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Fraud and the outlook for 2023
In the UAE, the Central Bank has formed a National Fraud Awareness Campaign in conjunction with Abu Dhabi police, Dubai police and others aimed at motivating customers to fight fraud by being informed. It has been reported that Dubai police... -
Understanding data protection in financial services
In January 2023, Meta (the owner of Facebook and Instagram) was fined €390 million by the Irish privacy regulator for breaking EU data protection rules. Whilst Meta plans to appeal the fine, it is an important example of how costly... -
Compliance Updater - December 2022
A summary of key compliance stories from around the globe in December. FCA issues first fine over British Steel pension mis-selling. FCA warns firms over CFD mis-selling. NCA anti-kleptocracy cell makes three arrests. City regulators told to up their game... -
Concerning Conduct: Quarterly Cases - Q4 2022
Ex-Jones Day partner fined £25,000 over “burn” advice. BlackRock suffers $1bn pullback over ESG. HSBC ad’s banned for “greenwashing”. US directors resign after US DoJ rules over antitrust laws. KPMG head of Lower Gulf to resign. Senior Deloitte partner retires... -
Identifying and managing conflicts of interest
In March 2022, the FCA fined GAM International Management £9m for failing to manage conflicts of interest in relation to its dealings with Greensill Capital. The FCA also fined one of its former investment managers £230k for failing to declare... -
Compliance Updater - November 2022
A summary of key compliance stories from around the globe in November. New York judge drops charges for Libor-rigging against Hayes. £12m payout for treating clients unfairly during the Covid pandemic. OFSI publishes its annual review including key sanctions stats.... -
Reducing the risk of greenwashing of investment products
With rising concern about climate change pushing people to act in a responsible and sustainable way, the demand for financial services products and services with green or ESG (Environmental, Social and Governance) credentials is increasing. As a result, so too... -
Why are complaints important in financial services?
Financial services firms are typically subject to specific regulatory obligations in relation to how they handle client complaints. Here are four key reminders to share with staff across your firm as to why complaints are important. -
Compliance Updater - October 2022
A summary of key compliance stories from around the globe in October. AJ Bell chair quits over FCA corporate governance decision. Kim Kardashian to pay $1.26m to settle crypto charges. KPMG fined in Dubai over Abraaj audit. Leonteq and EY... -
Concerning Conduct: Quarterly Cases - Q3 2022
Cross-party UK MPs call for action on Russian dirty money. DE Shaw former money manager awarded $52 by Finra. Apple lawyer admits to insider trading. Brussels considering EU-wide agency for sanctions. ESMA admits to lacking skills to run consolidated price... -
Compliance Updater - September 2022
A summary of key compliance stories from around the globe in September. NatWest refunds £600k over “bundling”. Hedge fund manager facing DoJ charges over exchange rate manipulation. UK FCA puts Australian takeover in doubt. Spanish police arrest one of Europe’s... -
Sanctions - ownership and control issues
Ownership and control of entities has received significant media attention recently following the introduction of the UK Register of Overseas Entities on 1 August 2022. The Register requires foreign entities that own land or property in the UK to provide...
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