4 Criminal Prosecutions by Regulators—Procedural Considerations

2020 ◽  
Author(s):  
Russen Jonathan ◽  
Kingham Robin
Keyword(s):  
Financial Services ◽  
Criminal Proceedings ◽  
Services Sector ◽  
Financial Services Sector ◽  
Discrete Area ◽  
Evidence Collection ◽  
Court Proceedings

This chapter examines the role of the FCA and the PRA as prosecuting authorities and their right to bring criminal proceedings in pursuit of their regulatory objectives as enshrined in the Financial Services and Markets Act 2000 (FSMA). The FCA and the PRA are not the only agencies responsible for the prosecution of criminal offences in the financial services sector; the jurisdiction of the Serious Fraud Office (SFO) in particular often overlaps with that of the FCA and the two agencies can work in tandem. Meanwhile, although a discrete area of criminal practice, the regulators’ powers to administer a caution to an offender should not be overlooked—particularly in the context of ongoing investigations. Acceptance of a caution can provide an offender with a way of avoiding conviction and sanction whilst offering the prosecutor an ‘easy win’ without the need for costly court proceedings. The chapter then considers key procedural issues as well as the importance of evidence collection and deployment in financial services prosecutions.

scholarly journals PERAN OTORITAS JASA KEUANGAN TERHADAP PENGAWASAN LEMBAGA KEUANGAN DI INDONESIA

2019 ◽  
Vol 1 (02) ◽  
pp. 177-188
Author(s):  
Annisa Arifka Sari
Keyword(s):  
Capital Market ◽  
Financial Services ◽  
Financial Service ◽  
Legal Basis ◽  
Legal Research ◽  
Services Sector ◽  
Financial Services Sector ◽  
Stable Manner ◽  
The Government

Penelitian ini bertujuan untuk menjelaskan peran Otoritas Jasa Keuangan sebagai lembaga independen dalam melakukan pengawasan terhadap lembaga jasa keuangan di Indonesia serta kewenangan Otoritas Jasa Keuangan yang diatur dalam Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan. Metode yang digunakan dalam penelitian ini adalah penelitian hukum normatif. Dari hasil penelitian dijelaskan bahwa Otoritas Jasa Keuangan adalah lembaga yang independen dan bebas dari campur tangan pihak lain, yang mempunyai fungsi, tugas, dan wewenang pengaturan, pengawasan, pemeriksaan, dan penyidikan terhadap lembaga jasa keuangan seperti perbankan. Dasar hukum dibentuknya Otoritas Jasa Keuangan adalah Undang-Undang Nomor 21 Tahun 2011. Secara kelembagaan, Otoritas Jasa Keuangan berada di luar pemerintah, yang dimaknai bahwa Otoritas Jasa Keuangan tidak menjadi bagian dari kekuasaan pemerintah. Otoritas Jasa Keuangan dibentuk dengan tujuan agar keseluruhan kegiatan di dalam sektor jasa keuangan terselenggara secara teratur, adil, transparan, dan akuntabel; mampu mewujudkan sistem keuangan yang tumbuh secara berkelanjutan dan stabil; serta mampu melindungi kepentingan konsumen dan masyarakat. Otoritas Jasa Keuangan bertugas tidak hanya mengatur dan mengawasi perbankan saja, tetapi juga mencakup pasar modal, perasuransian, dana pensiun, lembaga pembiayaan, serta lembaga jasa keuangan lainnya.    THE ROLE OF FINANCIAL SERVICES AUTHORITY ON SUPERVISION OF FINANCIAL INSTITUTIONS IN INDONESIA This research aims to explain the role of the Financial Services Authority as an independent institution in supervising financial service institutions in Indonesia as well as the authority of the Financial Services Authority as regulated in Law Number 21 of 2011 concerning the Financial Services Authority. The method used in this research is normative legal research. From the research results, it is explained that the Financial Services Authority is an independent institution and free from interference from other parties, which has the function, task and authority to regulate, supervise, examine and investigate financial service institutions such as banks. The legal basis for the establishment of the Financial Services Authority is Law Number 21 of 2011. Institutionally, the Financial Services Authority is outside the government, which means that the Financial Services Authority is not part of the government's power. The Financial Services Authority was formed with the aim that all activities in the financial services sector are carried out in an orderly, fair, transparent and accountable manner; able to realize a financial system that grows in a sustainable and stable manner; and able to protect the interests of consumers and society. The Financial Services Authority is tasked with not only regulating and supervising banking, but also covering the capital market, insurance, pension funds, financing institutions, and other financial service institutions.    

scholarly journals The Role of Otoritas Jasa Keuangan (Financial Services Authority) in Supervising Sharia Banking Products in Indonesia

2019 ◽  
Vol 2 (4) ◽  
pp. 375-384
Author(s):  
Ida Hanifah
Keyword(s):  
Financial Services ◽  
Financial System ◽  
System Stability ◽  
Islamic Banking ◽  
Services Sector ◽  
Financial Services Sector ◽  
Product Service ◽  
Moral Damage ◽  
Effective Supervision

