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Michael's blog archive

2019 (5)
Michael Chambers

Michael Chambers

Director | Head of Prudential at Wheelhouse Advisors
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Financial Services Regulation

Record fine issued for governance and control failings over regulatory reporting

29 Nov 2019

Yesterday, the UK arm of a large international banking group was fined £44 million for prolonged and pervasive shortcomings in its internal controls and governance arrangements around capital and liquidity adequacy and regulatory reporting. The record fine highlights the importance of regulated firms designing, implementing and operating appropria...

Financial Services Regulation

A prudential end of year to-do list

29 Nov 2019

With calendar year end right around the corner, now is a good time to think ahead about the annual review of your firm’s prudential governance arrangements. It’s a good time to sit down with a cup of coffee and reflect on the FCA’s consultation paper (or “CP”) from earlier this year; ‘Consultation 19/20: Our framework: assessing adequate financial...


What does the prudential framework mean for commodity trading firms?

02 Apr 2019

Commodity trading firms ─ currently outside the scope from the regulatory prudential framework in the EU ─ now need to prepare themselves to face increased regulation. The prudential framework, a new rule book developed by the European Commission (EC) will soon be enforced on this firm type. For many, this will be the first time any meaningful cap...


What does the prudential framework mean for Exempt-CAD firms?

26 Mar 2019

Amongst those firms likely to be hit hardest are Exempt-CAD firms, which typically only provide investment advice or arrange deals. This category will not exist in the new framework and these firms will need to assess where they will fit in the regime. Under the current Exempt-CAD requirements, prudential compliance is a relatively simple process. ...