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Tony's blog archive

2014 (1) 2013 (4) 2012 (1)
Tony Tarquini

Tony Tarquini

Strategy Director at Pegasystems
Message Message me Posts: 6 Comments: 3

Blogs

 

How should the FCA be supporting the FS sector?

06 Jun 2014

Established just over a year ago, the creation of the FCA has attracted controversial opinions from the start. Most recently it faced condemnation for pre-briefing regulatory plans that shocked the industry and slashed the value of insurer shares. While this caused major headlines, now the initial furore has died down, there should be more debate ...

 

Enticing new blood into the banking industry

07 Jun 2013

A YouGov survey, which came out earlier last month, gave a startling insight into UK students’ attitudes towards a career in banking. With just two percent stating that they consider working for a bank, the impact this could have on an industry that relies on attracting the very brightest talent in the future provides cause for concern. It’s easy ...

 

Learning from Telcos on Customer Service

04 Apr 2013

The end of the FSA earlier this week and the emergence of the FCA profoundly affect the financial services industry. As the FCA is planning to tighten rules on customer protection and to put the customer at the centre of the business, financial organisations must put even greater emphasis on proving to the regulators that they are improving custom...

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Swaps miss-selling

12 Feb 2013

What can we learn from the latest product miss-selling scandal? Last month the The Financial Services Authority announced that it is reviewing the practices of the U.K.’s big retail banks after finding serious problems with miss-selling interest rate hedging products to small and medium sized businesses. This new scandal will put even greater pres...

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Sanctions screening costs doubling every four years - Swift

  Banks use sanction lists to screen against individuals, companies, governments and other groups including terrorists using SWIFT for financial transactions. SWIFT is right - these lists are getting ever more complex and larger as they take account of constantly evolving sanction policies, criminal money laundering behaviour and the need to account for all potential misspelling and other variations. However, it is very far from being the case that as sanctions increase, so operational costs HAVE TO increase. Banks can do much more to mitigate against increased operational costs: Whether they like it or not, sanctions screening is going to remain a feature of international banking. Indeed the blizzard of checks is going to intensify, and become much more complicated to check against. While the work is essential, clearly these are operational pressures that banks must alleviate if at all possible.  The reason banks can do more to mitigate the operational costs is because too often they allow sanction screening to include too much manual intervention that could be automated. Also, embracing a rules-based approach to designing sanctions screening systems can enable banks to adapt to changes in sanction regimes in a much more agile and cost effective way. If the rules are designed for maximum reuse (by stacking the rules – generic at the bottom and becoming more situationally specific towards the top) maintenance is significantly streamlined and costs reduced. As a result, the banks who already lead the way in this area by implementing these types of compliance strategies are playing a much more effective part in enforcing the rules critical to the fights against crime and terror, without it becoming an uncontrollable monster.