Family Relationships Under Fire

Lessons from the Front Line

I sat glued to the news conference as three wounded soldiers – Marine Lance Corporal Joshua Menard, Army Staff Sergeant James Villafane, and Army Sergeant Charles Horgan – recalled their experiences of coming under fire from Iraqi troops in civil dress at the city of Nassiriya. Villafane and Horgan told about being stuck by an incoming missile.
As I watched, I, too, was stuck … by the similarities between their experiences on the battlefield and those of stressed-out families, "under fire." Listen and learn from their experiences.

Lesson 1: DO NOT BE CAUGHT OFF-GUARD; PREPARE.
"We were told that when we were going through Nassiriya that we would see little to no resistance.
Realistically anticipate and prepare for the inevitable challenges your family will face. "Prepare for the worst," while guarding the positive attitudes that "create the best."

Lesson 2: YOUR GOOD INTENTIONS CAN BE MISUNDERSTOOD.
Villafane commented, "The amount of resistance, some of it I do not understand. I mean, we're there to help them to get them out of the statute. we try to give them. We try to treat them fairly. "
Know this! You can be misunderstood by family members, even when you have the best of intentions and are trying your best. Parents, it takes courage to make wise, yet unpopular decisions.
On the other hand, "meaning well" can not substitute for "doing well." Check your actions, being willing to openly consider what it's like to be on the other side of you.

Lesson 3: DO NOT MAKE MISTAKES ABOUT WHO YOUR ENEMY IS.
A group of Iraqi soldiers dressed in the civil robes of nomad Bedoins opened fire on Menard as he and six other Marines approached them on a bridge in Nassiriya. Military enemies, pretending to be harmless.
Even more appalling was the account of the American soldier who allegedly pulled the grenade that killed and injured people in his own troop. Yet, we've lost our sensitivity to the shock of similar responsibilities in our own families … daily "grenades" of hurtful words and destructive actions.
"Out there", there are so many enemies to the wellbeing of family members. How can we hope to combat those if we spend our time fighting within our own ranks? What can you do today to mend family rifts?

Lesson 4: DO NOT PANIC WHEN TROUBLES COME.
Sergeant Horgan told about how he worked to stay calm, though he had just been wounded by the enemy missile. He said that he was grateful that "training kicks in" and that he was able not to panic. "My foot may be gone, but I gotta move."
When you are faced with an unexpected and disturbing challenge in your family, do not panic, reacting impulsively. Seek help if necessary. Do not say or do things that make the situation worse in the long run.
Stop … think … plan … then act.

Lesson 5: PROTECT YOUR FAMILY MEMBERS, NOT JUST YOURSELF.
The way these well-trained, courageous soldiers behaved under fire is, to me, the greatest of our lessons in family teamwork. Listen in, and examine your own habits and actions.

Horgan, whose right leg and foot were ripped open when he was blown from his gunning position, described his thoughts when he saw the incoming miss: "Oh, my God, I'm gonna die.

Villafane quipped, "It's not being shot at that bad. (Can you refer to that?) Despite the horror of what they had experienced, the three wounded men all said they felt a sense of guilt about leaving friends behind in Iraq. Horgan told reporters, "I'm relieved that I'm out … Nobody can be shot and say, 'Wow, I really want to go back out there. But I'm kind of sad that I'm not with the guys who protected me. My friends protected me when I needed them.

Complete Assistance in the preparation for the implementation of the SMR/CR can be obtained from us at Complaince Consultant Where we have experience in the banking sector from 2015/2016.

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Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire
Family Relationships Under Fire

Corporate Financial Services Regulatory Compliance Enquiry Form

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Corporate Financial Services Regulatory Compliance Enquiry Form

Regulatory Compliance Requirements, Regulatory Compliance Training, Regulatory Compliance Analyst, Regulatory Compliance And Governance, Regulatory Compliance Best Practices, Regulatory Compliance Banking Industry, Regulatory Compliance Consultant, Regulatory Compliance Consulting Firms, Regulatory Compliance Companies, Regulatory Compliance Checklist

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Compliance Consultancy

Compliance Consultant is one of the UK’s leading FCA compliance consultancies. We help financial services firms achieve FCA & PRA Authorisation, Manage their Regulatory Obligations, Perform Compliance Audits and Past Business Reviews, SYSC Assessments and Empower their staff with bespoke and Direct Compliance Training.

Our compliance consultants are subject-matter experts and assist clients from a broad range of areas, these include, but are not limited to;

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The Responsibility of Compliance Directors Is Growing And It Is Vital They Have Their Finger On The Pulse.

The Responsibility of Compliance Directors Is Growing And It Is Vital They Have Their Finger On The Pulse.
Buy Your Copy Now – Paperback or Kindle!

