Bovill, the international financial services regulatory consultancy, has commented to the FCA’s Consultation Paper on extending the Senior Managers and Certification Regime to all financial services firms.
International financial services regulatory consultancy launches new benchmarks team.
The PRA has started another round of cross-firm reviews of the accuracy of 31st December 2016 COREP returns. We understand the reviews cover an expanded set of returns than was specified in a Dear CEO letter sent to some firms in early 2016, adding the FSA001 (balance sheet), COR012 (ALMM) and COR011 (liquidity) to the COR001 (own funds and leverage), COR002 (large exposures) and COR005 (Asset Encumbrance) returns. The reviews also require an assessment of the effectiveness of the systems and controls over regulatory reporting..
NEWS RELEASE: The Financial Conduct Authority (FCA) has today announced its new Skilled Person Panel, effective until 2021. The panel is a supervisory tool, used by the financial watchdog to carry out independent reports, known as a s166 review, where there are specific concerns about a regulated firm’s activities. The reviews have been used to tackle heavyweight cases including closer examinations of restructuring deals and alleged money laundering.
The Financial Conduct Authority recently ran its’ third TechSprint event on the theme ‘Financial Regulation and Mental Health’. The TechSprint is a two-day industry-wide development challenge introduced by the Regulator as a regulatory tool to catalyse innovation in the industry.
Both the PRA and Competition and Markets Authority (CMA) are concerned that mortgage lenders operating under the Standardised Approach (SA) for credit risk are being incentivised to specialise in riskier exposures, thereby undermining the safety and soundness of these firms.
Bovill is expanding its global footprint by entering the US market and has appointed Andra Purkalitis as a Partner and Head of Americas to lead the US initiative.
We are delighted to announce that Bovill has won the award for Best EIS Regulatory Adviser 2016 at the Enterprise Investment Scheme Association Awards.
The FCA recently published guidance to protecting your firm from financial crime. The guide gives examples of good and bad practice for consumer credit firms. The guide is a high level interpretation of the requirements, with links to the relevant guidance. It covers:
On 11th November the FCA finalised the new Financial Crime Return form and guidance (called the REP-CRIM return) following industry feedback received on its consultation paper circulated earlier in 2016. The FCA’s original proposal to require certain firms to submit financial crime returns was previously tucked away in the FCA’s Quarterly Consultation Paper (CP15/42) in December 2015. Whilst the proposal of the return appeared uneventful, the implications for firms following its introduction may be more significant.
Managing Consultant Prem Griffith has been quoted in a story from Thomson Reuters which explains why the FCA seeks to ban a senior Barclays executive from holding any future senior positions within financial services. The FCA alleges that Andrew Tinney did not circulate a compliance report he had commissioned from consultants, which highlighted that Barclays Wealth operated a culture that was ‘high risk’ and ‘actively hostile to compliance’.
David Brain, Head of Assurance at Bovill along with consultants Colin Darby and Jemma Urquhart, participated in a roundtable discussion with ‘Risk & Compliance Magazine’ to provide guidance on the EU’s 4th Anti-Money Laundering Directive (4MLD). The Directive was adopted in June 2015 and requires EU Member States to upgrade their respective national laws in order to implement the Directive by 26 June 2017. Readers should note that in July 2016, the European Commission formally proposed that the 4MLD transposition deadline be brought forward to 1 January 2017.
Six companies shortlisted for Exit of the Year, sponsored by Bovill
What are the key changes?
New rules came into force from the FCA on 30 June 2016 – here’s a reminder about what’s changed:
In the wake of the Brexit vote and the ensuing market volatility, the FCA is already contacting firms to discuss their capital and liquidity risks and their contingency funding plans.
The decision to leave the EU will have a significant impact for the city, financial services companies, our clients and the economy as a whole. With much of our regulation coming from the EU, it is not going to be a quick process to disengage. The UK will remain in the EU for a transitional period whilst exit arrangements are made.
NEWS RELEASE: There has been a sharp rise in the number of e-money providers registered with the Financial Conduct Authority (FCA) over the last two years, with 79 now authorised in total, more than double the 38 authorised in 2013, according to Bovill, the specialist financial services regulatory consultancy.
We’re delighted to receive an award in the 2015 AltFi Awards.
NEWS RELEASE: SyndicateRoom was named Best Investment Platform at the inaugural Growth Investor Awards, which recognises impact beyond investment in the UK SME finance industry.
NEWS RELEASE: The extension of the Senior Managers Regime in 2018 to all financial services firms could cause a major headache for asset managers.
NEWS RELEASE: Today’s U-turn on the Senior Managers Regime accountability rule could be result of human rights challenges. The UK government has announced it will change the regime, removing a rule that would have held senior managers at banks personally responsible or even criminally liable for failings of more junior employees.
NEWS RELEASE: Over a quarter (26%) of applications from peer-to-peer lenders seeking FCA authorisation have been withdrawn, raising concerns over firms’ ability to meet new regulatory requirements says Bovill, the specialist financial services regulatory consultancy.
NEWS RELEASE: Queen Mary University of London has announced details of a free business advice scheme for start-ups and entrepreneurs in London, with support from Bovill. Based at QMUL’s School of Economics and Finance, qNomics will provide expert consultancy to fledgling businesses in the financial and technological sectors.
NEWS RELEASE: The FCA has been hit by a surge of applications from P2P lenders, with more than 100 businesses seeking FCA authorisation to be involved in the fast-growing sector, says Bovill, the specialist financial services regulatory consultancy.
NEWS RELEASE: The number of staff selling investment products at retail banks has fallen by a fifth as branches move away from giving financial advice. Tougher regulation, tighter margins and the shift towards digital are all key factors.
NEWS RELEASE: The shortlist for Best Investment Platform, sponsored by Bovill, includes Kuber Ventures, Lawson Conner, Seedrs, SyndicateRoom and Venture Founders.
We’re pleased to announce that we will be sponsoring the Best Investment Platform award, as part of the Growth Investor Awards in October.
NEWS RELEASE: Around half of all 2014 applications to market funds in the UK come from the USA, and uncertainty over regulation may be deterring those from Asia and elsewhere.
Following the release of the February board minutes by the FCA, it appears that asset managers and other firms will be under increasing scrutiny following the June release of their updated rules. This is yet another signal that client money is still a top priority of the regulator’s program and lawyers have advised that firms must be prepared to demonstrate robust controls over assets.
NEWS RELEASE: Bovill has opened its first international office in Singapore. Chief Executive, Ben Blackett-Ord – currently based in Singapore – is putting together a team of compliance specialists with local knowledge and international experience to provide specialist regulatory consulting to financial services firms in Asia.