Member Update 18th January
Written on 17/01/2019


An event organiser captures attendees' contact details and shares them with a sponsor. Would they be acting as a processor for the sponsor in capturing the data? As well as being a data controller for their own purposes?
A: Yes
B: No
C: Such data sharing is no longer permitted

Answer is A. The event organiser will be both processor and controller.  
But they are only controllers for the purposes and subjects they have permission to share with/for. 
In collecting the data they would have to indicate their intention to share and gain consent using “opt in”.


NCA publishes Suspicious Activity Reports Annual Report 2018
The National Crime Agency (NCA) has published its Suspicious Activity Reports (SARs) Annual Report for 2018. click here 

Key statistics from the report include the following:


  • 463,938 SARs were received last year (9.6% increase on 2016-17 (423,304)).
  • £51,907,067 was denied to criminals as a result of DAML requests (refused and granted).
  • $500 million was denied to criminals as a result of a DAML refusal relating to funds transferred to fraudsters from overseas. 

Of particular interest is the summary of SARs reporting by sector. While there had been a large increase in reports by financial firms and a rise in other sectors particularly at risk of money laundering, there was a significant decrease in the number of reports from lawyers.  These had fallen by 11% despite law firms being seen as an essential tool for those seeking to launder dirty money in the UK. Trust company or company service providers saw a 26% drop in reports which is a concern as these companies can be used to form and maintain UK companies used by criminals to launder money.

Although the financial sector continues to file the most SARs, there is a concern of overreporting by such institutions by filing "defensive SARs" to seek to limit their own liability in the event that transactions they process consist of illegal activity.

You can easily see the value of a defensive SAR.  After all, it is a secret disclosure and protects you if something untoward crops up later on.  And don’t forget that refusing to assist in a suspicious activity transaction could amount to tipping off!  

The Proceeds of Crime Act 2002 imposes a duty on IFAs and  MGI firms (and on their employees) to make a report where they know or suspect, or have reasonable grounds for knowing or suspecting, that another person is engaged in money laundering in respect of information coming to them within the course of business in the regulated sector.

Cold Calling on the retreat

Pensions cold-calling ban came into effect on 9 January.  

How things have changed since Allied Dunbar managers told us to cold call prospects on a Sunday morning “because they are always available then!”.  However if you are an FCA authorised person, you are still allowed to cold call.
From 1 April 2019, a ban on unsolicited direct marketing calls by CMCs comes into force.
Thank heavens!.
A search for Cold Calling image shows just how the internet doesn’t accept double meanings! 


Reminder from the Pensions Regulator

The Pensions Regulator is sending out reminders to employers of their duties, that as from 6th April 2019, the amount that will need to be paid into a workplace pension will increase to an overall minimum of 8% with employers contributing at least 3% of the total amount. There is a need to check with the payroll software provider and pensions provider to ensure plans are in place.

BIZ for sale….from time to time these come up

GI Practice located in South – no clients, just a shell company.  A licence is a valuable thing.

There is also a DFM practice seeking to exit. Once again - a shell company with no trading, where the value lies in the licence.