribas in July, which led recently to the resignation of the bank's chairman, Boudouin Prot.....More
“Trust” is a current buzzword in the financial sector as the aftershocks of the LIBOR scandal and the HSBC AML case continue to be felt.
With the impending change in UK regulation flooding towards us like the recent wet weather, the FSA are 'drip' feeding information to the industry as they continue along their metamorphic journey in a bid to help ease the transition we will all have to deal with in some form or another.....More
With recent speeches to the British Bankers' Association by both Martin Wheatley and Clive Adamson, and the resignation of Margaret Cole, we are beginning to get a clearer picture of the approach and focus of that the Financial Conduct Authority will have when it assumes its powers in a year's time.
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