The Responsibility of Compliance Directors Is Growing And It Is Vital They Have Their Finger On The Pulse.

Instruction book on how to perform a role under UK regulatory requirements for a firm to meet compliance.

As a UK Financial Services Regulatory Compliance Executive who desires to be sure they have all bases covered before any regulatory visit; or maybe wish to know the secret tips of compliance risk assessments and business or operational risks; or perhaps are new in the job and want insights into hot-topics, enforcement and regulatory methodologies and best practice. If so then the “Compliance Manager Guidebook & Reference” is written for you.

Regulatory Compliance is constantly changing and many people need to know; What do the most recent changes mean? What changes have happened to the regulatory Handbooks? What effect does this have on the sales process? Does the documentation have to be adjusted? Does the sales process have to be amended? Whenever these questions are asked, everyone turns toward “compliance” to find out. If you are new or an old-timer, you have to know what the latest changes are and the best ways to apply the requirements to your firm. If you need any of this and may want to develop the role of the compliance officer within the compliance function or the entire firm then help is at hand.

If you are hoping to discover the affect on compliance and identify areas that cause concern to most compliance professionals, then you’re about to discover how to start improving, today! In fact, we will deal with a number of aspects of the role of the Compliance Manager concerning the regulators and the regulators current perspective and hotspots, by having this Ebook “Compliance Manager Guidebook & Reference”, the most suitable selling Ebook of it’s type, gives you the answers to 17 important questions and challenges every Compliance Manager faces, including: The regulatory terrain; how did this evolve to today’s landscape? How do you map your firm’s actions to the compliance universe? Good and bad compliance and forming a compliance charter. What do you have to perform a Compliance Risk assessment? How do you involve senior management and other departments in their compliance responsibilities? … and more!

Whilst this guide is designed to provide a medium level of information, it is not a Janet and John Guide. We have not, as an example entered into the basics of financial promotions or suitability, completing fact finds or writing suitability reports as there is already help and guidance available at that level. We do not describe how to complete a regulatory online return as it is assumed that you are already an established financial services professional and have been involved in compliance for at the very least two years. So, if you’re serious about improving your role as the compliance officer and identifying good and bad practice and the affect on compliance within your firm then you need to grab a copy of “Compliance Manager Guidebook & Reference” now, because the leading compliance and business risks consultant, Lee Werrell of Compliance Consultant (http://www.complianceconsultant.org), who has over 25 years experience in financial services and compliance (and is a Chartered Fellow of the CISI – FCSI) will reveal to you how every a Compliance Manager can succeed in establishing themselves, and; Provide meaningful data, Deal with inquiries in a professional manner whilst remaining consistent in the answers, Maintain adequate governance throughout the firm, Create a single contact point for the regulators, Know the Approved Persons regulations, Know where to search for the relevant rules or guidance, Plan for regulatory visits and communicate effectively with the regulator and ensure your firm remains compliant in every aspect.

Any purchasers of this book will be entitled to a FREE copy of the revised edition due in early 2018. Simply send proof of purchase to info@complianceconsultant.org.

S166 Reviews Cost Firms £110 Million

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Revealing the figure in its annual report and accounts, the FCA said that aggregate costs for firms, including reviews in progress since April 2013, was £110 million, net of VAT, with one review constituting most of it.

S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million

Over the 12 months, there were 49 cases for which the regulator used its s166 powers most of which were concerning conduct of business, up from 42 year-on-year.

Elsewhere in the accounts, the FCA revealed that it made a loss of £8.6 million, compared to a £3.8 million gain over the same period in 2016.

When combined with the losses incurred by the Payment Systems Regulator, the group loss is £9.2 million. The group had ended the previous year with a surplus of £21.3 million.

While the City watchdog’s fee income increased from £517.1 million to £543.9 million, other income went down to £20.9 million from £34.8 million, a decrease of 40%. This was mainly attributed to a decline in income from skilled persons reviews of £13.3 million.

Total staff costs were £329 million, marginally down from £330.7 million in 2015/16.

The FCA also highlighted that the costs of 15 ongoing reviews of interest rate hedging products from the 2013/14 financial year now stand at £391.5 million, as at 31 March.

 If you need help with a S166 – first get the information from  Responding to a S166 http://bit.ly/S166Response  and then call in Compliance Consultant to help you build your case and reduce the overall costs by being prepared.
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million
S166 Reviews Cost Firms £110 Million

Source: http://citywire.co.uk/wealth-manager/news/section-166-reviews-cost-firms-110-million/a1031042

Birth of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)

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CREATION OF THE OFFICE FOR PROFESSIONAL BODY ANTI-MONEY LAUNDERING SUPERVISION (OPBAS)

Birth of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)

 BACKGROUND

On the 15th March 2017, the UK Government announced the creation of a new watchdog for anti-money laundering.

