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FS Focus: October 2019

In this issue, we look at how behavioural economics can sell financial services, the impact of the new discounted Ogden rate will have on premiums and Francesca Hampton, chief financial officer, at Cynergy Bank, talks about handling crises, Game of Thrones cyber strategies and closing the gender gap

Read our cover story and articles below. The full issue is available for download.

Cover story: How the financial services industry is fighting fraud
Philippa Kelly looks at what the financial services industry should be going to combat fraud, the most common crime in the country

How the revised Ogden Discount Rate affects the insurance industry
Mohammad Khan and Sundip Mistry outline the potential impact on the insurance industry of the revised Ogden discount rate, which will come about as a result of the Civil Liability Bill.

Insurance companies playing catch up with Big Data
Insurance companies need to put their best foot forward to make the most of big data in providing better services for customers, says Peter Wilson.

The arguments against open-ended funds
In the wake of the suspension to the Woodford fund, several industry figures have spoken out against open-ended funds that offer seemingly impossible liquidity for investors.

The requirements and challenges of SMCR
With the Senior Manager and Certification Regime soon to extend to the investment community, Leigh Treacy looks at the requirements and challenges.

What are the fluctuating exchange rates telling us?
With Donald Trump being agitated over exchange rates, especially that of the dollar against the euro and the Chinese yuan, David Smith asks: what are the fluctuations in exchange rates really telling us?

Nudge, nudge: Persuasion in Financial Services
Nudge theory, an idea from behavioural economics, uses prompts to encourage people to make better decisions. As it becomes more common in financial services, Nick Huber investigates whether it works.

Defining financial promotion for the Financial Services and Markets Act 2000
Stuart Fleet explains the definition of financial promotion in the context of the Financial Services and Markets Act 2000.

Reducing the size of board packs
Zsuzsanna Schiff talks to Hitesh Patel, independent NED and chair of the ICAEW Insurance Committee about how to reduce the size of the board packs.

Banking on trust: Why building societies are facing the perfect storm
They have been touted as trusted, local lenders who take a personal approach to supporting your efforts to save and lending money to buy a home. But now, with societies reducing in number, are building societies facing the perfect storm in the current climate?

Accounting for change with the Libor transition
With the London interbank offered rate being replaced with the sterling overnight index average (or, SONIA), John Mongelard looks at the impact of the Libor transition on hedge accounting.

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