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  • FCA Final Notice: Policy Administration Services Limited

    03/07/2013
    The firm has been fined £2,834,700 for poor complaints handling between June 2009 and September 2011. FCA notes that, underlying... all of the failings was the firm’s failure to record complaints, meaning that management information and regulatory reporting was wrong. Other shortcomings include: complaints were not investigated fully or resolved appropriately or consistently; complaints about mis-selling were often rejected because the customer had signed a Direct Debit form, but it was not clear why the firm thought this alone indicated a valid sale; and the failure to investigate and address the root-cause of complaints about the sale of insurance policies, such as mis-selling. It is noted that, since the investigation, the firm has employed a third party to review its complaints processes and has conducted a separate review to identify customers that suffered a loss and pay them redress.
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  • TSC: Appointments of Dr Donald Kohn and Andrew Haldane to the Financial Policy Committee

    02/07/2013
    TSC has published a volume of oral and written evidence with regard to the above.
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  • EPC: White paper – mobile wallet payments

    02/07/2013
    This document describes the concept of a mobile wallet which provides an intuitive interface to the user of a mobile device... to manage his/her portfolio of mobile payments next to other mobile services. Responses are required by 19 September 2013.
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  • IOSCO Meeting with stakeholders on the global financial regulatory reform agenda

    02/07/2013
    IOSCO has published a short note of its meeting on 28 June 2013 in Madrid involving 60 market participants from more... than 20 countries, including some 30 international financial associations and investor groups. Topics discussed included IOSCO´s work on the international financial regulatory reform agenda and challenges faced by securities regulators globally,
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  • FATF: Objectives for FATF XXV (2013-2014)

    02/07/2013
    FATF has published a short paper setting out objectives for the year by the incoming president.
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  • FCA: Policy Development Update 3

    02/07/2013
    This provides information about recently issued publications and an updated timetable for forthcoming publications
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  • JMLSG: Proposed amendments to JMLSG guidance 

    02/07/2013
    JMLSG has carried out a review of its guidance, specifically with regard to areas of omissions; provisions of the guidance that... are difficult to implement or effect and provisions of the guidance that no longer reflect current practice and has now produced a summary of proposed changes. Interested parties are invited to comment by 16 September 2013. It is noted that the JMLSG board decided that it would not be appropriate to anticipate, at this time, any amendments to the guidance that would be needed when the Fourth Money Laundering directive is adopted and implemented, but some contextual material from the new FATF documentation relating to the risk-based approach has been included in a proposed revision of chapter 4.
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  • PRA: Anchor scenario

    02/07/2013
    In line with GENPRU 1.2.73B, PRA has published a supervisory recommended scenario for the UK as a complement to firms’ own... scenarios. The scenario can be used by firms as a guide to calibrate their own scenarios for Pillar 2 capital planning stress tests. This webpage includes links to detailed spreadsheets for the UK anchor scenario and baseline.
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  • FCA: AIFM Directive National Private Placement Regime

    02/07/2013
    The AIFMD NPPR is a mechanism to allow the marketing by AIFMs of AIFs that are not allowed to be marketed... under the AIFMD domestic marketing or passporting regimes. FCA has published a webpage setting our FAQs and information on the current status of the regime.
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  • FCA: GC13/3 Examples of good and poor practice in ‘Banks’ control of financial crime risks in trade finance’

    02/07/2013
    Further to the publication of the thematic review of banks’ control of financial crime risks in trade finance, FCA has stated... that it proposes to include the examples of good and bad practice in a new chapter of “Financial crime: a guide for firms”. Stakeholders are invited to comment by 4 October 2013 on the proposed examples. 
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