Tag Archives: FSA Rules
The FSA is consulting (as it is required to do under the Act) on the new power given to the FCA under the Financial Services Act 2012 to issue temporary product intervention rules without the chore of a consultation (CP12/35). … Continue reading
Suitability and systems: UK FSA fines wealth management firm as further thematic review work continues
Following on from its initial thematic work on wealth management firms, the FSA has fined Savoy Investment Management Limited (Savoy) £412,000 for failures to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients between … Continue reading
Dear CEO: please confirm your asset management firm has identified and mitigated the risk of conflicts of interest between it and its customers
Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks is a ‘Dear CEO’ publication in which the FSA summarises the output of a thematic review undertaken between June 2011 and February 2012. The review was … Continue reading
Effective corporate governance within insurers, including in particular those operating with-profits businesses, has been a high priority for the FSA for some time.
The Herbert Smith financial services team recently hosted a roundtable discussion with high profile members of the financial services industry and a key policymaker at the FSA, to discuss product intervention and what shape the future landscape should take.
In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) systems and controls and fining its former Money Laundering Reporting Officer … Continue reading
The FSA has fined Exillon Energy, a premium-listed Isle of Man company, £292,950 for breaching the rules on related party transactions in LR 11 of the Listing Rules.
Key recommendations by the Rapporteur on the investor protection elements of the proposed MiFID II Directive, contain some potentially significant concessions for firms. However, the recommendations are at odds with the UK’s Retail Distribution Review (RDR) rules. If the Rapporteur’s … Continue reading
The Supreme Court handed down its judgment yesterday in relation to the client money application relating to Lehman Brothers International (Europe) (LBIE). The judgment has a number of implications for firms which hold client money, and for firms who hold money … Continue reading
New rules requiring insurers, banks and other BIPRU firms to tell the FSA about proposed issues of shares or other capital instruments demonstrate the importance of participating in FSA consultations.