The number of cross-sectoral issues in the financial services sector including Islamic banking, which includes moral hazard measures, lack of optimal protection of financial services, and the disruption of financial system stability increasingly encourage the need for the establishment of a supervisory institution in the integrated financial services sector. The source of moral damage in the management of the economy encourages the establishment of newsupervision institutions, more accountable and has a tighter function in overseeing the financial system so that it can better guarantee the achievement of financial system stability. Based on that, Financial Services Authority was formed. Various regulations that have been and will be made by the Financial Services Authority related to Islamic banking are expected to be able to provide protection for the Islamic banking industry as well as spur the development of Islamic banking in Indonesia. More comprehensive and effective supervision of sharia banking is needed along with the increase in market players, product / service variants, and increasingly innovative and complex technological advancements. During this time the existence of Financial Services Authority for Islamic banking has not felt its existence. Financial Services Authority Law is still silent on sharia-based financial services.

scholarly journals The Role of ‘Digitalization’ in German Sustainability Bank Reporting

2020 ◽  
Vol 8 (1) ◽  
pp. 16 ◽  
Author(s):  
Florian Diener ◽  
Miroslav Špaček
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Business Environment ◽  
Current Analysis ◽  
Structural Inequality ◽  
Services Sector ◽  
Financial Services Sector ◽  
Further Development ◽  
Insight Into

The financial services sector, particularly with respect to today’s banking industry, is aiming to make a digital transition. Sustainable reporting is a holistic new reporting approach in banking and has only become partially mandatory for the sector. Thus, this paper makes a contribution to the current analysis approach and further development of the German Sustainability Code as well as associated legal approaches. It concerns the assessment of mandatory sustainable reporting in the light of constantly changing market conditions and stricter legal requirements for stakeholder data responsibility. In specific, it focuses on a digital evolving business environment and is intended to provide an insight into the perception of the topic of digitalization in the banking sector. The assessment is based on the structure of the German Sustainability Code. Based on 113 bank reports, a multiple regression analysis of 1410 codings of the keyword ‘digital’ is carried out. The results show that banks partly and not fully address digital issues in their reporting. It transpires that the emphasis is on seven criteria, while social elements are totally ignored. The paper shows a structural inequality within sustainable bank reporting with regard to digitalization. It also shows that issues are not adequately addressed and covered in legal reporting standards and that the provision of information to stakeholders on specific issues is largely undefined.

Association between performance measurement systems and organisational effectiveness

2014 ◽  
Vol 34 (7) ◽  
pp. 853-875 ◽  
Author(s):  
Bedanand Upadhaya ◽  
Rahat Munir ◽  
Yvette Blount
Keyword(s):  
Performance Measurement ◽  
Performance Measures ◽  
Financial Services ◽  
Content Type ◽  
Services Sector ◽  
Measurement Systems ◽  
Organisational Effectiveness ◽  
Financial Services Sector ◽  
Performance Measurement Systems

Purpose – The purpose of this paper is to investigate the role of performance measurement systems in organisational effectiveness in the context of the financial services sector within a developing country. Design/methodology/approach – Using the mail survey method data were collected from 69 financial institutions operating in Nepal. Multivariate analysis, in particular multiple regression analysis was employed to test the hypotheses. Findings – The results suggest that non-financial measures and feedback are tightly intertwined with organisational effectiveness. While institutions are focused on using the performance measures concerning internal business process perspective, less emphasis is placed on using customer and employee-related performance measures because they are considered less significant to organisational effectiveness. The findings also reveal that strategy-related feedback is considered more critical by management, as opposed to performance and staff. The study also provides evidence that 40.58 per cent of the financial institutions in Nepal had implemented the Balanced Scorecard, which is considered to be high when compared with other developing countries. Practical implications – The findings provide managers with valuable insights pertaining to the role of non-financial performance measures and the importance of feedback in improving organisational effectiveness, which could assist them in (re) aligning their performance measurement practices. Originality/value – The findings of this study contributes to the limited management accounting literature on performance measurement and the impact on organisational effectiveness by providing evidence from the financial services sector within the context of a developing country.

scholarly journals PERAN OTORITAS JASA KEUANGAN DALAM PENYELESAIAN PENGADUAN KONSUMEN SEKTOR JASA KEUANGAN

2018 ◽  
Vol 5 (1) ◽  
pp. 236
Author(s):  
Marwah Marwah
Keyword(s):  
Empirical Research ◽  
Consumer Protection ◽  
Financial Services ◽  
Accurate Information ◽  
Business Service ◽  
Services Sector ◽  
Consumer Complaints ◽  
Financial Services Sector ◽  
Laws And Regulations

