* See the Compliance section of this week's newsletter for an in-depth analysis *
The Prudential Authority (PA) has imposed administrative sanctions on The Standard Bank of South Africa Limited (SBSA) for non-compliance with the Financial Intelligence Centre Act, 38 of 2001 (FIC Act). Following a 2022 inspection conducted ...
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In 2024, U.S. financial regulators accounted for 95% of the $4.6 billion in global enforcement penalties, according to compliance firm Fenergo. Despite a 30% drop in overall penalties compared to 2023, fines targeting banks surged by 522% to $3.65 billion. Violations related to transaction monitoring alone reached ...
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The UK's Financial Conduct Authority (FCA) has fined Infinox Capital Limited £99 200 for failing to submit 46,053 transaction reports, risking undetected market abuse. This marks the first enforcement action under the UK Markets in Financial Instruments Regulation (MiFIR) for transaction reporting breaches.
Between October 2022 and March ...
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By Lee Rossini
When clients are unhappy with the service they are receiving, they will not necessarily bring it to your attention. Client pain points refer to specific problems or challenges that clients experience when engaging with a business. In a small financial advice business, these pain points can stem from issues such as lack of trust, unclear communication, high and unexplained charges and fees, or difficulty in accessing personalised financial guidance. Addressing these challenges effectively is crucial for maintaining client satisfaction, fostering loyalty, and growing the business.
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