Esther Martin

London

Editor at Compliance Monitor

Compliance Monitor

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Articles

Regulator floats ban on borrowing to buy crypoassets

1 week ago | i-law.com | Esther Martin

Regulator floats ban on borrowing to buy crypoassets The FCA is asking firms and other interested parties whether it should restrict the use of credit cards to buy most cryptoassets as part of the regulatory framework it will propose later this year. By Neasa MacErlean Citing research which showed that growing numbers of crypto-purchasers - now 14 per cent - borrow in order to buy, the regulator asks if this should be stopped for cryptoassets where the value is potentially volatile.
Odey's overreach tested accountability at own firm

1 week ago | i-law.com | Esther Martin

Odey's overreach tested accountability at own firm When the executive committee of Odey Asset Management sought to conduct a disciplinary process against the founder and owner, he wasn't having a bar of it. Denis O'Connor explores the events that led to a clash between a colourful industry figure and the regulator's interpretation of its conduct rules.
How to tackle the 'other side' of misconduct

1 week ago | i-law.com | Esther Martin

How to tackle the 'other side' of misconduct Financial and non-financial misconduct tend to walk hand-in-hand. Rob Mason explores the regulator's recent focus on behavioural wrongdoing in the industry, its impacts on culture, along with steps firms can take to address conduct risks. Rob Mason is director of Regulatory Intelligence at the communications surveillance firm Global Relay: www.globalrelay.com/products/voice-surveillance/.
'Red tape' review will rebalance regulatory risks

1 week ago | i-law.com | Esther Martin

'Red tape' review will rebalance regulatory risks The Government has tasked the Financial Conduct Authority with reviewing and streamlining its rules in order to "free up resources for businesses to innovate and to grow". Emma Radmore examines what changes are already happening or are under consultation, along with other initiatives we might expect from the regulator in the next year or so. Emma Radmore is legal director in the UK Financial Regulation team at Womble Bond Dickinson.
FCA prepares for world-first live AI testing facility

1 week ago | i-law.com | Esther Martin

The Authority is due to launch a live artificial intelligence testing facility in September to assist firms with advanced consumer-facing uses of the technology. The service - thought to be the first globally by a regulator- is to "run for 12 to 18 months" but, if it is successful, firms are likely to encourage the regulator to continue with it, and the FCA accepts that it might make it permanent. Submissions in response to an engagement paper on the service are sought by 10 June.
Gaps found in FCA review of bereavement and power of attorney customer care

3 weeks ago | i-law.com | Esther Martin

All firms need to improve their practices regarding the treatment of the heirs after a bereavement or granting of power of attorney, according to the FCA - which has reviewed the operations of businesses across the bank, building society, payments and electronic money sector. The review looks in particular at adherence to the Consumer Duty and the Financial Conduct Authority's Vulnerability Guidance. While it "saw evidence of good practice in the support provided to customers ...
Consultations eye reprieve for small and medium-sized alternative asset managers

1 month ago | i-law.com | Esther Martin

HM Treasury and FCA are consulting on changes to streamline and tailor the regime for the £2 trillion market of managing alternative assets. A proposed three-tier system would reduce regulation for medium and smaller firms and make "only the largest firms" subject to a regime similar to the one now in place.
Traders' online chats cost banks £100m in competition penalties

1 month ago | i-law.com | Esther Martin

Traders' online chats cost banks £100m in competition penalties A group of five banks were caught out when their employees' private internet exchanges were considered by authorities to have breached the Competition Act 1998. Firms face legal risks in this area that need to be identified, monitored and managed, writes Denis O'Connor. Denis O'Connor is a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment.
A costly miscalculation: Nvayo and the price of resistance

1 month ago | i-law.com | Esther Martin

A costly miscalculation: Nvayo and the price of resistance Regulatory battles may often best be fought in remediation efforts rather than legal challenges, a recent case illustrates. By Christian Blackwell Christian Blackwell, an associate partner with Pathlight Associates (https://pathlight.associates), is a management consultant with over 25 years' experience as a governance, risk and compliance advisory, assurance and remediation adviser.
PRA quadruples Hambro's fine for Wyelands Bank breaches

1 month ago | i-law.com | Esther Martin

George Hambro, a non-executive director of Wyelands Bank plc, has had a fine imposed by the PRA quadrupled in order to deter others from showing insufficient skill, care and diligence in management and reporting of the firm's capital. As the bank's chief investment officer, he would have been fined £18,000 for the breaches - which lasted 32 months and enabled a regulatory misreporting of a £10 million capital injection - but the sum was pushed up to £72,000.