Latest opinions that Michael Chambers has shared on Finextra

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Michael Chambers

Director | Head of Prudential

Wheelhouse Advisors

Member since

13 Mar 2019

Location

London

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Michael's opinions

Record fine issued for governance and control failings over regulatory reporting

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...

29 November 2019 /regulation /retail Financial Services Regulation

A prudential end of year to-do list

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...

29 November 2019 /regulation Financial Services Regulation

What does the prudential framework mean for commodity trading firms?

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...

02 April 2019

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

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. ...

26 March 2019

New prudential regime for investment firms - how are MiFID managers impacted?

The prudential framework is a new rule book developed by the European Commission (EC) for investment firms. It is designed to be simpler and more proportionate to a firm’s operations. But with new rules come new challenges, and firms should take time now to assess the impact these rules will have on their capital, liquidity, remuneration and discl...

21 March 2019 /regulation MiFID

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