Lloyds Banking Group is cutting jobs in its risk management function after an internal review reportedly found it was a “blocker” to the organization’s strategic transformation.
Financial Services
Posted inFinancial Services
Proposed update to FDIC’s Change in Bank Control Act fails to advance
A notice of proposed rulemaking to modify the Federal Deposit Insurance Corporation’s Change in Bank Control Act was withdrawn after receiving mixed reviews among the agency’s board of directors.
Posted inRegulatory Enforcement
FINRA fines TD Ameritrade $600K over automated approval failures
Online brokerage services provider TD Ameritrade agreed to pay a $600,000 fine for violations of Financial Industry Regulatory Authority rules over its automated approval system that allegedly allowed inexperienced traders to engage in options trading.
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.
Posted inEthics & Culture
Wirecard whistleblower laments EU speak-up protection inconsistencies
The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.
Posted inEurope
FCA exploring how Big Tech data can aid financial services
The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.
Posted inEurope
FCA publishes guidance on anti-greenwashing rule
The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.
Posted inEurope
BaFin fines Commerzbank $1.6M over supervision, AML lapses
Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.
Posted inRegulatory Enforcement
OCC cites three banks for risk management, BSA-related failures
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
Posted inRisk Management
SEC risk alert warns investment advisers of marketing rule missteps
Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.
