All Financial Conduct Authority articles – Page 5

  • Blog

    U.K. FCA Scrutinizes Use of Big Data by Insurers


    Image: The Financial Conduct Authority is requesting more information from general insurers about big data, which may lead into a market study or further policy or guidance. Big data has the “potential to transform practices and products across financial services,” Christopher Woolard, director of strategy and competition at the FCA, ...

  • Blog

    FCA’s ‘Regulatory Sandbox’ to Drive Innovation and Competition


    Image: The U.K. Financial Conduct Authority is planning to unveil a “regulatory sandbox” for companies to test new products, services, or business models without facing enforcement actions. “To promote competition it is vital that we support firms—both regulated and unregulated, whether large incumbent or small start-ups—that want to bring new ...

  • Blog

    U.K. FCA: Senior Managers To Be ‘Whistleblower Champions’


    Image: The U.K. Financial Conduct Authority is calling on senior managers to serve as “Whistleblower Champions” and to play a lead role in protecting employees who come forward with critical information about misconduct. The rules are part of the Senior Managers Regime, which is slated to go into effect ...

  • Article

    Getting a Better Read on ‘Conduct Risk’


    Image: “Conduct risk” is a phrase uttered by many regulators these days and a menace compliance officers in banking circles worry about more and more. Still, putting a precise definition on it isn’t easy. “Conduct risk frequently demands that a firm address the widest range of policies, processes … and ...

  • Blog

    U.K. Financial Regulator Explains the New Accountability Rules


    Image: The Financial Conduct Authority released “near final rules” which shows how it will apply the new accountability regimes that hold employees accountable for misconduct in U.K. branches of overseas banks. These rules further explain the FCA’s accountability reform announcement last month that zeroes in on top executives at U.K. ...

  • Blog

    Banks Need to Manage Risks Better, U.K. Regulator Says


    Image: A review by the U.K. Financial Conduct Authority found that banks need to take the risks associated with benchmark rates more seriously. FCA believes that financial institutions should learn from the recent scandals that rocked the industry and ensure that such misconduct does not happen again. The watchdog says ...

  • Blog

    Europe Faces Growing Criticism Over Sacked CEOs


    The movement of executives at top financial institutions is back in the spotlight but this time the action is in Europe. Following the 2008-09 financial crisis banks were losing their chief executives faster than many expected. Now with post-meltdown regulatory reforms in full force, the turnover rate among executives has ...

  • Blog

    SFO in Talks With Barclays to End Long-Running Criminal Probe


    The Serious Fraud Office has extended a deferred-prosecution agreement to Barclays to end an investigation into the bank’s alleged role in the £2 billion Qatari 2008 fundraising and other practices that helped the bank weather the financial crisis. British regulators recently gained the power to issue DPAs, and the SFO ...

  • Blog

    British Watchdog Sets New Accountability Standards


    Image: Britain’s Financial Conduct Authority has released new rules for its Senior Managers Regime, a compliance standard that will hold senior managers at financial firms personally accountable for corporate misconduct. “We have given clarity on rules that will embed personal accountability into the culture of the city,” Martin Wheatley, FCA ...

  • Blog

    U.K. Watchdogs Issue New Rules on Clawbacks for Bankers


    The Financial Conduct Authority and the Bank of England have finished banker rules that could have bonuses clawed back even after a decade of being awarded, if the firm comes under regulatory scrutiny for “potential material failures,” the FCA said. Senior managers aren’t off the hook either: They face a ...

  • Blog

    U.K. Regulator Slaps Major Banks With Hefty Fines


    The Financial Conduct Authority has fined Bank of New York Mellon £126 million for the lack of compliance monitoring during the financial crisis. In a separate case this week, the regulator also imposed a record fine on Clydesdale Bank for “serious failings in payment protection insurance complaint handling,” the FCA ...

  • Blog

    U.K. Watchdog to Hold Senior Managers Accountable


    British banking regulators have released new guidelines to improve individual accountability in the banking sector. In the event of misconduct, senior managers who are capable of “causing significant harm” to a bank, or can threaten the integrity of financial markets, will now be held accountable in an investigation. Details inside.