The FCA has finalised its review of how firms have implemented its whistleblowing rules, which became effective from September 2016 (the Rules). A copy of the review can be found here.
The review, which focused on a range of retail and wholesale banks, found that the Rules had helped to ensure that firms
This decision makes it clear that personal culpability cannot be avoided through delegation or collective decision-making structures, such as the board, even where other directors have been allocated particular responsibility for specific areas including compliance. Where responsibility is delegated, directors are not absolved from acquiring a sufficient understanding of the business to enable them to
On 12 December 2016, Ofgem published an open letter regarding scarcity pricing, reminding stakeholders of the importance of adhering to their legal obligations in the wholesale energy markets, in light of concerns raised with Ofgem regarding certain behaviours that may be taking place within the market.
Ofgem recognises that pricing will reflect scarcity and price