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Audit & Governance Weekly Financial News 11th September 2020

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Hi *|FNAME|*

Much happened in the news this week and more importantly, I’m off for a long weekend, so we’ll dive straight to the news.

Hope you enjoy this week’s offering…

Many thanks

Paul
In the news this week…
FCA – REPORT – 5 CONDUCT QUESTIONS INDUSTRY FEEDBACK 2019-20

It seems Conduct risk is still not well understood … read more (https://www.fca.org.uk/publication/market-studies/5-conduct-questions-industry-feedback-2019-20.pdf)
EU WATCHDOG FLAGS HARDER LINE ON CROSS-BORDER FUNDS MANAGEMENT

Brexit safeguards to stop asset managers in Britain running “shell” investment funds need to be hardwired in law… read more (https://www.fca.org.uk/publication/market-studies/5-conduct-questions-industry-feedback-2019-20.pdf)
INVESTORS LOSE OVER £20M TO INTERNATIONAL PONZI FRAUDSTER
Foreign exchange trader Joseph Lewis pleads guilty to global fraud after collapse of international investment fund… read more (https://international-adviser.com/investors-lose-over-20m-to-international-ponzi-fraudster/)
BRITAIN TO MAINTAIN HIGH BANKING STANDARDS AFTER BREXIT, SAYS BoE

Deputy Governor Sam Woods says standards will remain above international rules… read more
CMA BLOCKS LLOYDS’ UNFAIR TREATMENT OF COVID HIT FIRMS

Watchdog stopped Lloyds forcing SME customers to open business current accounts to access emergency state funding… read more (https://www.reuters.com/article/us-lloyds-cma-idUSKBN25Z1EU)
UK: LLOYDS BANKING GROUP TO CUT 865 JOBS

Lloyds resumes cost-cutting measures post covid… read more (https://uk.reuters.com/article/uk-lloyds-layoffs/britains-lloyds-banking-group-cuts-865-jobs-idUKKBN2601IA)
FCA SECTION 166 PROBES ROCKET BY 73%

There were 59 skilled person reports commissioned by the Financial Conduct Authority over the last 12 months, according to the watchdog’s annual report and accounts…. read more (https://citywire.co.uk/wealth-manager/news/fca-section-166-probes-rocket-by-73/a1399990)
JP MORGAN SHOOK MARKET RISK STRESS TESTS IN Q2

Over the second quarter, JP Morgan changed the start date of its chosen stress period 60 times, having not moved it once over any of the preceding 21 quarters, regulatory filings show…. read more (https://www.risk.net/risk-quantum/7678671/jp-morgan-shook-up-market-risk-stress-tests-in-q2)

** Hiring for your Internal Audit team?
————————————————————
We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
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 fencing too.
Contact:
[email protected] (mailto:[email protected])
Craig Phipps

Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in 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] (mailto:[email protected])

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