Catherine Pluck (UK)

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New Regulation Tomorrow Plus podcast – AML: Key themes for firms from recent enforcement

Our latest episode of Regulation Tomorrow Plus is now available and can be found here. In this podcast, Senior Knowledge Lawyer Catherine Pluck is joined by Counsel Joe Smallshaw and Associate Lizzie Cox, both of whom specialise in regulatory investigations and enforcement, to discuss some of the key themes arising from the UK Financial Conduct … Continue Reading

Whistleblowing – latest FCA quarterly data and key practical steps to manage reports

Whistleblowing remains a key tool for the Financial Conduct Authority (FCA) to identify actual or potential harm to consumers, markets, the UK economy and wider society. On 4 May 2023, it published its latest whistleblowing data for the final quarter of 2022 (for the months October to December 2022) (Q4 2022). During this quarter, the … Continue Reading

BoE consults on proposed changes to its approach to enforcement

On 4 May 2023, the Bank of England (BoE) published Consultation Paper 9/23 ‘The Bank of England’s approach to enforcement: proposed changes and clarifications’ (CP9/23). CP9/23 proposes changes to the BoE’s and the Prudential Regulation Authority’s (PRA) enforcement policies and procedures, to the PRA’s policies and procedures for making supervisory and non-enforcement statutory notice decisions, … Continue Reading

FCA publishes findings from the whistleblowing qualitative assessment survey 2022

On 4 May 2023, the FCA published the findings from the whistleblowing qualitative assessment survey it carried out in 2022. Following information received via the survey, the FCA has set out actions to improve the confidence of whistleblowers, which includes the following: The FCA was disappointed to see the dissatisfaction expressed by many survey respondents. … Continue Reading

New briefing note: IT migration and outsourcing – lessons from the latest SMCR enforcement case

On 13 April 2023, the Prudential Regulation Authority (PRA) fined the former Chief Information Officer (CIO) of TSB Bank plc (TSB), Carlos Abarca, £81,620 for failing to take reasonable steps to ensure that TSB adequately managed and supervised appropriately its outsourcing arrangements in relation to its 2018 IT migration programme in breach of PRA Senior Manager Conduct … Continue Reading

FinTech and cryptoasset firms: Governance considerations

In light of recent market developments, firms in the FinTech space should be taking steps to review and enhance as needed their internal governance arrangements since these are key to mitigating the risk of misconduct and mistakes and consequential investigations, enforcement and claims, which can significantly impact not only the business but also its staff. … Continue Reading

New briefing note: Ten key steps to reduce the risk of a greenwashing regulatory enquiry

Identifying and preventing greenwashing is a growing priority for regulators around the world. In the UK, there are a number of regulators active in this space, including not only the financial services regulators such as the Financial Conduct Authority, but also the Advertising Standards Authority, the Competition and Markets Authority and the Financial Reporting Council. … Continue Reading

Governance back in the spotlight: BoE and FCA announce actions against LME Clear and LME in connection with March 2022 nickel market suspension

On 3 March 2023, the Bank of England (BoE) and the Financial Conduct Authority (FCA) announced further actions being taken by them in connection with the London Metal Exchange’s (LME) temporary suspension of nickel trading in March 2022. These latest updates, as further detailed below, act as a reminder of the current regulatory focus on … Continue Reading

New briefing note: Dawn Raids – Key practical steps for firms

Firms should have in place, and keep up to date and easily accessible, a documented policy and procedure which employees must follow in the event of an unannounced visit from a regulator. To assist firms in this area we have published a new briefing note setting out a reminder of some of the key steps … Continue Reading

FCA commences criminal proceedings against five individuals for conspiracy to commit insider dealing and money laundering

Demonstrating its continuing focus on preventing, detecting and punishing market abuse, on 25th January 2023, the FCA announced that it has commenced criminal proceedings against five individuals, alleging that they conspired to commit offences of insider dealing between December 2019 and March 2021. In addition to insider dealing, the five individuals are charged with money … Continue Reading

Key points from the FCA’s most recent whistleblowing data

On 12 January 2023, the FCA published its whistleblowing data for the period July to September 2022 (Q3 2022). During this period, it received 291 new whistleblowing reports, containing 734 allegations. Most of the new reports were received via the online reporting form and the majority of whistleblowers provided their contact details, rather than seeking … Continue Reading

Takeaways from the FCA’s latest Skilled Person data

On 11 January 2023, the FCA published its latest quarterly Skilled Person data for the period July to October 2022 (Q2 2022/23). There were 11 reports commissioned during this time (following nine in the first quarter of the year). This is broadly in line with the number of reports commissioned last year (when 38 reports … Continue Reading

