A tale of two duties? 16/04/2015 The increased regulatory focus on director accountability should prompt a reassessment by the boards of all wealth managers of their responsibilities, writes Alan Leale-Green, managing director of London-based compliance firm CCL.
FCA fines Bank of New York Mellon £126 million 15/04/2015 The Financial Conduct Authority (FCA) has fined the Bank of New York Mellon’s London branch and the Bank of New York Mellon International, two of the biggest custodian banks active in the UK, £126 million for failing to comply with the FCA Client Assets Sourcebook’s (CASS) custody rules between November 2007 and August 2013, primarily by co-mingling client assets.
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.