2021 - Complyport UK Consultancy Service

Warning Notice Statements For GAM International Management and Timothy Haywood

In 2018 the FCA launched an investigation into Swiss asset management firm – GAM International Management Limited (GIML). The investigation was prompted by allegations concerning Timothy Haywood, former head of GAM’s Absolute Return unit, and his risk management and record keeping issues. Following the FCA’s investigation, GIML received a financial [...]

Complyport’s Response to NatWest Money Laundering Fine

Failure to spot offences at multiple levels of the organisation necessitates “culture of compliance from the top down” and review of training & procedures. On Monday 13 December, NatWest plead guilty to three offences of failing to comply with Money Laundering Regulations (2007) and was fined 264.8 million pounds. The [...]

FCA Plans For Stronger Nudge Towards Pension Guidance Via Pension Wise

In December 2021, the FCA published its Policy Statement: ‘PS21/21: The stronger nudge to pensions guidance: feedback on CP21/11 and final rules and guidance’. This statement summarises the feedback received from May’s Consultation Paper (CP 21/11) and provides final rules and guidance for firms to help implement Parliament’s desire to [...]

FCA Consultation CP21/36: A New Consumer Duty

On 7th December 2021 the FCA released CP21/36, a consultation to the industry with proposed updates and strengthening of Consumer Duty rules. This consultation provided further details of Consumer Duty rules and addressed responses to the original consultation paper, CP21/13, which built on the initial discussion paper DP18/05 and the [...]

Complyport – More needs to be done to crack down on institutionalised corruption

LONDON–(BUSINESS WIRE)–Complyport a City of London compliance and regulatory consultancy on International Anti-Corruption Day, has called on private and public bodies to ensure accountability, integrity, and transparency in procurement processes, and operational practices. Globally corruption is estimated to cost $2.6 trillion annually and with the global economy caught in the [...]

Summary of Appointed Representatives Consultations – CP21/34

The FCA have recently published CP21/34, a consultation paper which outlines their proposed changes to the Appointed Representatives (AR) regime and addressed significant failures of Principals in their understanding of their regulatory responsibilities relating to their ARs. These failures include insufficient oversight of their ARs and inadequate controls over the [...]

FCA Strengthens Protection for Vulnerable Customers: CP21/36: A new Consumer Duty

The Consultation Paper (CP), CP21/36, maps out the FCA’s current stance in relation to the UK’s new consumer duty. With the introduction of the new Consumer Duty policy, the FCA aims to set the highest possible level of consumer protection particularly in the retail financial markets. This would require companies [...]

Webinar – Implementing IFPR – A detailed review of the ICARA preparation process [DRAFT]

The Investment Firm Prudential Regime (IFPR) will be impacting all UK investment firms authorised under MIFID from the 1st of January 2022 with the regime bringing in changes to Classification (SNI or non-SNI), Own Funds and Liquid Resource Requirements and the ICARA Process (the new name for the ICAAP). Complyport [...]

Webinar – Implementing IFPR – A detailed review of the ICARA preparation process

Financial Crime Highlight – Money Laundering Directive and Predicate Offences

An Financial Crime Highlight by Complyport’s Financial Crime and Forensics Unit. The European Union’s (EU) 6th Money Laundering Directive (AMLD6) came into effect almost a year ago for its member states. Part of the drive behind the directive was the harmonisation of various elements of member state legislation, such as [...]

Implementation of Investment Firms Prudential Regime – Final Policy Statement – PS21/17

The FCA issued its third and final IFPR policy statement (PS21/17) on 26th November 2021. PS21/17 covered a wide range of subjects and tied up some of the loose ends from the earlier consultation papers and policy statements. The November statement was in response to the consultation paper CP21/26 issued [...]

As The Principal firm, Do You Know What Your Appointed Representatives Are Doing?

The FCA’s review of the use of Appointed Representatives (AR) is one of its current priorities, with increased levels of harm across all sectors by ARs being noted. Therefore in the next couple of months expect actions to occur, as set out in our recent article. The FCA has also [...]

