Tuesday 26th May 2015
NEWS TICKER: TUESDAY, MAY 26th: The National Settlement Depository (NSD), Russia’s central securities depository, today announced that Alexander Nazarov has been appointed director of research and development Department. Nazarov will be coordinating the issues of product range development and NSD service improvement. His new responsibilities will also include developing the company’s correspondent and international relations - The UK’s Personal Finance Society (PFS) has called for greater control of non-regulated savings and investment activity, by bringing it under ‘the same umbrella’ as regulated advice. PFS chief executive, Keith Richards, said there needs to be greater clarity in the mind of consumers, on the distinction between regulated investment advice and non-regulated activities. The value of bridging loans written in the year ended March 2015 have grown by almost a half on last year’s results, according to Association of Short Term Lenders ASTL's quarterly figures - The UK’s Association of Short Term Lenders (ASTL) has revealed in its quarterly figures that £2.35bn worth of loans were written by members in the year ended March 2015, where the overall loan book expanded by 43%compared to the same period in 2014. While bridging loan applications are still increasing with a 29% year-on-year rise, the figures showed that the pace has slowed from 63% growth. A 19% drop from Q4 2015 to the first quarter of this year was also highlighted, albeit “not considered to be a concern” – According to press reports, Richard Pyman has taken a leave of absence from his role as Chief Executive Officer at Shawbrook Bank due to illness. Pyman, who was appointed as CEO of the challenger bank in April 2014 after joining the group two years before, is taking temporary leave from his role after following medical advice. Pyman’s leave of absence was announced just as the group released its Q1 2015 results; and the bank began to bed down the proceeds from its early-April IPO, which raised £90m. Tom Wood, the lender’s Chief Financial Officer, will be filling in for Richard during his absence as interim Chief Executive Officer, while still continuing his normal role with support from Stephen Johnson - Cordea Savills, the international property investment manager has sold Erneside Shopping Centre, Enniskillen, Northern Ireland on behalf of a corporate pension fund client for £34.25m. The 163,000 sq ft shopping centre comprises 34 retail units and 666 car parking spaces. It is located in the centre of Enniskillen, the largest town in the region, and the dominant retail location. The centre, which is more than 97% let by floor area, is anchored by Marks & Spencer and Next which is currently being extended to include both their fashion and homeware formats. The asset was acquired by the Fund in 1995 and has evolved with two comprehensive phases of extension and remodelling in 1998-2000 and 2006-2008 -

Is your compliance program adequate to the task?

Monday, 05 March 2012
Is your compliance program adequate to the task? In the face of a changing regulatory environment it is important for you to determine that your compliance program is adequate to protect you and your firm. The following questions are designed to identify factors that are important to an effective and robust compliance program. Honestly answering the following questions is the first step in making this assessment. http://www.ftseglobalmarkets.com/

In the face of a changing regulatory environment it is important for you to determine that your compliance program is adequate to protect you and your firm. The following questions are designed to identify factors that are important to an effective and robust compliance program. Honestly answering the following questions is the first step in making this assessment.

Culture of Compliance

Key questions:



1. Does the management team, as well as the investment personnel, believe that  governance processes are important and understand the legal and regulatory requirements  impacting their roles?
2. Does your chief compliance officer have respect and influence in your organisation?
3. Do risk and compliance personnel raise issues to you (or your senior management team) for consideration, even when the issues concern a major profit centre?

If you answered “No” to any of these questions, you are at risk of not realising that something has gone awry until it is too late. You must manage regulatory and legal issues just as closely as you would manage financial challenges

Organisational Structure

Key questions:

1. Does your chief compliance officer have direct access to your governing board or executive committee?
2. Have you
  (i) identified the laws that apply to your company, your investment vehicles, and your investments, and
  (ii) have you incorporated these requirements into operational processes?
3. Is there a process for keeping the information gathered in #2 up-to-date reflecting both changes to laws, changes to the market place, and new activities?

If the answer is “No” to any of these questions, you need to build these processes now.

Compliance Manual

Key questions:

1. Is your compliance manual tailored to your business?
2. Is it meaningful to you and your staff so that you use it to obtain guidance in unusual or tricky situations?
3. Do the investment personnel appreciate the importance of the policies and procedures that apply to them?

If you answered “No” to more than one of these, you probably do not have satisfactory compliance manual in place.


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