A number of the members of our Financial Services team in London have experience of working at the Financial Conduct Authority and in our latest briefing note, they discuss the insights that their different experiences at the regulator have provided and how we translate that to advising clients across the full spectrum of financial services … Continue Reading
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 enforcement approach which … Continue Reading
On 7 February 2024 the FCA published a letter to all regulated Lloyd’s managing agents, London market insurers and Lloyd’s and London market brokers and MGAs (dated 6 February 2024), requesting information relating to incidents of non-financial misconduct. Culture and non-financial misconduct clearly remain focus areas for the FCA. Key points to note from the FCA’s … Continue Reading
In our latest Regulation Tomorrow podcast, Senior Knowledge Lawyer Catherine Pluck is joined by Senior Associate Rebecca Dulieu and Associate Lizzie Cox, both of whom specialise in regulatory investigations and enforcement, to discuss reporting obligations under the Proceeds of Crime Act 2002 (POCA), in particular how to draft and submit good quality suspicious activity reports. … Continue Reading
The response to, and the management of, a skilled person review can be challenging, costly and time consuming for firms. In our latest briefing note we set out some key points for firms to consider when dealing with a skilled person review requirement imposed by the FCA or PRA, from the initial stages of negotiating … Continue Reading
Earlier this month members of our Contentious Financial Services Group hosted an investigations webinar as part of our firm-wide In-house legal forum series. This webinar is now available on demand and the On24 audience link can be found here. The session covers the key practical steps to take at the outset of an investigation … Continue Reading
Introduction On 28 September 2023 the FCA released a webpage setting out its analysis of the data and information collected from principal firms in 2021 and 2022 including from firms’ responses to information requests following the implementation of the new Appointed Representatives (AR) regime which came into effect in December 2023. The purpose of the … Continue Reading
Two years ago the Financial Conduct Authority (FCA) committed to being a more “innovative, assertive and adaptive regulator” and its focus on quicker and assertive supervisory action, alongside tougher enforcement, has been a consistent message from the regulator ever since. In a climate where firms are expected to manage hugely significant regime changes, combined with … Continue Reading
On 12 May 2023, the FCA publicly censured the financial advisory firm, Lighthouse, for providing unsuitable advice to customers to transfer out of occupational defined benefit pension schemes, including the British Steel Pension Scheme (the BSP Scheme). The FCA found that Lighthouse breached Principle 9 (a firm must take reasonable care to ensure the suitability … Continue Reading
Following publication of the Financial Reporting Council’s (FRC) latest 3-Year Plan for 2023-26, in our latest briefing we consider the potential impact of FRC stated enforcement strategy and likely increased ‘constructive engagement’ and enforcement activity that companies can expect to see over the coming period, with additional experienced resource within the FRC focusing on issues … Continue Reading
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
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
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
On 8 December 2022, the FCA published a new webpage concerning the section 165 data request which it is sending to principal firms asking for more information about their appointed representatives. The webpage also includes responses to common questions. Principal firms have until 28 February 2023 to respond to the request.… Continue Reading
On 8 December 2022, the FCA’s new rules for the Appointed Representatives (AR) regime come into effect. In our previous briefing note covering the FCA’s Policy Statement on the updated AR regime we described 5 key areas of change and key steps for principal firms to consider when preparing for the new regime. As part … Continue Reading
We have published a new briefing note, Spotlight on the Appointed Representatives regime: what you should be doing now. This briefing note follows our first briefing note on the revised Appointed Representatives regime. In this briefing note, we have focussed on five key areas including where the FCA has revised its original consultation proposals. We … Continue Reading
On 19 August 2022, the FCA updated its webpage regarding Policy Statement 22/11: ‘Improving the Appointed Representatives regime’. The FCA has added new text under the heading ’Next Steps’. The full section now reads: The changes will take effect on 8 December 2022. Principals should read our updated rules and expectations and take any necessary … Continue Reading
Ahead of the anticipated FCA policy statement and final rules on the changes to the Appointed Representatives regime, which were expected to be published in H1 2022, in this briefing paper we consider some of the steps that firms should be taking to prepare for the anticipated changes in the FCA’s final policy.… Continue Reading
It has been reported that, in 2021, the FCA experienced a 52% increase in reports of “material” cyber security incidents and we expect this upward trend to continue into 2022. The rise in ransomware in particular was highlighted in the very recent paper published by UK Finance, which called on UK authorities to focus on … Continue Reading
A new episode of RT Plus is available now to stream and download. In this episode, Katie Stephen, Co-Head of the Contentious Financial Services Group in London, is joined by Rebecca Dulieu, Senior Associate, to discuss the FCA’s recent Policy Statement on issuing statutory notices, under which the FCA is reforming its decision-making process. Katie … Continue Reading