On 28 November 2024 the FCA published CP24/2, Part 2 in relation to its controversial ‘name and shame’ proposals, having trailed this in oral evidence before the House of Lords Financial Services Regulation Committee earlier this month. In the paper, the CP24/2 proposals have been re-drafted with a view to addressing the concerns raised about
The results of the FCA’s Culture and non-financial misconduct survey have been published: What do you need to know?
The FCA has published the results of its survey on non-financial misconduct. Set out below are (1) key findings; (2) next steps for the FCA; and (3) seven suggested action points for firms in light of the survey.
(1) Key findings
The key findings from the survey are that:
- Most frequent concerns: the number of
Decisions Decoded: What you need to know about the recent fine against TSB Bank plc
- Overview: This is another FCA fine in connection with treatment by a bank of borrower customers, particularly with regards to the application of forbearance for vulnerable and other customers in arrears or in financial difficulty.
- Relevant period: The misconduct spanned nearly a six year period between 2014 and 2020.
- Breaches: The FCA found
Failure to prevent fraud: five key steps for regulated financial services firms
The new failure to prevent fraud offence is due to come into force during 2025. In broad terms, in respect of the financial services community, it will mean that regulated firms of a certain size could be at risk in the event that fraud is committed for their benefit or the benefit of their clients
FCA opens its first ESG-related investigation
The FCA recently confirmed its first ESG-related enforcement investigation and it appears likely from further information which has since emerged that the investigation concerns climate-related issues but not greenwashing.
The investigation was referenced by the FCA on 7 May 2024 in a letter from the FCA to the Chair of the Treasury Sub-Committee on Financial
Upcoming webinar: ESG webinar part 3: Greenwashing in focus: Navigating the rise of enforcement
On Wednesday 12 June 2024, as part of our global ESG webinar series, please join us for the third instalment of this webinar series, as we expand on the greenwashing discussion held in the first webinar.
This webinar will feature a discussion from our NRF financial services enforcement team to provide a perspective on greenwashing
Upcoming webinar: ESG and greenwashing in financial services
On Tuesday 9 April 2024, as part of our UK In-house legal forum training programme, we will be running a webinar on ESG and greenwashing in financial services. The session will look at recent UK regulatory developments regarding sustainability, including the FCA’s Sustainability Disclosure Requirements and investment labels regime, at how regulators are dealing with
New briefing note – A new approach to publishing FCA enforcement investigations: key takeaways from the consultation
On 27 February 2024, the Financial Conduct Authority (FCA) published a Consultation Paper (CP24/2) proposing, amongst other things, a new approach to publishing its enforcement investigations. Under the plans, the FCA proposes publishing an announcement that it has opened an enforcement investigation, including the identity of the firm which is subject to the
Decisions Decoded: The latest London Capital & Finance plc decision
In the latest episode of our Decisions Decoded podcast series, we discuss the key points from the Final Notice issued against Floris Huisamen, former director of London Capital & Finance plc (LCF). In October 2023, LCF was publicly censured for its unfair and misleading financial promotions of minibonds. In connection with this, Mr
New briefing note – PRA enforcement changes: what you need to know
On 30 January 2024, the Bank of England (the Bank) and Prudential Regulation Authority (PRA) published Policy Statement PS1/24 which sets out a revised approach to enforcement for both PRA firms and financial market infrastructure firms. It followed Consultation Paper CP9/23 published in May 2023. There is now a new consolidated Bank