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FCA Fines Asset Management Firm and Employee for Conflicts of Interest

The UK Financial Conduct Authority (FCA) has clearly set expectations to ensure that asset managers conduct their business with due skill, care and diligence and that they manage conflicts of interest, between the firm or its employees and its customers or between its customers, fairly. A European asset management firm was recently fined £9.1mn by the FCA for failure to adhere to these principles and effectively manage conflicts of interest.

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Crypto Regulations in Singapore and Recent Enforcements

The regulatory framework for Digital Assets and Cryptocurrencies (Crypto) has been rapidly evolving. Regulators expect that firms play their part to ensure that investing in crypto is as safe as possible for investors and customers or else enforcement will be pursued.

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Failure to Disclose Relationship Leads to a Public Crisis

Failure to disclose connected persons and personal relationships as required by firm policies and jurisdictional regulations can lead to significant consequences for both an individual and their firm. Recent events saw two high-profile media executives resign from their jobs because they failed to disclose their relationship under the organization’s disclosure policies, not because of the nature of the relationship itself. 

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5 Reasons to Love MyComplianceOffice Software

The MyComplianceOffice platform is a cost-effective and easy-to-use solution that eases Compliance and regulatory burdens for financial services firms. The suites and modules within the platform help firms and Compliance teams to take a proactive approach to Compliance, manage conflicts of interest and conduct risk.

MCO integrated technology means that firms can have everything in one place for efficiency that doesn't take up too much time when doing everyday Compliance tasks.

We have over 500 customers in 105 countries, and they love MyComplianceOffice for several reasons. Below are some examples.

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Hong Kong’s Regulator Fines Asian Bank Over Stock Trading Misconduct

In January 2022, Hong Kong’s financial-markets regulator fined a large Asian Bank HK$348.25m ($44.7m) for misconduct on some of the bank’s equities-trading desks between 2008 and 2018. The regulator concluded that the bank was using deceptive practices to increase its market share and business, in addition to breaking the trust of clients.

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