Abstract                Under the provisions of Article 22 paragraph (1) of the Financial Services Authority Regulation No. 1/POJK.07/2013 on Consumer Protection of the Financial Services Sector, whereas in the case of Business Service Actors using standard agreements, such standard agreements shall be prepared in accordance with the laws and regulations . However, based on the results of the research, in the current banking practice, the agreement format has been prepared unilaterally by the bank in the form of standard conditions set forth in the printed form, and then presented to applicant debtor for approval. This study aimed to find out about the role of the Financial Services Authority as a facilitator in providing accurate information and provide facilities for the settlement of consumer complaints. This research was an empirical research conducted in Makassar city. The results indicated that the Financial Services Authority as a facilitator, not optimal in protecting the mortgage debtor.Key Word : Role of the Financial Services Authority, Debtor Protection Abstrak             Berdasarkan ketentuan Pasal 22 ayat (1) Peraturan Otoritas Jasa Keuangan Nomor 1/POJK.07/2013 tentang Perlindungan Konsumen Sektor Jasa Keuangan, bahwa dalam hal Pelaku Usaha Jasa Keuangan menggunakan perjanjian baku, maka perjanjian baku tersebut wajib disusun sesuai dengan peraturan perundang-undangan. Namun, berdasarkan hasil penelitian, dalam praktik perbankan saat ini, format perjanjian telah disiapkan secara sepihak oleh pihak bank berupa syarat-syarat baku yang dituangkan dalam formulir yang sudah dicetak, dan kemudian disodorkan kepada calon nasabah debitor untuk disetujui. Penelitian ini bertujuan untuk mengetahui mengenai peran Otoritas Jasa Keuangan sebagai fasilitator dalam menyediakan informasi yang akurat serta memberikan fasilitas penyelesaian pengaduan konsumen. Penelitian ini merupakan penelitian empiris yang dilaksanakan di kota Makassar. Hasil penelitian menunjukkan bahwa Otoritas Jasa Keuangan sebagai fasilitator, belum optimal dalam melindungi debitor Kredit Pemilikan Rumah.Kata Kunci : Peran Otoritas Jasa Keuangan, Perlindungan Debitor   

scholarly journals Cyber Governance and the Financial Services Sector: The Role of Public-Private Partnerships

2018 ◽  
Author(s):  
Valeria San Juan Menacho ◽  
Aaron Martin
Keyword(s):  
Information Sharing ◽  
Financial Services ◽  
Critical Infrastructure ◽  
Policy Coordination ◽  
Lessons Learned ◽  
Public Private Partnerships ◽  
Future Research ◽  
Services Sector ◽  
Financial Services Sector

This contribution is the first to explore in depth the various financial services sector organizations focused on cybersecurity and critical infrastructure protection. We first discuss how governance over security and the protection of critical infrastructure has increased the focus on the role of public-private partnerships (PPPs) in addressing issues of cybersecurity. We continue by highlighting three sector-led bodies—the Financial Services Information Sharing and Analysis Center, the Financial Services Sector Coordinating Council, and the Financial Systemic Analysis and Resilience Center—and how each facilitates PPPs to address cyber challenges primarily in the areas of information sharing, policy coordination, and threat analytics, respectively. The chapter concludes with a discussion of lessons learned and remarks on future research avenues in the area of cybersecurity governance. These lessons include: 1) validation of the PPP model, with some important caveats, 2) the need to extend PPPs beyond information sharing to address systemic risks, and 3) the limitations of PPPs in regulated industries like finance.

Slipping through the net

2018 ◽  
Vol 21 (2) ◽  
pp. 203-214
Author(s):  
Adebola Adeyemi
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Current Approach ◽  
Content Type ◽  
Services Sector ◽  
Secondary Sources ◽  
Financial Services Sector ◽  
The Uk ◽  
Practical Implications

Purpose The purpose of this paper is to highlight the activities of the FCA with respect to the incidence of money laundering and highlight regulatory gaps. The financial services sector provides a crucial infrastructure for the promotion of wealth and innovation in the UK. This attractive infrastructure also appeals to criminals looking to launder the gains of their illicit activities. Design/methodology/approach The paper analyses the UK money laundering regime, highlighting specific challenging areas. The paper investigates the role of politically exposed persons and the use of corporate structures in promoting money laundering. In this context, it also becomes crucial to investigate the role of financial institutions and the sufficiency of their governance approach in lessening the incidence of money laundering. The paper investigates secondary sources and relies on their findings. It compares these findings to the regulatory outcomes. Findings The paper recommends steps that can be used to lessen the incidence of money laundering in the UK. From the reports evaluated, it is clear that the Financial Conduct Authority is working towards reducing the incidence of money laundering, but this could be further strengthened with the adoption of additional enforcement tools. Practical implications The paper suggests that different approaches should be used based on firm size, the type of business and the risk that a financial services firm presents to the financial sector. A large firm will need to bear more regulatory burden compared to a smaller firm. Originality/value The paper investigates the current approach to minimising the incidence of money laundering in the UK. It suggests that the regulator can guide financial services firms to meet the regulatory objectives by relying on an approach that discerns the regulatory risks presented by different firms depending on their size.

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