UK Fintech News Roundup: The latest stories 1/18

Every Wednesday we take a look at the latest fintech updates from across the UK. This week brings updates from FCA, CMC Markets, SmartSearch, HMRC and more.

Growing number of whistleblowers, FCA reveals

whistleblowersBritain’s Financial Conduct Authority (FCA) regulator said it received 291 whistleblower reports in the third quarter of 2022. Most of the complaints registered were related to compliance issues.

Most whistleblowers who reported provided their contact information, while 37% chose to do so completely anonymously. The most common reporting method was the online complaint reporting form.

Dr Henri Balanihead of industrial and regulatory affairs at Encompass Corporation, commented on the news: “Whistleblowing allows organizations like the FCA to receive and investigate allegations of wrongdoing. From data breaches to anti-money laundering and compliance issues, it remains essential that employees can report misconduct anonymously. The latest data shows an increase in reports, which is probably just a snapshot of the real situation. Yet organizations too often lack the robust processes or infrastructure to effectively manage compliance.

Cambridge offers most entry-level finance jobs

CambridgeCambridge is the city with the most entry-level finance job openings per capita, a financial services provider has revealed CMC Markets.

The city beat London to the title with 13.5 jobs per 100,000 people. London was second, with 7.2 entry-level finance jobs per 100,000 people. Behind the capital was Oxford with 5.55, narrowly beating Norwich’s entry-level financial positions at 5.44 per 100,000 population.

The CMC Markets data also took into account the cost of living, paying particular attention to rental costs. Birmingham recorded 3.15 entry-level jobs per 100,000 people, but had the lowest cost of living on the list. Birmingham’s average monthly cost was £1,269.89, including rent for a flat outside the city centre.

SmartSearch is officially a “Great Place to Work”

Great place to workDigital Compliance Solution Provider Smart search has been certified ‘Great Place To Work’. Based in Ilkley, West Yorkshire, the company employs over 160 people to serve the anti-money laundering (AML) and compliance needs of 5,700 customers.

SmartSearch provides recreational facilities such as an on-site gym, pool table, table tennis and playground to all employees. SmartSearch also seeks to encourage continuous professional development, with a company-wide mentorship program.

Collette Allen, chief operating officer at SmartSearch, commented on the news. She said, “We are very proud to receive this prestigious accreditation and to have our philosophy and approach to business recognized by both our employees and the global authority on corporate culture. As we grow, we will continue to explore ways to support and encourage our people and create opportunities for them to grow and reach their full potential.

Wage hike to increase pension tax relief

To payAccording to data published by HMRC.

The government expects pension income tax relief to reach £27billion in the next tax year as wages. The main causes for the increase in pension tax relief in recent years have been found to be self-enrollment and wage growth.

Becky O’Connordirector of public affairs at PensionBeecommented: “The government’s assessment of tax relief for pensions as a benefit that most people are unaware of the system could be about to change, especially as it is expected to cost more expensive to the government due to wage inflation this year.
While it would be a bigger incentive to save more in a pension if people understood it better, the tax relief continues, quietly offering a significant and much-needed increase in workplace pension contributions – especially as the automatic sign-up minimum, at 8%, is not as high as it should be.

UK banks slammed for failing to fix problems with risk management system

bank of englandThe regulatory arm of the bank of englandthem Prudential regulatory authority (PRA), criticized UK banks for failing to address issues with their risk management systems.

The PRA said these issues have persisted, despite regular messaging about risk management following the collapse of a major hedge fund in 2021.

Dr. Henry Balani also commented on the news. Dr Balani said: “In times of economic uncertainty, it is more important than ever for regulators to work closely with banks and financial services organizations to improve risk management. Too often, manual systems remain in place to manage complex and time-consuming tasks related to anti-money laundering, risk and compliance. This approach is no longer fit for purpose.

“It is time to realize the crucial role that innovative technologies, and in particular automation, can play in improving and modernizing risk management, and allowing UK banks to be assured of compliance. effective and efficient. This will not only save time and money, but will also help protect banks and their customers in these increasingly difficult times.

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