Market access and recruitment issues central to watchdog's post-Brexit pitch
20 April, 2017, 11:44 | Author: Leticia Walters
Bailey, a former Bank of England deputy governor, said the FCA meant to maintain its good relationship with other European Union regulators after Brexit and would be alert to firms that may try to create complex business models in an effort to gain access to the 27 remaining countries in the EU.
On PPI, the FCA will work on a campaign to make sure consumers are aware of an August 2019 deadline to file claims, the agency said in the business plan. In addition, investors are not always clear what the funds' objectives are and fund performance is not always reported against an appropriate benchmark.
But Mr Woolard said the FCA saw no reason at this point for taking action on these issues. "Technology will be a big area of focus for the asset management sector this year too, as the FCA continues to support firms looking to offer innovative products and services such as robo advice". It also listed cybercrime and money laundering as potential risks.
A number of financial sector firms have already drawn up plans to relocate away from London, amid the increasing uncertainty surrounding Britain's post-Brexit future. However, if there is insufficient investment in legacy systems and poorly planned and executed IT change management plans, markets are more susceptible to disruptions, price shocks and successful cyber-attacks.
Bailey, however, said he expected financial market access to be based on such a "regulatory equivalence" system, rather than on adherence to global principles, which he would prefer. The FCA added that annual global IP traffic is expected to increase almost threefold over the next five years. "Firms will need to assess the impact that a changed relationship with Europe and any changes to the regulatory regime will have on their business models", the FCA said. "This is especially true where firms, including those that undertake wholesale activities, have multiple different business lines and access to the data needs to be restricted within an organisation". Its work during 2017/18 will include proposing remedies to improve competition in the retirement income market; reviewing non-advised drawdown sales; and beginning a review of the non-workplace pensions market.
The FCA has said that in retail investments relatively few advisers are transparent about their pricing before they sell advice, adding: "This does not incentivise advisers to compete on price and may result in limited pressure on them to reduce their charges".
However, the FCA has postponed plans to simplify its regulatory Handbook "until the outcome on European Union withdrawal is clear".
One noticeable missing face was that of Quarterback Tom Brady , who said he couldn't make it for " personal family matters ". Even his confidence was shaken, though, when New England fell behind the Atlanta Falcons by 25 points in the third quarter.
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A fairly new addition to the evening lineup, Tucker Carlson will slide into the 8 p.m. time slot in place of O'Reilly. Fans loved his willingness to talk back to power or point out hypocrisy among liberal politicians or media members.
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Following the transaction, the director now owns 8,012 shares of the company's stock, valued at approximately $1,152,926.80. The International streaming segment includes services that streams content to its members outside the United States.
When the action got going, Lewis Hamilton led comfortably from the front and was untroubled to pick up another win in China. I hope they're feeling the spirit, I hope they're feeling the fight... because it's on".
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Guo has been linked to Ma Jian, a former deputy head of China's intelligence service who was charged with corruption in February. Chinese President Xi Jinping sees extravagance and corruption as an existential threat to the Communist Party.
The spokesman said Manafort is "taking appropriate steps in response to the guidance" he was given by the Justice Department. Information for this article was contributed by Nataliya Vasilyeva, Lynn Berry and Stephen Braun of The Associated Press .
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Nigeria suspends intel chief over $43 million cash stash
Ayo Oke was pictured trying to get through to the Vice President's office but was denied entry by security operatives. The National Intelligence Agency (NIA), which led by Mr Oke, had laid claim to the money, Mr Buhari's office said.