FCA fines CT Capital Ltd for failures related to PPI complaint handling

07 June 2016

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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Evil corruption in sport

02 June 2016
Knowledge Base

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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FCA proposes cap on early exit changes

26 May 2016

The Financial Conduct Authority (FCA) has today announced the level at which it will consult to cap early exit charges for those consumers wishing to make use of the pension freedoms. The FCA has proposed that for existing contract-based personal pensions, including workplace personal pensions, exit charges will be capped at 1% of the value of a member’s pot. Firms will not be able to apply any exit charge for personal pension contracts entered into after the proposed new rules come into force.

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Nordea’s merger plans

19 May 2016

Nordea welcomes the Swedish Financial Supervisory Authority’s (SFSA) approval of the merger plans between Nordea and its subsidiary banks Nordea Bank Danmark, Nordea Bank Finland and Nordea Bank Norge, respectively. This is an important step in our work to simplify our legal structure, with the aim to change the Norwegian, Danish and Finnish banks to branches of the Swedish parent company.  Continue reading…

Two Convicted of Insider Dealing in Operation Tabernula Trial

13 May 2016

In a case brought by the Financial Conduct Authority (FCA) and following a three-month trial at Southwark Crown Court, two defendants – a senior investment banker and a Chartered Accountant – have been convicted of conspiring to insider deal between November 2006 and March 2010. Three other defendants, Andrew Grant Harrison, Ben Anderson and Iraj Parvizi, have been acquitted.
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Whitepaper

Wolters Kluwer

IFRS 9: Unexpected Gains from Expected Losses

10 May 2016

To follow IFRS 9 protocols, firms will be required to exercise judgment throughout the organization, evaluating internal developments and the wider economic and financial backdrop. The unique skills, perspective and outlook that each department, most notably Finance and Risk, brings to the task makes it one that’s best accomplished between them, working together, not just within them.

This is when the collaborative thinking incorporated into IFRS 9 will reveal its value most clearly. Our latest white paper outlines how – if all centers of leadership act in concert – an institution can comply successfully with, and benefit from, IFRS 9.