No longer just murmurs and forecasts, support for the UK’s world-leading RegTech community gained momentum this month, mobilising for take off in a series of roundtables held by the Financial Conduct Authority (FCA). It follows the FCA’s call for input,…
Regulators Focus Their Efforts On RegTech: FCA Call for Input
In a call for input, the FCA has just affirmed that innovative technology has a key role to play in enabling financial services to meet regulatory requirements and invited businesses to have their say in how it should “refine and…
Barclays Hit by £72 Million Fine For Slack Checks on Rich Clients
Barclays was dealt the largest disgorgement penalty ever imposed by the FCA, after a damning report found that it was lax in checking rich politically exposed clients, who were part of an “elephant” £1.9 billion “deal of the century”, because…
The Inclusion of Financial crime as an FCA major risk factor
On the 24th of March 2015 the FCA released their business plan for the year. A notable aspect of the plan was financial crime replacing house price growth as a top risk consideration. Additionally, the FCA placed a special focus…
Cryptocurrency, Financial Crime and Regulation
The recent HM Treasury publication, “Digital Currencies: response to the call for information”, reported that 80% of respondents believe digital currency requires a form of regulation. In addition, due to the anonymous nature of digital currency, participants acknowledged that money…
RBS’s Expensive Failure – A £5.6m Case Study
RBS’s expensive failure to adequately screen its clients In what has become a screaming warning for businesses and organizations globally, Royal Bank of Scotland (RBS) was fined £5.6m in 2010 for failing to implement adequate systems and controls to prevent…