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This article examines R v NatWest, which made headline news for the record fine given to NatWest following allegations of money laundering. This is a first for banking history. The facts themselves are equally remarkable. The analysis conducted in this article proffers some insights into how such activity persisted. Such a discussion shows how unusual the events were in the context of banking history. A contextualized overview of the growth of NatWest has much to offer those interested in the culture and the internal processes within the bank, which lead to a breach of the Money Laundering Regulations 2007. The present case offers numerous points for reflection. Such a comprehensive analysis is worth undertaking not only because of the historical shifts that can be observed in the banking industry though R v NatWest. It shows how some of the tensions in this case are age-old, but, equally, that the decision here has important implications for the future of banking and financial law.

The creation of an open financial data ecosystem is a new frontier to be explored within a financial services industry characterized by the presence of new players, along with traditional financial intermediaries. Spurred by datafication and digitisation, open finance is considered an extension of the open banking foundation launched in Europe through targeted regulation. The open finance journey is just beginning. By taking stock of the open banking experience across jurisdictions, this article examines the future shift from open banking to open finance. Selected critical issues within the open banking context give valuable indications for the development of open finance. Open finance, datafication, digitisation, open banking, APIs, PSD2, Consumer Data Right, reciprocity, consumer education

Acquiring resources for self-maintenance and reproduction is a key challenge for wild animals, and the methods that individuals employ are, in part, shaped by environmental conditions that vary in time and space. For birds, rainfall may affect behavior, impairing senses and increasing energetic costs, but its consequences on movement patterns are poorly explored. We investigated the influence of rainfall on the foraging behavior of the magnificent frigatebird, Fregata magnificens. This peculiar tropical seabird lacks feather waterproofing and is known to track environmental conditions while searching for food. Thus, its foraging behavior should be highly sensitive to the effects of rainfall. By GPS-tracking chick-rearing adults, we showed that frigatebirds did not avoid areas with rainfall during foraging trips, nor did rainfall influence trip characteristics. However, rainfall decreased time devoted to foraging and increased time spent perching. Moreover, it affected flight mode, inducing birds to fly slower and at lower altitudes. Wind speed, which was not correlated with rainfall, only affected behavior during night-time, with strong winds decreasing time spent perching. Our results indicate that rainfall does not affect the spatial distribution of foraging frigatebirds but does alter fine-scale foraging behavior by reducing flight activity. We suggest that the ongoing environmental change in this region, including an increase in rainfall events, has the potential to impair foraging and negatively affect fitness.

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SUMMARY Over the past decade, a series of malpractice incidents in the financial services industry have shown that the risk of misconduct is not a theoretical possibility. Accordingly, the promotion and implementation of new ethics, values, and behaviours in banks and other financial institutions are primary objectives on the international regulatory agenda. Recent cases of mis-selling of financial products widened the scope of discussion towards financial firms’ sales practices. In particular, the widespread use of cross-selling techniques in the financial services industry caught regulatory attention, above all, among the European Supervisory Authorities. The ensuing debate was underpinned by the crucial question of how to guarantee a sustainable use of cross-selling by banks and financial institutions. This article addresses this question by analysing cross-selling in relation to the specificities and risks posed by the financial services industry. Whilst it was possible to elaborate on regulatory solutions in relation to a distorted use of financial practices, such as securitization and interest rate benchmarks, now it is also desirable to discuss the optimal strategy to prevent cross-selling from being the ‘tool’ for financial misconduct. This is of significance given the recognized potential of misconduct cases to pose systemic threats to financial stability.

© The authors and the University of Liverpool 2019. To successfully exploit resources, animals must be adapted to operate under phenotypic and environmental constraints. The strategies that predators use to locate prey are therefore diverse, particularly for breeding central-place foragers that must balance investment in reproduction and self-maintenance. Magnificent frigatebirds Fregata magnificens are tropical seabirds with intriguing morphology and feeding ecology, which display strikingly unequal levels of parental care (males deserting offspring months before females). These unusual traits can better help us understand the links between movement behaviour and breeding strategies in this poorly studied species. Using archival GPS, GPS-GSM loggers, bird-borne cameras and dietary data, we investigated the foraging ecology of chick-rearing magnificent frigatebirds from a breeding population in the Cayman Islands. This population engages in 2 main foraging strategies: (1) coastal trips over the continental shelf, where individuals target reef species and engage in kleptoparasitism, and (2) offshore trips during which birds feed on schooling pelagic prey. Differences in strategy use were partially linked to sex, with males (which invest less in offspring) roaming further from nests, and showing a higher propensity to forage offshore. Video data further indicated differences in social information use between strategies: foraging with conspecifics was more prevalent in coastal environments than pelagic. We suggest that observed variation in at-sea behaviour may partially be mediated by sex-based differences in parental roles, and/or size differences leading to intraspecific competition. Our study provides evidence of bimodal foraging and sheds new light on the importance of both pelagic and coastal feeding in this enigmatic species.

Following serious and widespread episodes of misconduct in the financial services industry, regulators, international standard-setting bodies and financial institutions worldwide have been discussing opportune approaches to deal with conduct risk. Identifying, analysing and tackling this risk have become the keywords to make financial firms take proactive steps against a common problem. Significantly, the way misconduct risk is understood will determine the ways for dealing with it properly. Given the incentives and guidelines that regulators and policymakers have so far provided within the conduct risk debate, it is natural to review their appreciation of such a risk. In practice, this paper addresses the question of whether their interpretation constitutes a solid, clear and consistent basis for financial firms’ understanding and management strategies. Risk, loss, misconduct, conduct risk, consumer protection, market integrity, firmbased definition, operational risk, subset, standalone risk

The aim of this work was to carry out a preliminary comparison between ADCP data (current and suspended solids concentrations), measured at Lido inlet, and numerical simulation results. Suspended load and bed load have been computed by models and compared with the average of ADCP measurements in the water column. The obtained results show that there is a need to acquire knowledge about the bottom layer where the instrument can not measure the relevant parameters.