Neasa MacErlean

1 month ago | compliancemonitor.com | Neasa MacErlean

An FCA decision notice to fine Crispin Odey £1.8 million and banhim from the sector followed a sequence of events at Odey Asset Management LLP(OAM) in which he twice removed members of the executive committee, threatenedpersonal litigation against them, told them “HR law did not matter here” andrefused to co-operate with a proposed safeguarding plan (to protect femaleemployees) that had been suggested by the compliance officer and executivecommittee members.

1 month ago | compliancemonitor.com | Neasa MacErlean

In two major volte-faces, the FCA has dropped its intention to publish names of firms under investigation and has delayed its programme on diversity and inclusion (D&I). The first proposal had already been considerably watered down after meeting with sustained industry opposition. The second was set as one of chief executive Nikhil Rathi’s priorities when he joined in 2020. The Prudential Regulation Authority is also understood to be delaying its D&I plans.

1 month ago | compliancemonitor.com | Neasa MacErlean

Government plans to abolish the Payment Systems Regulator and merge it in fully with the FCA are leading to speculation that budget changes could also hit the Financial Ombudsman Service. The PSR and its 160 staff will lose their separate identity when legislative time is found to transfer its powers to the Financial Conduct Authority. The PSR already operates from within FCA premises in Stratford, East London and its current director, David Geale, is an FCA director.

2 months ago | compliancemonitor.com | Neasa MacErlean

Customers with challenging personalcircumstances are a third more likely to feel negatively after contact with thefinancial services sector than other members of the population, according tonew research from the regulator. But changes in attitudes look easier to achievethan firms might realise since the regulator also discovered that there is ahigh chance of a marked improvement if such customers explain their situationto these institutions.

2 months ago | compliancemonitor.com | Neasa MacErlean

The regulator has banned two former Credit Suisse managing directors after reviewing their guilty pleas and subsequent incriminating evidence in the United States but without waiting to hear — as originally planned — the comments of the judge upon sentencing.