New briefing note: Governance – lessons for 2023 from regulatory enforcement

It is widely recognised that poor culture has been a major root cause of past conduct failures. To assist firms in this area, we have analysed some of the key FCA enforcement cases from the past year to draw out some learning points on governance, focusing on the following themes: roles and responsibilities; oversight; policies … Continue Reading

New briefing note: Key takeaways in relation to the FCA’s decision concerning Sir Christopher Gent

The FCA has recently fined Sir Christopher Gent, former non-executive Chairman of a global medical products and technologies company (the Company), £80,000 for the unlawful disclosure of inside information relating to the Company in contravention of the EU Market Abuse Regulation (EU MAR). The published decision contains a number of key takeaways in relation to … Continue Reading

New Regulation Tomorrow Plus podcast – ESG: Key regulatory risks in the UK and US and practical steps to manage them

Our latest episode of Regulation Tomorrow Plus is now available to stream and download on ‘Apple podcasts‘ and ‘Spotify‘ In this podcast Katie Stephen, Co-Head of our Contentious Financial Services Group in London, and Celia Cohen, Co-Head of Financial Institutions in the United States, discuss the key regulatory risks for financial services firms in their … Continue Reading

OFSI updates licensing timeframes in its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018

On 28 July 2022, the Office of Financial Sanctions Implementation (OFSI) updated its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018. The guidance outlines firms’ obligations under financial sanctions, as well as OFSI’s approach to licensing and compliance issues. It takes into account relevant case law and guidance at the … Continue Reading

Cryptoasset providers: Impact of the amendments to the MLRs 2017

In June, HM Treasury issued its response to its October 2021 consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The response contained a number of updates to the MLRs 2017 which, for the most part, come into force on 1 September 2022. … Continue Reading

New RT Plus podcast – Beyond Sanctions – Key updates

The sixth instalment of our Beyond Sanctions podcast series is now available to stream and download on Apple Podcasts and Spotify. In this episode, David Harris, Co-Head of our Contentious Financial Services Group in London, discusses some recent developments in the sanctions landscape for regulated firms, including key points from the: Red Alert on Financial Sanctions … Continue Reading

FCA publishes financial promotions intervention data for Q2 2022

On 22 July 2022, the FCA published its financial promotions quarterly data for Q2 2022. Between April and June 2022, 374 promotions were amended or withdrawn following FCA intervention. Retail investments and retail lending were the sectors with the highest amend/ withdraw outcomes and in 58% of cases website or social media promotions were involved. … Continue Reading

FCA publishes decision notice regarding a fine of £5.8 million for Ghana International Bank Plc in connection with failings in its anti-money laundering controls over its correspondent banking activities

Anti-money laundering and the prevention of financial crime continues to be a key focus for the FCA, which reiterated in its most recent Business Plan its commitment to continue to use its enforcement powers to pursue those committing financial crime and their enablers.   According to the notice published on 23 June 2022, the FCA has … Continue Reading

ESG – Key regulatory risks for financial services firms in the UK and US and how to manage them

Investors are increasingly seeking sustainable financial products and ESG investing, traditional investing combined with sustainable or otherwise philanthropic aims, has seen huge growth in recent years. Regulated firms are also seeking to improve their own ESG performance more generally to build stronger relationships with their stakeholders, including those who use their services. Whilst the growing … Continue Reading

Recent developments signal a rise in sanctions enforcement risk for UK regulated firms

Whilst historically there have been relatively low levels of sanctions enforcement in the UK, in light of recent developments, in the coming months we expect to see more scrutiny in this area and increased enforcement activity in relation to sanctions breaches. In our latest briefing, first published on Thomson Reuters Regulatory Intelligence on 24th June … Continue Reading

New RT Plus podcast – Beyond Sanctions – Enforcement

The next instalment of our Beyond Sanctions podcast series is now available to stream and download on Apple Podcasts and Spotify. In this episode, David Harris and Katie Stephen, Co-Heads of our Contentious Financial Services Group in London, discuss some recent developments regarding sanctions enforcement for regulated firms. For further updates in this area please … Continue Reading

Financial Crime Outlook

As the economy starts to recover following the impact of the COVID-19 pandemic, regulatory changes are under way in the anti-money laundering and market abuse space. In addition, the events in Ukraine, and the wide range of financial sanctions imposed on Russia in response, are having a significant impact on financial markets and must now … Continue Reading
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