Financial

Digital, Culture, Media and Sport Committee chairman Damian Collins fears Libra could be open to fraud, according to a report.

The Financial Conduct Authority (FCA) has launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers.

https://www.insuranceage.co.uk/insurer/4111746/fca-consults-on-guidance-for-treatment-of-vulnerable-customers

PENSIONERS say that fear of fraud is the main reason they will not bank online as TSB launches facial recognition app.

The Financial Conduct Authority (FCA) has issued a warning that price comparison website Moneysupermarket has been cloned.

https://www.insuranceage.co.uk/regulation/4101761/fca-warns-of-moneysupermarket-clone

Just as the UK's Trust Register beds in and we get used to the anti-money laundering (AML) procedures required by the EU's 4th Money Laundering Directive, a 5th Directive has been passed which will introduce several important changes early next year.

https://www.boodlehatfield.com/the-firm/articles/5th-money-laundering-directive-5mld/

Fraudsters are using the details of Alternative Insurance Brokers to trick consumers.

https://www.insuranceage.co.uk/broker/4094471/fca-issues-fresh-clone-broker-warning

On 18 June 2019, the Law Commission published its report on reform of the UK’s anti-money laundering (“AML”) and terrorist financing (”CTF”) regime. The focus of the report is the submission of suspicious activity reports (“SARs”). Despite suggestions over recent years that root and branch reform may be appropriate, it has recommended that the current SARs regime remain in place with some relatively minor refinements aimed at alleviating the practical difficulties faced by institutions.

https://www.ropesgray.com/en/newsroom/alerts/2019/07/Anti-money-laundering-Law-Commission-proposes-reforms-to-the-SARs-regime?utm_source=alert&utm_medium=email&utm_campaign=Anti-money-laundering-Law-Commission-proposes-reforms-to-the-SARs-regime

We’d all be shocked if gangs of robbers were allowed to choose how they should be sentenced. But this government seems determined to pass on responsibility for dealing with economic crime to those who have been implicated in it.

https://labourlist.org/2019/07/this-government-is-putting-banks-in-charge-of-tackling-economic-crime/

The Financial Conduct Authority has been urged to investigate potential criminal activity at banks after allegations emerged this week that some lenders had been forging signatures on repossession documents

https://www.ftadviser.com/mortgages/2019/07/09/fca-urged-to-probe-signature-fraud-at-banks/

The UK’s finance watchdog has said it trebled the size of fines it dished out in the past year, on the back of an increase in fraud cases.