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27 Jan

Standard Bank’s landmark £7.6m AML fine: Beware of the PEPs

  • 27th January 2014
  • RegTechFS

JWG analysis. According to the notice released on Thursday, the FCA has fined Standard Bank £7,640,400 for failings in its AML systems and controls relating to its treatment of corporate customers connected to politically exposed persons (PEPs). This notice is particularly relevant given that the FSA’s thematic reviews in 2010 found that “more than a Read More

09 Oct

Conduct risk explained: Fix the systems in 2014, or pay the fines

  • 9th October 2013
  • RegTechFS

Conduct risk is becoming something of a buzz word for regulators this year. In the UK, the FCA took over supervision of consumer protection from the FSA and published its Risk Outlook 2013 back in March, which outlined the new conduct risk regime. Since then, and coming on the back of the FSA’s MMR and Read More

09 Jul

Risk data: Can it be both efficient and compliant?

Risk regulation is a cluster bomb – multiple devices with multiple impacts – but applying uniform risk data principles can save costs in 2013-16 With six months before the 4th Capital Requirements Directive comes into force, many will be asking what technological improvements will be necessary to efficiently manage risk going forward. Before they embark Read More

15 May

Mind your conduct! Stricter product governance surveillance/early intervention key features of new FCA paper

  • 15th May 2013
  • RegTechFS

The FCA approach to conduct risk may require significant adjustments to governance in both the front and back office, with initiatives on product development, sales and marketing, and management information (MI) collection and use. Given the similarities with a recent release on conduct in interest-only mortgages, this suggests an emerging trend towards more on-going surveillance Read More

26 Mar

Survival of the quickest: The implications of Germany’s new HFT law

The long anticipated and much discussed new German high-frequency trading (HFT) law is now formally with us. In brief, Germany has introduced an authorisation regime for entities conducting HFT, but with significant extra-territorial consequences. The law has been passed by the Bundesrat and waits to be signed into law by the German President (probably at Read More

25 Feb

Outsourcing: increasingly risky business?

More stringent restrictions on outsourcing arrangements affecting all suppliers could lead to increased costs across the board for financial services firms. Since the 1980s, outsourcing has been a way to leverage global wage imbalances to lower the cost/income ratios of the banking industry. The rules of the game changed in 2007, with MiFID controlling how Read More

21 Feb

The PRA‘s ‘new frontiers’ in insurance regulation: a preview of banking regulation in 2013+

Andrew Bailey, the freshly anointed head of the new Prudential Regulation Authority (PRA), gave the strongest indication yet of the approach that would be taken to regulating and supervising systemic insurers alongside banks and major investment firms. Reading not very far between the lines, Bailey also seemed to be outlining the approach the PRA would Read More

31 Jan

HFT: Time to talk about how?

It’s 2013 and we’re still talking about regulating HFT in the absence of data quality and standards conversations. That needs to change. 2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that Read More

28 Jan

The Coming Fragmentation of Cross-Border RRP’s

However, the realisation of such an approach has been stifled by differences between national insolvency regimes and resolution tools. As a result, many assumed that, where such a conflict occurred, national regulators would naturally seek to cooperate on the issue, with one regulator giving sole jurisdiction to the other in order to allow for the Read More

28 Jan

The Legal Entity Identifier (LEI): the ROC has landed

After months of being in the works, the Regulatory Oversight Committee (ROC) for the global FSB has come into being. The ROC is responsible for “upholding the governance principles of and to oversee the global LEI system … in accordance with the High Level Principles and recommendations set out in June 2012” by the FSB. In Read More