The FCA has today published a further consultation paper (CP24/2 (Part 2)) in relation to its ‘naming and shaming’ proposals (the “Updated Consultation”). The publication follows widespread industry criticism of the FCA’s...more
Yesterday the PRA and FCA published PRA consultation paper 16/24 / FCA consultation paper 24/23 – Remuneration reform, containing proposals for significant changes to the remuneration regime.
The UK’s current remuneration...more
The FCA, PRA, and Bank of England have published their finalised critical third party (CTP) rules (and accompanying guidance) in PS24/16 Operational resilience: Critical third parties to the UK financial sector....more
11/25/2024
/ Bank of England ,
Compliance ,
Consultation ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
HM Treasury ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Supply Chain ,
Technology ,
Technology Sector ,
Third-Party ,
Third-Party Risk ,
Third-Party Service Provider ,
UK
The recent decision by the Court of Appeal in FCA v BlueCrest Capital Management [2024] EWCA Civ 1125 reverses the Upper Tribunal’s decision in BlueCrest Capital Management (UK) LLP v FCA [2023] UKUT 00140 (TCC) (which we...more
The controversial new requirement for all in-scope Payment Service Providers (“PSPs”) to reimburse victims of Authorised Push Payment (“APP”) fraud are due to be introduced from 7 October 2024. This is a significant change...more
8/21/2024
/ Compliance ,
Crime Victims ,
Financial Services Industry ,
Fraud ,
HM Treasury ,
New Rules ,
Payment Systems ,
Reimbursements ,
Reporting Requirements ,
UK ,
UK Payment Systems Regulator
On the 7 August 2024, the FCA issued its Final Notice to the asset manager H2O AM LLP (“H2O”), in the context of which H2O agreed to pay €250 million to investors who have been unable to access their funds since 2020. In the...more
Last week the FCA issued three announcements concerning its approach to the digital future of financial services in the UK. Amongst these was the FCA’s AI Update, their response to the government’s recent AI consultation...more
5/3/2024
/ Artificial Intelligence ,
Bank of England ,
Consultation ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Authority ,
Regulatory Standards ,
UK ,
White Papers
We strongly disagree with the FCA’s proposals, set out in CP24/2, to announce that it has opened enforcement investigations into firms where it considers this to be in the public interest. We set out our objections in detail...more
The Prudential Regulation Authority (“PRA”) has kicked-off 2024 by crystallising its new approach to enforcement. The key change is the introduction of the Early Account Scheme (“EAS”), which provides a mechanism for the...more
The FCA released its 2022/23 Annual Report last week together with data on its key enforcement trends. We consider below some of the key takeaways....more
7/28/2023
/ Annual Reports ,
Anti-Money Laundering ,
Artificial Intelligence ,
Compliance ,
Consumer Protection Laws ,
Criminal Investigations ,
Enforcement Actions ,
Enforcement Statistics ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
Investigations ,
UK
Yesterday the FCA published its eagerly-awaited Business Plan for 2021/22 (the “Plan”), its publication having been delayed from April due to the pandemic and it being Nikhil Rathi’s first business plan since he was appointed...more
Yesterday’s joint Discussion Paper (DP21/2) published by the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA, together “the regulators”) on “Diversity and inclusion in the financial...more
7/8/2021
/ Bank of England ,
Corporate Culture ,
Corporate Governance ,
CRD V ,
Discussion Draft ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Remuneration ,
Reporting Requirements ,
Senior Management Regime (SMR) ,
Senior Managers ,
UK
On 14 May 2021, the FCA published Consultation Paper CP21/13 outlining much-anticipated proposals relating to the standards expected of regulated firms to ensure the protection of retail consumers. The Consultation Paper...more
As we discussed in our It’s Good To Talk article as part of our Emerging Themes in Financial Regulation 2021 publication, many banks and financial institutions operating in the UK have historically tended to favour exclusive...more
Amendments have been made to the FCA’s Dual-Regulated firms Remuneration Code under SYSC 19D and the Remuneration Part of the PRA Rulebook (together the “Remuneration Codes”) to implement the remuneration aspects of the EU...more
1/21/2021
/ Amended Regulation ,
Capital Requirements Directive IV (CRDIV) ,
CRD IV Directive ,
CRD V ,
EU ,
European Banking Authority (EBA) ,
European Economic Area (EEA) ,
Financial Institutions ,
Proportionality ,
Prudential Regulation Authority (PRA) ,
Regulation Technical Standards (RTS) ,
Remuneration ,
UK
In the first prosecution of its kind brought by the Financial Conduct Authority (FCA), Konstantin Vishnyak has been acquitted by a jury at Southwark Crown Court of one count of destruction of documents under the Financial...more
In accordance with recent UK Finance statistics, in 2019 banks and card companies prevented £1.8 billion in unauthorised payment fraud and between 2018 and 2019 APP fraud losses increased by almost 30% to £456 million. In...more
In R v Barton & Booth, a five member Court of Criminal Appeal: 1) emphatically endorsed the Ivey test for dishonesty, firmly dismissing the previous two-stage test in Ghosh; 2) affirmed that, in relation to conspiracy to...more
Last week, mobile phone retail giant, The Carphone Warehouse (the “Firm”), was fined £29,107,600 by the FCA for pressure-selling its mobile phone insurance and technical support product known as “Geek Squad” to mobile phone...more
On 21 February 2019, the FCA issued its first competition law infringement decision since it was given competition law powers on 1 April 2015. Three asset management firms were found to have shared strategic information...more
The FCA recently released the latest in a long series of papers relating to the Senior Managers and Certification Regime (“SMCR”). FCA Consultation Paper CP19/4 sets-out new measures designed to “optimise” the SMCR ahead of...more
This week, Andrew Bailey, the Chief Executive of the FCA, gave his latest speech addressing the issue of culture. The speech, which was entitled “The Importance of Diversity” and given at the Personal Investment Management...more
On 9 May, Deputy Attorney General Rosenstein announced a new DOJ policy that “encourages coordination among Department components and other enforcement agencies when imposing multiple penalties for the same conduct.” This...more
No matter the industry, maintaining effective corporate compliance programs has never been a more essential part of operations to address the legal risks that corporates face. This article, the third in a series about...more
5/22/2018
/ Chief Compliance Officers ,
Compliance ,
Corporate Governance ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
France ,
Non-Prosecution Agreements ,
Risk Assessment ,
Risk Management ,
Sapin II ,
Serious Fraud Office (SFO) ,
UK