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Hard lessons: the big banks learn from the PPI episode
July 15, 2014 – 7:27 am | Be the first to comment on this story.

96By Selwyn Parker, Wolters Kluwer Financial Services’ contributor.

That misbegotten product, payment protection insurance, has become the bane of UK’s Financial Ombudsman Service. Every week, Ombudsman Tony Boorman’s complaints desk takes around 6,000 calls from unhappy bank customers about PPI. The FOS must feel it’s running flat-out on a treadmill as the complaints keep pouring in. “We are certainly not out of the PPI woods yet,” says ombudsman Tony Boorman somewhat ruefully in his annual report. Indeed were it not for PPI, the service would have a reasonably quiet life – some 78 per cent of all complaints are related to payment protection. Read the full story »

UK Financial Promotions – Part 1
July 10, 2014 – 7:21 am | Be the first to comment on this story.
UK Financial Promotions – Part 1

By Sharon Williams, Wolters Kluwer Financial Services’ contributor.
The Financial Conduct Authority (FCA), like its predecessor, the Financial Services Authority (FSA), places great importance on compliance with the UK Financial Promotion Regime. Recently this topic has …

New council to improve bankers’ behaviour hits the ground running
July 8, 2014 – 8:49 am | Be the first to comment on this story.
New council to improve bankers’ behaviour hits the ground running

By Michael Imeson, Wolters Kluwer Financial Services’ contributor.
The Banking Standards Review Council is already taking shape but it is likely to take years before it yields real results, writes Michael Imeson.
Banks and building societies have …

A consultation too far: the world’s asset managers want the Financial Stability Forum to back off
July 4, 2014 – 4:52 am | Be the first to comment on this story.
A consultation too far: the world’s asset managers want the Financial Stability Forum to back off

By Selwyn Parker, Wolters Kluwer Financial Services’ contributor.
It’s no secret that systemically important financial institutions – the so-called SIFIs — have been in the cross-hairs of regulators ever since the crisis broke. And, given their …

Regulatory Radar – Issue 29: July 2014
July 4, 2014 – 4:46 am | Be the first to comment on this story.
Regulatory Radar – Issue 29: July 2014

Steve Blackbourn takes a glance at key regulatory events, developments and publications issued during the month of June 2014.
In this edition of the Wolters Kluwer Financial Services’ Regulatory Radar Steve looks at:
 
 

Final rules come into force concerning the application and use of client dealing commission
June 26, 2014 – 5:33 am | Be the first to comment on this story.
Final rules come into force concerning the application and use of client dealing commission

By Steve Blackbourn – Wolters Kluwer Financial Services’ contributor.
The final conduct rules on the changes being made to the UK dealing commission regime came into force from 2nd June 2014, with the Financial Conduct Authority …

Mountains of data: The regulators want to know everything the traders are doing
June 24, 2014 – 7:45 am | Be the first to comment on this story.
Mountains of data: The regulators want to know everything the traders are doing

By Selwyn Parker, Wolters Kluwer Financial Services’ contributor.
When a handful of foreign exchange traders colluded to rig the Libor rate-setting benchmark over the last few years, they not only brought down epic fines on their …

FREE WEBINAR: Fortify the Three Lines of Defense to Combat Compliance Risk
June 20, 2014 – 1:46 pm | Be the first to comment on this story.
FREE WEBINAR:  Fortify the Three Lines of Defense to Combat Compliance Risk

Regulators are clarifying the definition of the three lines of defense and expecting organizations to reexamine how they align and work together across the organization. The most nimble and cohesive teams are going to be …

Internal Control: An Overview and Round-Up
June 19, 2014 – 4:18 am | Be the first to comment on this story.
Internal Control: An Overview and Round-Up

By Robert Ellsworth, Wolters Kluwer Financial Services Regulatory Analyst.
Many years ago, as a trainee accountant later to specialise in internal audit and then compliance, I learnt that the ‘big picture’ of Internal Control in organisations …

Ian Hannam, market abuse and the Upper Tribunal
June 19, 2014 – 4:10 am | Be the first to comment on this story.
Ian Hannam, market abuse and the Upper Tribunal

By Adam Samuel, Wolters Kluwer Financial Services’ contributor.
The Upper Tribunal decision in Hannam is part of the painful process by which the FCA tries to stop takeover bids being preceded by share price increases caused …

FCA warns Insurance Intermediaries to do more to manage conflicts of interest with Small Business Clients
June 16, 2014 – 4:12 am | Be the first to comment on this story.
FCA warns Insurance Intermediaries to do more to manage conflicts of interest with Small Business Clients

By Sharon Williams, Wolters Kluwer Financial Services’ contributor.
A recent thematic review by the Financial Conduct Authority (FCA) has highlighted that some general insurance intermediaries are not effectively managing and mitigating conflicts of interest when dealing …

SEPA finally comes to fruition…well, not quite yet !
June 10, 2014 – 5:19 am | Be the first to comment on this story.
SEPA finally comes to fruition…well, not quite yet !

By Michael Imeson, Wolters Kluwer Financial Services’ contributor.
In just a few weeks’ time, SEPA credit transfers and direct debits will fully replace national euro credit transfer and direct debit schemes in the euro area, writes …

Behind closed doors – the FATF meets the practitioners
June 10, 2014 – 4:29 am | Be the first to comment on this story.
Behind closed doors – the FATF meets the practitioners

By Chrs Hamblin, Wolters Kluwer Financial Services’ contributor.
The Financial Action Task Force, the world’s anti-money-laundering standard-setter, recently held a meeting in Brussels with the ‘great and the good’ of the private sector to check on …