Recent regulatory activity and enforcement outcomes have highlighted the obligations on auditors to make reports to regulators in certain circumstances. Given the web of relevant provisions, the number of bodies potentially requiring notification, the client confidentiality overlay and the pressures to which busy professionals are subject, keeping track of who should say what to whom
Name and Shame Round Two: FCA publishes consultation on redrafted proposals
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
Let’s talk asset management: Episode 10 – UK FCA’s recent work on non-financial misconduct
In this latest episode of our podcast series, Let’s talk asset management, Hannah Meakin, Lucy Dodson, Rebecca Dulieu and Simon Lovegrove discuss the UK Financial Conduct Authority’s recent work on non-financial misconduct and its impact on the UK asset management sector.
Listen to the podcast here.
New Navigating Communications podcast – Promotional messages on social media platforms
In our latest podcast, our global Financial Services team discusses promotional messages on social media platforms, covering recent regulatory and enforcement developments in the UK, US and Dubai, as well as practical steps that global firms can be taking now in this area to manage their risk.
Listen to the episode here.
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Keep an eye on your surveillance systems and change may be on the way
In March the UK Financial Conduct Authority (FCA) published its business plan for 2024/25. When discussing market oversight, in keeping with its recent drive to become more data-driven, the regulator stated that it intends to carry out increased market monitoring of fixed income and commodities markets and is increasing its ability to detect
The results of the FCA’s Culture and non-financial misconduct survey have been published: What do you need to know?
- Most frequent concerns: the number of
Regulators reinforce importance of IT, systems and operational resilience: Key considerations for firms
Recent FCA outcomes and a speech by the ECB earlier this month are stark reminders that financial resilience alone is not a sufficient safeguard to operate in today’s increasingly complex risk environment – firms must have robust, resilient operational systems in place, as well. (See our comments on the ECB speech).
From an enforcement
Regulatory intervention: A refresher for firms on issues to consider when managing VREQs and OIREQs
Following recent FCA outcomes in relation to breaches of requirements imposed by the FCA on regulated firms, in this briefing we consider some lessons learned for clients around managing regulatory interventions, with a focus on VREQs and OIREQs.
In our briefing last summer, ‘Handling regulatory interventions: considerations for responders’ we discussed issues which firms might
New Regulation Tomorrow Plus Podcast: DE&I series “Non-financial misconduct”
In the sixth podcast in our DE&I series, Jonathan Herbst, Katie Stephen, Rebecca Dulieu and Simon Lovegrove discuss non-financial misconduct including previous FCA enforcement action, the FCA’s proposals in CP23/20 and the practical steps that firms can take in this area. The podcast is the first in a planned mini-series that will focus on this
Whistleblowing data highlights the FCA’s focus on culture and fitness and propriety
- In Q1 2024 (January to March): the FCA received 298 new whistleblowing reports, containing 801 allegations