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Filling in the responsibility gap in UK banking
05 Jan
Review of banking culture, FCA review of banks, UK banking review

Filling in the responsibility gap in UK banking

The FCA has just dropped their comprehensive review of UK banking culture, which focused on whether pay, promotions or incentives in the financial sector encourage malpractice.  Shortly after its announcement last year, it has been shelved, with the FCA citing that each business is unique and thus cannot easily be compared. To some this is Read More

26 Aug

GDPR … tick … tock … tick … tock

JWG analysis. Amongst a number of themes and issues that are raised on a regular basis at our monthly Customer Data Management Group (CDMG) meetings, data protection and the need for harmonisation are consistently top contenders. Recently, CDMG has covered the OECD Common Reporting Standard, MiFID II and the new Market Abuse Regulation, and will Read More

24 Aug

5 key changes that ESMA is recommending to EMIR

  • 24th August 2015
  • Daniel Simpson

JWG analysis. This month, ESMA published four reports in which they outlined the modifications that they believe are needed to the EMIR legal framework. JWG have had a look and, below, we pick out five key changes that are being proposed. Clearing obligation. ESMA is recommending two minor changes to the clearing obligation.  These are Read More

19 Aug

Defending your settlement: what will CSDR bring to post-trade?

  • 19th August 2015
  • Mark Robinson

JWG analysis. Last year’s Central Securities Depositories Regulation (CSDR) saw fresh demand from regulators for a more transparent and efficient framework for EU CSD services and operations.  The main aims of CSDR are to increase the safety and efficiency of the post-trade environment, primarily through the harmonisation of settlement cycles and settlement discipline for CSDs.  Read More

04 Aug

Fines and prosecutions: getting more personal?

JWG analysis. It’s only Tuesday and already this week we’ve had some big headlines in the financial services world.  On the other side of the Atlantic, Banamex USA was fined by federal and state banking regulators for failure to implement adequate safeguards against money laundering transactions.  Perhaps even more significant news is the recent conviction Read More

28 Jul

Running for the hills: the new Senior Managers Regime

JWG analysis. The commencement date (March 2016) of the Senior Managers Regime is fast approaching – but what does it mean for senior managers?  And will anyone want to be a senior manager when the regime finally commences? Whilst the new regime will only affect new applicants directly, those who are certified under the existing Read More

08 Oct

The KYC Goldilocks paradox – can we please have a standard?

  • 8th October 2014
  • RegTechFS

Huge fines and complex KYC rules are causing banks to ‘de-risk’ their client portfolios leading to many without access to banking.  Now both consumers and politicians are unhappy.  For years, the industry has struggled without real standards in the AML arena.  So what happens next? SIBOS news was full of more KYC claims again this Read More

02 Sep

New regulatory consequences could be personal nightmares

JWG analysis. Following our review of the $260,000,000,000 total cost of regulatory transgressions, we now take a look at what the actual fines are and what the future holds? Firstly, according to the LSE’s review of 2009-2013 fines, is that 38% of fines are related to control failures like governance, internal controls, market abuse and Read More

29 Aug

How much? The cost of regulation

JWG analysis. It seems you can’t open a paper these days without reading that a financial institution is being fined for some discretion, controls failure or mismanagement. This stark reality that all firms face in the post-crisis financial services landscape. Mounting pressure to get on top of regulatory reform has been matched by a frightening escalation Read More

17 Jul

Trade reporting fines on the horizon

  • 17th July 2014
  • RegTechFS

By Jon Watkins, The TRADE. Regulators are set to clamp down on widespread trade reporting breaches across Europe as a six-month grace period since the rules were introduced expires, according to industry sources. Issues surrounding unique trade identifiers (UTIs), legal entity identifiers (LEIs) and the complexity of the 85 fields required by regulators have plagued Read More