Industry News

Risk Management Industry News for FCA Regulated Businesses

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Cyber Crime, Fraud, Phishing

COVID-19 – crime escalates as the virus takes hold

As the UK battles the COVID-19 virus, fraudsters are moving in to take advantage of the crisis and the rising numbers suggest there could well be a crime as well as a health pandemic.

UK reporting service, Action Fraud, said since 1 February 2020,...

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Risk Management, Financial Services, AI, Identity Fraud

‘Deepfakes’ – an increasing risk for financial services

Combine ‘deep’ from deep learning with ‘fake’ and you have ‘deepfake’ - a method using artificial intelligence to create human images often with a lip-synched voice. The end result can be highly convincing, and the intention is often to spoof a...

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Risk Management, Compliance Management, Financial Services, Operational Resilience

Surviving COVID-19 – the challenge for all businesses starts now

The UK has ‘never in peacetime, faced an economic fight like this one,’ said Chancellor Rishi Sunak, as he announced a package of measures to support businesses as the COVID-19 emergency grips the nation. But will these go far enough and what measures...

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Risk Management, Compliance Management, Money Laundering

Will a crackdown on money service businesses thwart the criminals?

Criminals with vast sums of cash to launder, such as those dealing in drugs, human trafficking or terrorism, are shunning banks because of their stringent AML provisions and instead using money service businesses – and the authorities are now taking...

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Risk Management, Audit Management, Climate Change

Can risk managers help stem the tides in flooded Britain?

In the early stages of 2020, storms Ciara, Dennis and Jorge have wreaked havoc on many areas of the UK, with it having been the wettest February on record. Businesses are being affected in all kinds of ways, from physical damage to work premises and...

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FCA, Regulation, Compliance Management

Moneybarn punished for treating vulnerable customers unfairly

The recent fine handed down to car finance provider Moneybarn, should act as a stark reminder to all financial services firms – they must ensure fair treatment of all customers and in particular, those who could be seen as ‘vulnerable’. This month,...

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