Customer-centricity must pierce through the heart of wealth management firms 26/03/2015 As a conduct-focused regulator, the FCA is keen to ensure that firms are implementing good standards underpinned by a consumer-centric culture enforced from the top down. This is a particular focus for the wealth management sector, which has been criticised in the past for profit-driven cultures resulting in suitability failings.
Jeremy Paxman probes Jersey's funds industry 24/03/2015 It has been eight months since the implementation of the EU Alternative Investment Fund Managers Directive (AIFMD), but regulation is still keeping Jersey’s alternative funds professionals awake at night, discovered Jeremy Paxman.
HSBC said to be closing some UK nationals' Jersey accounts 17/03/2015 HSBC is closing all accounts on Jersey belonging to customers living in the UK, as part of a move by UK banks to carry out checks on the identity and addresses of thousands of their customers on the Channel Islands, the BBC reported.
Private bank initiates insolvency proceedings 16/03/2015 Insolvency proceedings are being launched for Banco Madrid after clients hurried to withdraw their money when its Andorran parent company was hit by a money-laundering scandal.
FCA outlines policy for banking responsibility and accountability 16/03/2015 Financial services companies will be made to vet thousands of staff annually to ensure they are “fit and proper” persons under a new framework published by the Financial Conduct Authority. Banks will have to take much greater responsibility for the conduct of their staff under the new regime.