Firms lost unencrypted disks containing clients’ private information
The British regulator’s new rules are designed to allow consumers to see how firms are handling their complaints
FSA will have authority to impose higher capital requirements on firms that present greater risks to the financial system
Under the new proposals, fines would be linked more closely to the income from the product or business area linked to a breach
Changes will provide greater clarity, CEO says
The Financial Services Authority has indefinitely extended its disclosure regime for significant net short positions in financial sector stocks, the U.K. regulator said Friday.The new disclosure regime was due to expire on June 30. It requires disclosure if a net short position exceeds 0.25% of a company’s issued shared capital or increases by 0.1% bands […]
Proposals aimed at enhancing the quality of advice investors receive
The UK’s Financial Services Authority is proposing to extend its short selling disclosure obligations for the foreseeable future.Last year the UK joined with other countries, including the U.S. and Canada, in adopting a short selling ban for certain financial sector stocks. The UK’s ban expired earlier this year (the U.S. and Canadian bans expired last […]
Boards need to increase their involvement in setting risk appetite, overseeing management and compensation
The UK’s Financial Services Authority has published a consultation paper that contemplates making a rule concerning compensation policies, and applying it to large banks and broker dealers.The FSA code of practice has a general requirement that ‘a firm must establish, implement and maintain remuneration policies, procedures and practices that are consistent with and promote effective […]