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Regulatory Insights: MiFID II – Review of FCA Policy Statement

The FCA issued its final Policy Statement on MiFID II on 3rd July. Two of CCL’s directors, Stuart Holman and Atma Dhariwal, discuss key points coming out of this important step in MiFID II’s implementation in the UK.

Regulatory Insights - Are You Ready For The Fourth EU Money Laundering Directive?

On the 26th June 2017, the Fourth EU Money Laundering Directive (“MLD4”) comes into force across Europe and through the UK’s Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. The legislative change aims to embody the recommendations made by the Financial Action Task Force (“FATF”) and bring the EU to an equivalent standard.

How complaint reporting rules can benefit your firm

Over the past few years, complaints have become a real concern in the financial services industry. Every year, thousands of people take their unresolved complaints to the Financial Ombudsman Service (FOS) because they are unhappy with the way their original problem has been dealt with.

What They Give With One Hand....

Cant is never a nice thing from a government, or a regulator, but it is a frequent enough occurrence. The U-turn over the reversal of the burden of proof under the new SM&CR announced by the Treasury on 15th October 2015 is a clear example of that. On Thursday the Treasury published the Bank of England and Financial Services Bill which had its first reading in the House of Lords the previous day.

The Use Of Dealing Commission – The European Regulatory Outlook And The FCA’s Feedback Statement On DP14/3

The use of investment research funded through Dealing Commission has been an area of increased regulatory scrutiny, at a national level, for some time. The Financial Conduct Authority (‘FCA’) and its predecessor, the Financial Services Authority (‘FSA’), have conducted a variety of work in this area since the FSA issued a ‘Dear CEO’ letter in late 2012. The FCA estimates the charges paid by consumers through investment managers acquiring external research are worth around £3 billion per annum, and has repeatedly expressed concern that poor practice in this area is leading to poor outcomes for consumers.