The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
Ruth Prickett
Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine for the Chartered Institute of Management Accountants, for many years before relaunching and editing Audit & Risk magazine for the Chartered IIA. She has written for a wide range of specialist business titles and drafted white papers and reports for clients including HSBC and Vodafone.
Posted inFinancial Services
U.K. pension scheme reforms promise funds consolidation for trustees
The U.K. government has signaled new rules for pension trustees and funds consolidation to boost investment, but questions remain on employee financial literacy.
Posted inRegulatory Policy
King’s Speech signals major employment law changes ahead in U.K.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Posted inRisk Management
Experts: Further reforms needed beyond revamped London Stock Exchange rules
The U.K. Financial Conduct Authority is revamping the London Stock Exchange rules, but more changes may be needed to achieve growth and attract initial public offers, experts said.
Posted inEthics & Culture
New U.K. codes strive to restore falling trust, integrity
Codes of ethics and conduct are becoming ubiquitous, yet instilling high standards of corporate integrity still seems an elusive goal. Why is corporate culture such a challenge?
Posted inAnti-Bribery
Q&A: Seaco general counsel, compliance head on environmental regulations
Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.
Posted inAccounting & Auditing
Reignited calls to tighten up AML in London, crown dependencies
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
Posted inEurope
Survey: Social media remains vexing issue for financial firms
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
Posted inEurope
EU charts green path forward with ECT withdrawal, new regs
The impending decision by the European Parliament to withdraw from the international Energy Charter Treaty and adopt further climate rules sets a clear direction for green regulations in the region.
Posted inEurope
U.K. regs up pressure on debt collection practices
Debt collection has become a hot topic as U.K. regulators pile pressure on utilities and financial services companies to improve how they treat customers in arrears.
