Regulation
Questioning Conduct
The Financial Conduct Authority’s (FCA) handling of the misconduct allegations against hedge fund manager Crispin Odey is ‘likely’ to feature when it appears before a routine Treasury select committee of MPs next month, according to the Financial Times (FT). The recent revelations have prompted the FCA to broaden an existing investigation into the firm.
Regime write-up
It turns out that, since implementation in 2016, the Senior Managers and Conduct Regime (SMCR) has held only 64 investigations, with three senior manager non-financial misconduct investigations and a single enforcement action taken. IFA Magazine reports on the details which have come out following the close of the Call for Evidence stage of the Treasury consultation.
Duty-bound
And on the implementation of regulation, the incoming Consumer Duty has an 80-strong team working on its delivery Money Marketing reports.
Competitive considerations
JP Morgan Asset Management EMEA chief executive officer, Patrick Thomson, voices the need for regulators to be ‘very thoughtful about imposing new regulation’. Read his viewpoints on a gamut of UK regulation in Ignites Europe.
Retail strategy repeal
Citing an ‘unclear scope’ and ‘cost-centric approach’, the EU financial services trade associations have appealed to Brussels to postpone the Retail Investment Strategy implementation. Meanwhile, ABBL, the Luxembourg banking association, has also commented that the plans ‘may have unintended consequences’ and could distort the investment sector, Investment Officer reports.
Risky business
Next month, the Central Bank of Ireland is due to publish a discussion paper laying out a potential approach to macroprudential policy ‘to address sources of systemic risk in this segment of the financial system’, Ignites Europe reports.
Market News
Chambers commentary
The FCAs new Co-Executive Director of Enforcement and Market Oversight Therese Chambers, writes on the redress scheme for consideration by Woodford investors. Also read her thoughts on doing the right thing in her first speech in role, with references to Quilter, Woodford and the fight against crime and fraud.
Board block
The GAM/Liontrust saga continues with investor group NewGAMe and Bruellan, calling for a shareholder EGM to replace GAM’s incumbent board and elect one ‘with a clear plan to turnaround the business’, Investment Week reports.
Skinny dipping
Investec’s most recent ‘Skin in the Game’ report reveals that 15% of UK trust directors don’t have any – a broadly unchanged figure in the past decade Ignites Europe reports. Whereas, the gender equality findings showing significant change, Investment Week reports, with the proportion of all male investment trust boards falling to less than 5 per cent and over 40 per cent of investment company directorships now being held by women.
People
Taking flight
Following Anne Boden’s resignation as CEO of digital bank Starling, an FT article shares insights on why the founder and major shareholder made the move – the associated comments are worth a read too!
Governance
Diverse delivery
What can diversity deliver in the boardroom? Take a read of Governance newsletter’s evidence-based review into male and female director’s engagement – the findings are quite eye-opening!
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