Named the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), it aims to tackle the methods of financial criminals by both stepping up standards of anti-money laundering (AML) supervision and closing loopholes in guidance that can be exploited to move illicit funds.

The UK Government’s ‘Action Plan for Anti-Money Laundering and Counter-Terrorist Financing’, released in April 2016, included an objective to review and improve the effectiveness of AML and CTF supervision. Subsequently, between April and June 2016, HM Treasury undertook a review of the UK AML / CTF supervisory regime. The review involved an audit of the FCA, Serious Fraud Office (SFO), HM Revenue and Customs (HMRC) and the National Crime Agency (NCA).

A key theme running through the review was a lack of consistency and potential confusion caused by the number of supervisory bodies overseeing firms’ activity in this area. It also referred to the guidance provided by legal and accounting firms, which is sometimes conflicting in its message.

All of this has the potential to create loopholes that criminals can exploit – as such there is a need to seek a more consistent approach to both supervision and guidance. OPBAS will seek to better unify the various industry, regulatory and legislative approaches.

KEY POINTS FROM THE ANNOUNCEMENT

OPBAS will have overall responsibility for the various supervisory organisations involved to ensure consistency of approach.Birth of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)

It will also set out how these bodies can comply with supervisory standards once they are updated to incorporate requirements of the EU’s 4th Anti-Money Laundering Directive (4AMLD), due to be implemented by the UK on the 26th July 2017.

More specifically, OPBAS’s objectives are to:

  • Raise standards and ensure a consistent approach to AML supervision
  • Provide guidance to professional AML supervisory bodies on how to comply with their obligations in line with the updated money laundering regulations
  • Hold enforcement powers to penalise breaches of regulation made by professional AML supervisory bodies
  • Facilitate collaboration between supervisors and law enforcement in terms of tackling money laundering and terrorist financing

NEXT STEPS

OPBAS is due to be legislated for by the end of this year and operational from the start of 2018, and we can anticipate new guidance to be released shortly after this.

CONSIDERATIONS FOR FIRMS

OPBAS will become operational several months after the updated money laundering regulations are implemented, but firms will not want to wait until this time to make sure they are compliant.

Birth of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)The new office will sit within the FCA and operate in line with its existing governance structure. AML supervision is already an area of strong focus for regulators and was earmarked as a priority by the FCA in its 2016 / 17 Business Plan as it looked to broaden its Systematic Anti-Money Laundering Programme (SAMLP). This focus will increase into 2017 / 18.

Not only is the focus increasing in terms of regulatory output; the level of insight FCA receives back on these issues continues to increase with the implementation of REP-CRIM financial crime reporting in January 2017. This extra insight being gained by regulators will serve to enhance their view – this may manifest itself in further changes to supervision, and firms will need to continue to keep abreast of any developments.

The creation of OPBAS will mean increased scrutiny of professional AML supervisory bodies in terms of how they supervise AML and CTF compliance. This will create a knock-on effect for firms themselves, which could quickly feel the effects of this closer supervision. Following some uncertainty in terms of AML guidance from a supervisory point of view, the intention of regulators will be to ensure enforcement action is taken should deficiencies be identified – this has been a well-documented challenge in the current regulatory environment.

With the Government response on how money laundering regulations will be incorporated due in April, supervisory bodies may arguably be left with little time to interpret the regulations and revise their rules and guidance for firms in time for the 26th July and 4AMLD. This could in turn challenge firms’ ability to prepare for the changes. Staying abreast of developments in this space with the aim of prompt but proportionate action (when appropriate) should be firms’ current focus.

To help with your Anti-Money Laundering procedures as well as other Compliance support services, please contact us on 0203 815 7939

Birth of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)

Source: https://www.huntswood.com/insights/creation-of-opbas

The Myths Around Suitability Reports And How To Be A Hero

The Myths Around Suitability Reports And How To Be A Hero

A common misconception is that the suitability report has to ‘round up’ the whole process, discussions and background information that has occurred to date. It doesn’t. It simply forms part of the process of telling the story and, from a compliance perspective, will be read in conjunction with the rest of the data and information contained within the file.

This is good news. It means we can legitimately start taking ‘superfluous’ information out of the suitability report and make it shorter and more client-friendly.

Based on the regulators Principle 9 (customers: relationships of trust) “A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgement.”

In conjunction to that, and by extension, COBS 9.2.1 R states;

(1) A firm must take reasonable steps to ensure that a personal recommendation, or a decision to trade, is suitable for its client.
(2) When making the personal recommendation or managing his investments, the firm must obtain the necessary information regarding the client’s:
(a) knowledge and experience in the investment field relevant to the specific type of designated investment or service;
(b) financial situation; and
(c) investment objectives;

so as to enable the firm to make the recommendation, or take the decision, which is suitable for him.”

