Client Money Failings
BlackRock Investment Management (UK) Ltd fined more than £9.5m for failures relating to trust status letters
Incentives
New consultative guidance follows FSA review of 22 firms of which 20 had incentive schemes which increased the risk of mis-selling
Regulation of Indices
New European Commission consultation follows recent alleged manipulation of LIBOR
CASS Proposals
Further changes to CASS regime proposed including changes required by EMIR
Remuneration Code – MiFID Version
Proposals driven from a Conflicts of Interest perspective in relation to the provision of services to a firm’s clients
Regulatory Reform
FSA consultation paper on procedural and Handbook changes which firms may wish to note
Supervision under the FCA
Shift from a proactive to a forward-looking regulator
Money Laundering Changes
Amendments include changing the definition of ‘financial institution’
On Track: Retail Distribution Review
New RDR Guide published by FSA