FCA to probe City firms on bullying and sexual misconduct reports January 18, 2024 City firms will be probed on how they deal with reports of workplace sexual harassment and bullying, including the use of NDAs, the financial watchdog has confirmed, after the limited progress of industry-led efforts.
Accountancy watchdog called on to raise threshold for enforcement action January 4, 2024 An accountancy chief has called on the Financial Reporting Council (FRC) to raise the threshold for enforcement action against auditors. Speaking to the Financial Times, Michael Izza, chief executive of the Institute of Chartered Accountants England and Wales said: “Prior to 2017, if the FRC brought a case against an auditor, the threshold test that [...]
Lawyers warn regulator will want to send a strong message over non-financial misconduct December 11, 2023 There has been an uptick in firms facing scrutiny over non-financial misconduct, say lawyers, and this won’t be slowing down anytime soon they have warned. James Alleyne, legal director at Kingsley Napley noted, “non-financial misconduct is clearly a priority for the FCA.” He added: “regulated firms are certainly more conscious than ever about staff behaviour [...]
Insurance chiefs on way out after Lloyd’s investigation of ‘non-financial misconduct’ December 4, 2023 The CEO of CFC Group and the CEO of CFC Underwriting are leaving the company after an investigation by Lloyd’s into allegations of non-financial misconduct
Financial watchdog could wind up policing our dinner party antics October 25, 2023 If the FCA makes it its business to decide whether an off-colour joke at a dinner party is sexist or not, it could wind up intruding on our personal lives, writes Christine Braamskamp
The Notebook: Lucy McNulty on why the FCA must rethink its chairmanship October 16, 2023 Where the City’s top thinkers get a few things off their chest. Today, Lucy McNulty, editor of the Following the Rules podcast, takes the pen.
Incentivising whistleblowing is a no brainer October 10, 2023 Labour yesterday pledged to give financial rewards to whistleblowers who expose stolen assets, sanctions breaches and recover misappropriated funds. “Under the Tories, Britain became the money-laundering capital of the world. With Labour, Britain will be the anti-corruption capital of the world,” David Lammy said announcing the policy pledge. While the policy remains somewhat undeveloped at [...]
Sex (ism) and the City: can new regulations root out the bad apples? October 10, 2023 As the FCA and PRA prepare to crack down on improper conduct in ‘the City’, what would Carrie Bradshaw make of the regulators’ latest attempt to promote healthy culture, and root out the bad guys? Jennie Clarke asks
Mark Kleinman dissects the CBI’s rescue plan – plus the boss of Vashi’s vanishing act and Man U’s other battle June 1, 2023 In five days time, Rain Newton-Smith must deliver the performance of her career. At an extraordinary general meeting of the CBI, she will seek to convince thousands of its members that it should survive the maelstrom which has brought it to the brink of collapse. The cards appear stacked against her. Already, the CBI’s principal [...]
Financial crime: Anti-money laundering and crypto fines surge to £4bn in regulatory crackdown January 22, 2023 Anti-money laundering fines globally surged 53 per cent in 2022 while fines to crypto firms rose over 90 per cent as regulators cracked down on financial misconduct, data from Fenergo shows. In total, financial institutions were fined nearly $5bn (£4.04bn) in 2022. According to Fenergo’s financial crime policy manager Rory Doyle, the jump was linked [...]