Following an investigation by the Financial Conduct Authority Michael Nascimento (DOB: 28/06/1977); Hugh Edwards (DOB: 13/07/1982); Stuart Rea (DOB: 12/02/1968); Ryan Parker (previously known as Ryan Sell DOB 26/11/1992) and Jeannine Lewis (DOB: 15/09/1967), all of whom live in London and the South East, appeared today before Southwark Crown Court charged with conspiracy to defraud, together with offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.  Continue reading…

Risk management is growing in stature within businesses, but there is more work to be done, according to Airmic’s technical director, Julia Graham. Speaking at the launch of a report by ACE on the changing role of the risk manager, Julia said that risk management is transitioning from a discipline to a profession. “There is no doubt that we are tomorrow’s risk leaders,” she said. “But we absolutely need to make sure that risk managers are equipped with the right skills.”

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Velocimetrics, today announces that firms adopting VMX EndToEnd will be able to provide an unlimited number of users with direct access to its powerful, actionable insights without incurring additional cost or implementation effort. Introducing a new secure browser-based user interface, clients will be able to retrieve VMX EndToEnd’s rich analytics from anywhere via a laptop, desktop or mobile device.  Continue reading…

Damian Clarke, a former equities trader at Schroders Investment Management has today been sentenced to two years imprisonment having pleaded guilty to nine counts of insider dealing. Confiscation proceedings will also be pursued against Mr Clarke.
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by Mark Flinders and Mario Morkos

In the wake of the financial crisis, the cost of complying with new regulations has risen dramatically for financial services organisations. Delivering regulatory change is an expensive business – so much so that, according to the Confederation of British Industry, banks now say that reducing regulatory costs should be the top priority for the UK government[1]. The rise in regulatory costs is tied, in part, to the expansion of the risk management function. Increasingly, however, the function is under the same pressure as other parts of the organisation to reduce costs. Shareholders concerned about falling margins want to see all functions – including the risk management function – play their part in delivering costs savings.

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The Monetary Authority of Singapore (MAS) sanctioned BSI Bank Limited (BSI Bank) and gave notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by the bank’s staff. MAS also referred to the Public Prosecutor the names of six members of BSI Bank’s senior management and staff to examine whether any criminal offences had been committed.

Banks worldwide have been struggling in the battle against financial crime. Recent high-profile examples demonstrate that the rate of anti-money laundering (AML) compliance enforcement is continuing to rise. At the same time, the cost of compliance failure is escalating with fines and provisions increasing by at least 300% during the second half of 2012 compared to the first. If the related impact to banks’ bottom line is not damaging enough, the loss of trust among customers and regulators makes the combined effect potentially life-threatening.
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The Financial Conduct Authority (FCA) recently fined CT Capital Ltd (CT Capital) £2,360,900 for serious failings in its historic Payment Protection Insurance (PPI) complaint handling processes. Between May 2011 and November 2013, during which time it handled 6,669 PPI complaints, CT Capital failed to put in place complaint handling processes to deal with PPI complaints appropriately, which resulted in customers missing out on redress payments to which they were entitled. The effect on individual customers was potentially significant: the average redress payment made in respect of a fully upheld complaint during the period was £5,959.
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by Evert-Jan Lammers

If you are not a sponsor, an athlete or a gambler you probably wouldn’t know that the largest running event in Europe took place last weekend in Brussels. But you would know of the coming-up European football championship and the Olympic games. What you should know is that in most sports, big and small, international and local, there is match fixing, doping of athletes, and vote-buying (in bidding). The world of sports is infected. If only we could smell it.
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The first phase of the Global Code of Conduct for the Foreign Exchange Market and principles for adherence to te new standards were released today in New York by the Foreign Exchange Working Group (FXWG). Continue reading…