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US – CECL ACCOUNTING RULE CRITICIZED
New Credit-Loss standard could benefit lenders if regulators loosen capital requirements, study says
… read more

FCA SETS OUT KEY RISKS FOR CREDIT BROKERS
The FCA publishes its views (see pdf) on key risks credit brokers could pose to their consumers or markets…. read more

$850 MILLION COMPENSATION  – AUSTRALIA  BANK AND REGULATOR OVERHAUL
Banking royal commission calls for compensation, crackdowns and an overhaul of financial regulators… read more

BANK OF ENGLAND CAUTIONS EU OVER CROSS-BORDER FINANCIAL FIRMS
Bank of England Deputy Governor Jon Cunliffe cautions EU of management of major financial firms post Brexit... read more

GERMAN ONLINE BANK TO LEAVE UK POST BREXIT
German online bank N26 has become the first European lender to quit Britain… read more 

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Brexit and the City

As central Banks moot their new cryptocurrency, Brexit grinds ahead, with JP Morgan announcing preparations to move their trading arm from London to Paris whilst European companies are buying up a foothold in the city for post-Brexit business. Enjoy our weekly roundup for; Internal Auditors, Risk Managers, and Compliance Officers. We would love to hear your feedback and suggestions for content, keep in touch. Regards Craig and Paul This week… PARIS MATCH FOR JP SALES AND TRADING ARM JPMorgan says ‘oui’ to Paris expansion post-Brexit, acquiring new premises to move it’s sales and trading arm out of London … read more GRAND NUMBER OF FS FIRMS HEAD FOR BLIGHTY More than a thousand banks, asset managers, and insurers in the EU plan to open offices in UK to service post-Brexit Britain … read more URSULA VON DER LEYDEN ADVISES LSE IT’S ALL CHANGE FOR BANKING POST-BREXIT  All change in banking post Brexit says EC PResident… read more CRYPTO- CURRENCIES THE FUTURE OF BANKING The Bank of England has teamed up with global central banks to pool knowledge about building  digital currencies … read more FCA BLINDSIDED BY FUND SUSPENSIONS The Financial Conduct Authority failed to keep track of investment fund suspensions, questions raised over it’s effectiveness to protect investors …. read more INCREASING NUMBER OF FIRMS CAUSING CONSUMER HARM The City-watchdog set to embark on fresh crackdown on advisers after finding actions of increasing number of firms causing consumer harm…. read more     About Us

Craig Phipps Craig has spent over 20 years recruiting for Business and Technology Audit for Investment Banks and Asset Managers.  He has also recruited extensively in Market Risk and Quantitative finance.  Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies. Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team. Contact:  [email protected] Paul Stanbridge Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory. As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy the sport too. Contact: [email protected]

The hiring process is a living system. It should be periodically reviewed and updated to remain current with job climates and candidate expectations. When this step in the process is not performed, the process as a whole begins to breakdown. Investing into the time needed to evaluate and improve the hiring process is more efficient than a “bad” hire.

https://lnkd.in/dQWyZZj

𝘾𝙇𝙄𝘾𝙆 𝙏𝙃𝙀 𝙇𝙄𝙉𝙆 𝘼𝘽𝙊𝙑𝙀 𝙏𝙊 𝙎𝙐𝘽𝙎𝘾𝙍𝙄𝘽𝙀, 𝙍𝙀𝘾𝙀𝙄𝙑𝙀 𝙏𝙃𝙄𝙎 𝘼𝙍𝙏𝙄𝘾𝙇𝙀 𝙄𝙉 𝙔𝙊𝙐𝙍 𝙄𝙉𝘽𝙊𝙓 𝘼𝙉𝘿 𝙍𝙀𝙁𝙄𝙉𝙀 𝙔𝙊𝙐𝙍 𝘽𝙐𝙎𝙄𝙉𝙀𝙎𝙎. 𝙔𝙊𝙐 𝘾𝘼𝙉 𝙐𝙉𝙎𝙐𝘽𝙎𝘾𝙍𝙄𝘽𝙀 𝘼𝙏 𝘼𝙉𝙔 𝙏𝙄𝙈𝙀.

The quote is from a transcript of a speech given by Andrew Haldane (Chief Economist at the BofE) last month in Port Talbot, Wales. Whilst the main topic of the speech is very much about monetary policy and measurements of wealth / well being in the UK, the above quote echo’s what I think the City has been feeling since Brexit… Are companies’ indefinitely holding off making “lumpy decisions”?

The full report: http://www.bankofengland.co.uk/publications/Documents/speeches/2016/speech916.pdf

In a recent article by Compliancy Services according to the Chairman of the UK Treasury Committee, smaller banks could benefit from post-Brexit regulations…

Discussing challenger banks, Andrew Tyrie cities that the chance of easing regulation away from the current “one size fits all” approach to Banking regs by the EU, could benefit small banks

In other positive news for small banks – The UK’s recently appointed head of BofE supervision, Sam Woods of the Treasury Select Committee confirmed he is committed to serving the needs of challenger banks.

The full articel can be found here. http://www.compliancy-services.co.uk/news/article/4644/smaller-banks-could-benefit-from-post-brexit-regulations-easing=newsletter?utm_source=&utm_medium=email&utm_campaign=august16-1-jr