Audit & Governance Weekly Financial News 30th October 2020

Company News

Published on: Friday, October 30, 2020 by Paul Stanbridge

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Hi *|FNAME|*

Regulators and investors across the globe go Green.

AML and Governance take center stage.

UK issues sustainable finance best practice for asset managers (https://uk.reuters.com/article/uk-britain-funds-sustainability/uk-issues-sustainable-finance-best-practice-for-asset-managers-idUKKBN27D0YP) . The government has, for the first time, issued a set of standards for asset managers engaged in the sustainable investment sector. Whilst perversely London has fallen from its top spot as a global green finance leader, (https://www.cityam.com/london-loses-crown-as-global-green-finance-leader/) after more than two years atop the rankings, reports CityAM. Across the pond, BlackRock called for the creation of a single global sustainability standard (https://www.fnlondon.com/articles/blackrock-wants-global-standard-for-sustainability-reporting-20201029) , claiming existing frameworks are making it difficult to compare companies and leading to confusion for investors.

Warning from the forecourt – Moody’s down-grade ASDA Petrol Stations because of ‘limited progress in financial reporting and governance’ (https://www.msn.com/en-gb/money/other/billionaire-brothers-buying-asda-for-7bn-are-hit-by-credit-rating-setback-as-their-petrol-station-business-is-downgraded-to-junk-territory/ar-BB1aupfd) .

Lack of ‘internal controls’ citied as a reason ETF’s are moving from Europe to US. “several European banks have been hit with large fines for failures in their internal controls” (https://www.ft.com/content/dcf2a95c-c560-4a04-888a-9639acade461) ,

Enjoy

Paul
In the news this week…
AML BILL WILL SWAMP FINANCIAL CRIME TEAMS, BANKS WARN

Proposed US legislation could force firms to run new and old systems in parallel, stretching resources… (https://www.risk.net/risk-management/7699716/aml-bill-will-swamp-financial-crime-teams-banks-warn) read (https://www.risk.net/risk-management/7699716/aml-bill-will-swamp-financial-crime-teams-banks-warn) more (https://www.risk.net/risk-management/7699716/aml-bill-will-swamp-financial-crime-teams-banks-warn)
AML NON-COMPLIANCE – REGULATED FIRM RISK

Those in the banking, lending, wealth management and estate agents sectors are only 55% of the way through their Fifth Money Laundering implementation plans… read more (https://www.financialreporter.co.uk/regulation/ajority-of-regulated-firms-risk-fines-for-non-compliance-with-new-money-laundering-rules.html)
SOLO REGULATED FIRMS: 16-WEEK EXTENSION FOR SM&CR

Firms will now have until 31 March to implement the requirements which apply to all staff and include submitting details to the FCA register… read more (https://www.footanstey.com/article/extension-of-the-smcr-implementation-periods-for-solo-regulated-firms/#:~:text=The%20FCA%20has%20confirmed%20that,to%20carry%20out%20this%20process.)
FCA WARNS BROKERS ON SERVICE ‘WITHOUT EXPERIENCE’

The financial regulator is expected to begin probing advice given on second charge and lifetime mortgages next year amid concerns… read more (https://www.ftadviser.com/regulation/2020/10/30/fca-warns-brokers-on-providing-services-without-experience/)
GOVERNANCE RISK FOR BANKS – DRAWING ON EXPERIENCE AND EXTERNAL EXPERTISE

Rating relevance of non-financial risk failures in managing non-financial risks such as governance and financial crime risks often result in fines, penalties and remediation costs… read more (https://www.fitchratings.com/research/banks/governance-risk-for-banks-drawing-on-experience-external-expertise-to-assess-financial-crime-risk-29-10-2020)
THE IMPORTANCE OF RISK & GOVERNANCE IN RESPONSE TO SHORT-SELLER ATTACK.
Grenke’s franchise model has been in focus following a report that accused Grenke of fraud. Grenke denies the allegations, said it planned to integrate its 16 franchises and appoint CRO… read more (https://uk.reuters.com/article/idUKL8N2HK1OL)
IT AUDIT – RESEARCH SHOWS MOST COMPANIES HAVE HIGH-RISK NETWORK PERIMETER VULNERABILITIES

84% of companies across finance, manufacturing, IT, retail, government, telecoms and advertising have one or more hosts with a high-risk vulnerability having a publicly available exploit… read more (https://www.helpnetsecurity.com/2020/10/29/network-perimeter-vulnerabilities/)
FCA ISSUE FINAL NOTICE TO CEO FOR MARKET MANIPULATION

FCA has published a final notice issued to the former CEO of Worldspreads Group plc, for section 118(5) (manipulating transactions), (6) (manipulating devices) and (7) (dissemination) of the Financial Services and Markets Act 2000 FSMA… read more (https://www.mondaq.com/uk/financial-services/999340/fca-issue-final-notice-to-ceo-for-market-manipulation)

** Hiring for your Internal Audit team?
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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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