More recently, the Financial Ombudsman Service (FOS) has reiterated its advice to IFA’s to make suitability reports as tailored and personalised to the client as possible.

Richard Thompson, FOS principal ombudsman, speaking at the Money Marketing Interactive conference in May 2017, outlined how advisers should present a defence at the FOS when faced with a complaint. He said: “The more you can do to personalise and tailor that documentation, that suitability report around the customer and their circumstances, the better placed you will be to defend in the event that someone does wish to bring a complaint.”

The Myths Around Suitability Reports And How To Be A Hero
                      Download Our Free Suitability Report Guide

While he admitted that “standard documentation always has its place” to help clarity or understanding for consumers, it also had its “limitations”.

Compliance Consultant has been championing the reduction of Suitability Report Length and rationalising the content to flow better and be more relevant. Founder and CEO of Compliance Consultant, Lee Werrell, said that

“Members of Networks and those using standardised ‘off-the-shelf’ compliance providers are given a bland, comprehensive and rigid suitability report template, based on the ancient ‘tied-agent’ model of command and control. This is so out of date in today’s relationship selling methodology that all the report does is take up the advisers time and contains mainly dross that used to be considered as ‘covering one’s backside’.”

Further to that, Werrell added “If you can explore and discuss the various elements of COBS9 with the client, and record their own words, you can replay it in the Suitability Report as further evidence of the client’s needs. From the fact find, file notes and through to the suitability report, there should be a flowing story; a story of demands, needs and satisfaction.”

At the conference, Thompson added that using the client’s own words in documentation was the “gold standard” when it came to best practice. He said: “It helps when we can see things in the advisers own words…The gold standard is the clients own words from what they understood then.” He also urged advisers to steer clear of jargon-heavy product information.

Compliance Consultant can conduct an audit of your firm and provide a comprehensive report setting out the work into the general areas which the FCA often express interest and which generate most concerns, incorporating the latest hotspots.

The scope of the work required by FCA visits, are, in our view, extensive and required to be delivered in a short space of time. Having all the evidence readily available, including ongoing action plans and risk identification is vital. The Compliance Consultant team is qualified to undertake this work has experience of working with many financial institutions and regulators, ranging from working at board level, senior management, line managers and directly supervising sales personnel.Call us on 020 3815 7939 for details, watch the video at https://youtu.be/z_hSI9tLCVI or go to http://wp.me/p7OMfd-vT.

An additional service we can provide is the relevant rules mapping from the FCA Handbook to your firm. Ask us for details, or go to the website via this link http://wp.me/p7OMfd-A2.

Compliance Consultant – “Making Compliance Work!” 

Call us on 020 3815 7939

Poor Conduct & Legacy Issues Kill Your Business Growth

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Poor Conduct Kills Your Strategy & Growth

 

Poor Conduct & Legacy Issues Kill Your Business Growth
Find Out More About Pathfinder Evolution Here!

Estate Agents & Money Laundering Regulations 2017 – New Requirements

hmrc anti-mponey laundering estate agent eabs

Estate Agents & Money Laundering Regulations 2017 - New Requirements

Hello fellow professional

From the 26th of June 2017, the new UK Money Laundering Regulations 2017 (“MLR17”) came into force placing new legal and regulatory requirements on Estate Agency Businesses (EABs).

It is my pleasure to announce that Compliance Consultant has created a solution to help EABs get up to speed and fully comply with the new rules.

The MLR17s are an amendment to the current legislation which has been enforced since 2007. ALL EABs must comply with these requirements which also bring into force a new statutory regulator which will regulate all EABs from both a financial crime and conduct perspective. Any EAB which fails to comply with the complex regulations will face financial and legal penalties from both a company and individual level.

Who Are We?

Compliance Consultant is a specialist Governance, Risk and Compliance firm, providing advice, support and guidance to regulated and non-regulated firms since 2000. We have a range of services tailored to support firms as they operate in regulated spaces. We work with Estate Agents, Payment Service Providers, Independent Financial Advisers, Consumer Credit Act companies, Banks and Stockbrokers. We have a range of solutions, designed for both large and small firms. Compliance Consultant embeds a risk-based strategic approach into its projects and operational decision-making, enabling our clients to be assured of sustainable success.

To sum up, there are new legal and regulatory requirements on Estate Agency Businesses (EABs). Any EAB which fails to comply with the complex regulations will face financial and legal penalties from both a company and individual level.

Find out if you are affected by clicking on this link and SIGN UP to our 5-day series of pdfs covering how, what, when, where and why.

 

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