Industry News

Risk Management Industry News for FCA Regulated Businesses

Topics: Money Laundering, Reputational Risk

Poor AML controls highlighted at Danske Bank

Last month, the chief executive of Danske Bank resigned over a €200bn money laundering scandal, said to be the largest in history.

Thomas Borgen was in charge of Danske’s international operations - including Estonia where money laundering is said to...

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Topics: Insurance, Regulation update

27% of insurance brokers 'completely unaware' of the Insurance Distribution Directive

The Insurance Distribution Directive (IDD) has arrived and whether they have made sufficient preparations or not, intermediaries should already be compliant.  Firms with in-house compliance departments, typically larger businesses, are likely to be up...

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Wonga’s risky business proved its downfall

So, Wonga is being wound up. But, as consumer groups champion its downfall, is the lender really such a bad guy and what should risk managers take on board from this now sunk ship?

Wonga grew too quickly and had too many customers who would later...

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Ombudsman demands safeguards in push payment fraud

Authorised push payment scams occur when a fraudster tricks a customer into instructing their bank to send money to an account controlled by the fraudster. Last year, data from UK Finance showed there were 43,875 examples of this type of fraud,...

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FCA to Tackle Dual Pricing in the Insurance Sector

Just because a business practice has been around for many years does not mean it should not be challenged and if necessary, replaced and a regulator on the warpath is also a very clear reason to introduce much needed change.

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The Gender Pay Gap It's Now A Business Risk

It’s time for businesses to mind the gap - the gender pay gap that is - since having a wide gulf between the salaries of male and female employees is likely to lead to a rise in unwelcome risks.

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Busting The Ghost Brokers

There’s been a flurry of news stories about the dangers of ghost broking of late and a number of prosecutions. It’s not only consumers who should be on their guard, insurance risk managers should be aware this crime damages reputations, can mean being...

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Managing Fraud - An Increasingly Complex Threat

The research report conducted and written by Huntswood 'Fraud: How To Manage This Increasingly Complex Threat',  highlights the need for proactive risk management and effective processes to deal with fraud.

It brings to light how and why some of the...

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Risk Management Lessons from the TSB Debacle

Last month, the FCA announced it would launch a formal investigation into the IT failure at TSB, which began on 22 April and resulted in some 1.9 million customers being locked out of their accounts.

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