Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Regulatory Crackdown for UK Wealth Mangers

By Kevin Cook Subscribe to RSS | May 9th 2012 | Views:
loading
 
  



In UK fund firms and asset managers responsible for millions of pounds of clients' cash have so far been largely spared the intense scrutiny other financial professionals have got used to in the fallout from the global financial crisis. However the Financial Services Authority (FSA) now has the industry firmly in its sights after a handful of probes uncovered shortcomings that could be more common than first feared. As per Joanne Smith, chief executive of The Consulting Consortium he relatively small insular world of wealth management has not always coincided with a strong culture of compliance. She is predicting an uptick "in the region of 100 percent" in the volume and frequency of enforcement actions against money managers this year.

The compliance advisers stated that many investment houses allowed a relaxed attitude towards regulation to take root, while watchdogs chased rogue traders, tax dodgers and the figure-heads of ailing banks in recent years. Because of this many are oblivious to the standards they are duty-bound to uphold and penalties that apply to the companies and individuals who fall short. Insufficient transaction reporting, lax anti-money laundering controls poor checks on the suitability of investment recommendations and sloppy exchanges of price-sensitive information are top of the list of the compliance traps asset managers are most likely to fall into. The FSA has demonstrated its hard-line approach following the March publication of its Retail Conduct Risk Outlook, doling out an 8.75 million pound ($14 million) fine to private bank Coutts & Company for soft-touch handling of high-risk customers.

This month far smaller firms have also been censured, with Christchurch Investment Management and its compliance officer, David Thornberry, fined a total 38,150 pounds for mishandling client cash, with faults dating back to November 2007. The FSA banned Thornberry from acting as a compliance officer again after discovering that he had no formal training for the role and no awareness of the regulator's rules for the protection of client assets, which were communicated in writing to all firms some months before. Apply for text loans and get easy funds.

The FSA has started on-site visits to buy- and sell-side firms to look at transaction reporting arrangements. That information is key for them to be able to detect market abuse. They send those reports to other European authorities and if that information is found to be inaccurate or incomplete, it would not reflect well on the FSA

Kevin Cook - About Author:
Kevin Cook is expert financial adviser, he wrote a article on text loan no credit check , mini loans, mobile text loans and payday text loanss

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/finance-articles/regulatory-crackdown-for-uk-wealth-mangers.htm

Related Finance Articles Subscribe to RSS

Faulty finance intended to increase values of homes
Published by Sli Dell on March 10th 2012 | Finance
After an allegation of faulty loans on UK banks created a serious problem for them. Specific allegat...
 
Get easy finance for your new business venture
Published by Macrobusinesscapital@gmail.com on January 21st 2012 | Finance
Do you want to start your own business, which requires funds but don't have idea on how to arrange t...
 
Instant Cash Loans: Immediate finance program
Published by Declan Dylan on January 9th 2012 | Finance
Instant cash loans refer to a variety of immediate finance programs which the British people look fo...
 
Apply and avail the cash required by you with easy online finance
Published by Stevebavaro2011@gmail.com on March 9th 2012 | Finance
Online finance is the proper platform of getting funds when you are empty handed. So do not think mu...
 
Overcome finance related business issues with a reliable insolvency company
Published by Ashish Pandey on January 16th 2012 | Finance
Any business might go through different kinds of hurdles and when things get out of control it is go...
 
Personal finance can be fun - Saving money in this tight economy
Published by Sandra Parker on January 23rd 2012 | Finance
In a tight economy it can become hard for you to save money. But, in actuality if you give importanc...
 
Solve many of your problems in a while through quick finance
Published by John Harry on February 18th 2012 | Finance
Easy finances through financers help an individual to fight with the devils of unexpected expenses. ...
 
Debtor finance – general considerations
Published by Adair Sawyer on May 11th 2012 | Finance
Many companies find themselves in the impossibility of further developing their business because the...
 
Quick Text Loans- astonishing opportunity to obtain finance quickly
Published by Calvien Peter on November 30th 2011 | Finance
Quick Text Loans are enormous funds that are availed to candidates on sending an easy text to your a...
 
Cash Loans No Credit Check Canada: Alleviation of finance crisis
Published by Lily Jacobs on March 12th 2012 | Finance
Cash loans no credit check Canada are an ideal option available to the salaried people of Canada to ...
 
Meet all small tasks with ease with short period online finance
Published by Sandra Jeux on March 1st 2012 | Finance
Now don’t bother about urgent cash you need at the time of emergency, apply online with easy short...