Summary: DP21/4: Sustainability Disclosure Requirements (SDR) and investment labels

The Discussion Paper (DP), DP21/4, maps out the FCA’s current stance in relation to a UK sustainable product labelling system, which will require certain investment products to display a label reflecting their sustainability characteristics, complementing the entity and product-level SDR disclosures. Asset managers and certain FCA-regulated asset owners are within [...]

Martin Schofield to lead Complyport Financial Crime and Forensics Division

City of London, England, Nov.19 2021 Complyport a London based compliance and regulatory consultancy has today announced that it has appointed experienced financial crime prevention expert Martin Schofield who has worked in senior compliance roles to head up a new financial crime and forensics division inside Complyport to help clients [...]

FCA IFPR Newsletter – What to Expect

The FCA are intensifying their preparations for the launch of the IFPR regime in January 2022. It is critical that firms take the appropriate steps to be ready for the IFPR; the clock is ticking and there is only a short time left. To ensure that firms are getting prepared, [...]

FCA Dear CEO letter – Wealth Management and Stockbroking Supervision Strategy

The FCA has recently published a Dear CEO letter providing an update of its view of the key harms faced by the financial services industry, their expectations from firms and an overview of the work they are planning to do. Whilst the letter was aimed at the wealth management and [...]

The UK’s new authorised open-ended fund: the Long-Term Asset Fund (LTAF)

In October, the FCA published its Policy Statement ‘PS21/14: A new authorised fund regime for investing in long term assets’, which provides feedback to the May 2021 consultation, setting out the final rules and guidance for the new authorised open-ended fund to invest in illiquid assets, the Long-Term Asset Fund [...]

Appointed Representative and Principal Regime Review

Review of the use of the Appointed Representatives’ (AR) regime is a priority for the FCA. The FCA has noticed an increased level of harm across all the sectors where firms have ARs and is preparing certain actions in the coming months to address this. Upcoming FCA key milestones for [...]

FCA IFPR Questionnaire – What to expect?

The introduction of the IFPR regime is fast approaching (January 2022), and the FCA are taking steps to contact firms in preparation of launch. The FCA will shortly be sending out to firms a questionnaire, collecting the data they require to set-up firms reporting requirements in RegData. Earlier this year, [...]

Introductory Breakdown to the Pandora Papers

What are the Pandora Papers? The Pandora Papers is the largest investigation in journalism history, led by the International Consortium of Investigative Journalists (ICIJ), with the leak of around 12 million files that reveal the abuse of the global financial system by individuals, businesses and Politically Exposed Persons (PEPs). Released [...]

Year: 2021

Warning Notice Statements For GAM International Management and Timothy Haywood

Complyport’s Response to NatWest Money Laundering Fine

FCA Plans For Stronger Nudge Towards Pension Guidance Via Pension Wise

FCA Consultation CP21/36: A New Consumer Duty

Complyport – More needs to be done to crack down on institutionalised corruption

Summary of Appointed Representatives Consultations – CP21/34

FCA Strengthens Protection for Vulnerable Customers: CP21/36: A new Consumer Duty

Webinar – Implementing IFPR – A detailed review of the ICARA preparation process [DRAFT]

Webinar – Implementing IFPR – A detailed review of the ICARA preparation process

Financial Crime Highlight – Money Laundering Directive and Predicate Offences

Implementation of Investment Firms Prudential Regime – Final Policy Statement – PS21/17

As The Principal firm, Do You Know What Your Appointed Representatives Are Doing?

Summary: DP21/4: Sustainability Disclosure Requirements (SDR) and investment labels

Martin Schofield to lead Complyport Financial Crime and Forensics Division

FCA IFPR Newsletter – What to Expect

FCA Dear CEO letter – Wealth Management and Stockbroking Supervision Strategy

The UK’s new authorised open-ended fund: the Long-Term Asset Fund (LTAF)

Appointed Representative and Principal Regime Review

FCA IFPR Questionnaire – What to expect?

Introductory Breakdown to the Pandora Papers

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