business Archives - The Industry Spread

New Appointments to Financial Conduct Authority Board Announced

November 8, 2019

Three new appointments to the board of the Financial Conduct Authority (FCA) have been made by the Economic Secretary to the Treasury today. Liam Coleman, Alice Maynard CBE and Tommaso Valletti will take up roles as Non-Executive Directors to the board of the FCA. Alice Maynard was jointly appointed by HM Treasury and the Department for Business, Energy and Industrial Strategy. They will each serve 3-year terms beginning today, 5 November 2019.

Moscow Exchange Approves Strategy 2024

October 20, 2019

On 14 October 2019, the Supervisory Board of Moscow Exchange (MOEX) approved a new Group Strategy 2024 that covers the five-year period through 2024. The corporate strategy is centered around five key priorities, two of which relate to areas of responsibility and three that focus on areas of growth.

Peter Babej Appointed As Citi Group’s Asia-Pacific CEO

October 18, 2019

US-based multinational banking service provider Citigroup recently revealed in an announcement that it has Asia-Pacific business division now has a new head. According to statement released by the firm, it has promoted one of its executives Mr. Peter Babej to serve in role of Chief Executive Officer for its Asia-Pacific and was made public via release of an internal memo to major media outlets. In his new role as Chief Executive Officer for Citi Group’s business units in Asia-Pacific unit, Peter will be based in the group’s Hong Kong office.

FCA Fines Prudential £23,875,000 for Failures Relating to Non-Advised Annuities Sales

October 9, 2019

Between July 2008 and September 2017, Prudential’s non-advised annuity business focused on selling annuities directly to existing Prudential pension holders. Firms are required to explain to customers that they may get a better rate if they shop around on the open market and Prudential was aware that many customers could get a higher income in retirement by shopping around on the open market.

FINRA Came Down on a JP Morgan Securities Unit

September 23, 2019

FINRA today announced it has censured and fined JP Morgan Securities LLC (JPMS) $1.1 million for failing to timely disclose 89 internal reviews or allegations of misconduct by its registered representatives and associated persons spanning a six-year period. FINRA also required an undertaking by the firm to certify within 60 days that it has taken appropriate corrective measures,