The UK Prudential Regulation Authority (PRA) has fined the former CEO of Wyelands Bank GBP118,808 for various regulatory breaches, including that he failed to take reasonable steps to ensure the business for which he was...more
By now, you may have heard that the UK Financial Conduct Authority (FCA) is consulting on changes to its approach to publicising enforcement investigations, as well as other changes to its Enforcement Guide. If they come into...more
3/4/2024
/ Banking Sector ,
Capital Markets ,
Employment Litigation ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Insurance Industry ,
Investigations ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
This is the last post in our series on the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals to introduce a new regulatory framework on diversity and inclusion (D&I) in the financial...more
12/22/2023
/ Banking Sector ,
Corporate Culture ,
Corporate Governance ,
Data Protection ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
UK
The recent proposals from the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on diversity and inclusion (D&I) include proposals in respect of governance and oversight within in-scope firms....more
12/20/2023
/ Banking Sector ,
Compliance ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
Proposals from the UK financial regulators aimed at improving diversity and inclusion (D&I) in the UK financial services sector include an explicit expectation for all in-scope firms to consider a lack of D&I as a...more
12/20/2023
/ Banking Sector ,
Compliance ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
The latest proposals for improving diversity and inclusion in the UK financial services sector, published by the Financial Conduct Authority and Prudential Regulation Authority, include changes that will impact Senior Manager...more
The Financial Conduct Authority (FCA) and Prudential Regulation Authority’s (PRA) recent proposals demonstrate a divergence in approach when it comes to individual accountability and expectations of senior management in...more
The FCA is focused on reducing non-financial misconduct to enhance the reputation of the UK financial services sector. Spurred on by positive levels of engagement with its 2021 discussion paper, the FCA’s latest consultation...more
12/13/2023
/ Banking Sector ,
Code of Conduct ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employee Misconduct ,
Employees ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Internal Investigations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Senior Management Regime (SMR) ,
SMCR ,
UK
The latest UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals for improving diversity and inclusion in financial services include requiring firms to report on six new inclusion metrics....more
11/30/2023
/ Banking Sector ,
Data Collection ,
Data Protection ,
Data Reporting ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
Post six in our blog series on the UK Financial Conduct Authority and Prudential Regulation Authority proposals to improve diversity and inclusion (D&I) in UK financial services considers the D&I data firms would be required...more
11/27/2023
/ Banking Sector ,
Data Collection ,
Data Protection ,
Data Reporting ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
The latest post in our blog series looking at the UK Financial Conduct Authority and Prudential Regulation Authority proposals to improve diversity and inclusion (D&I) in the financial services industry focusses on data...more
11/27/2023
/ Banking Sector ,
Data Collection ,
Data Protection ,
Data Reporting ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
UK
The UK financial services regulators’ proposals for creating a new regulatory framework for diversity and inclusion (D&I) in financial services include proposals that in-scope firms report various aspects of their D&I data on...more
11/27/2023
/ Banking Sector ,
Data Reporting ,
Disclosure ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Transparency ,
Voluntary Disclosure
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are consulting on proposals to introduce a new financial services regulatory framework on diversity and inclusion (D&I) in the financial...more
11/27/2023
/ Banking Sector ,
Data Management ,
Data Protection ,
Data Reporting ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Employment Litigation ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Personal Data ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Reporting Requirements ,
UK
The UK financial services’ regulators have introduced new proposals on setting diversity and inclusion (D&I) targets by firms. These proposals aim to address underrepresentation of particular demographics within firms and the...more
11/17/2023
/ Banking Sector ,
Corporate Culture ,
Corporate Governance ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
UK
The UK financial services regulators’ latest proposals for improving diversity and inclusion (D&I) include detailed proposals in respect of in-scope firms’ D&I strategies. The proposals, if implemented, would represent a...more
11/14/2023
/ Banking Sector ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Employees ,
Employer Liability Issues ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Shareholders ,
UK
The UK financial services regulators are setting out to move the dial when it comes to diversity and inclusion (D&I) in the financial services sector. D&I strategies, targets and disclosures are all included in their new...more
10/25/2023
/ Banking Sector ,
Banks ,
Data Protection ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
With remote and hybrid working arrangements now the norm for many firms in the wake of the pandemic, risks of misconduct have become heightened by the increased use of unmonitored and/or encrypted communication applications...more
The FCA published its final rules on the Consumer Duty in a Policy Statement on 27 July 2022 (PS22/9) and firms now have until 31 July 2023 to fully implement such rules for new and existing products or services and until 31...more
The FCA has finalised its new proposed consumer duty regime for UK firms, with a start date of July 2023 (subject to transitional provisions). The first milestone in terms of a relevant firm’s implementation project is 31...more
The UK Financial Conduct Authority’s (FCA) latest consultation and feedback on the proposed Consumer Duty engages with some of the sticking points as well as providing draft rules and guidance. ...more
In adopting a new approach to decision making, the Financial Conduct Authority (FCA) aspires to making bolder, more robust and assertive decisions, to prevent and stop harm faster and more effectively. This two-part blog...more
Financial institutions face a myriad of sanctions compliance issues arising out of the multiplicity of legal, regulatory and reporting regimes that they are subject to. For Financial institutions in the United Kingdom, the...more
The final report (the Report) of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) was released on 4 February 2019. The Report provides 76...more