Last week, the FCA published its Annual Report for 2022/23, which included the usual FCA annual enforcement performance data. Below we have selected 10 key points from the Annual Report that are interesting from an...more
The UK Financial Conduct Authority (FCA) has announced plans to keep whistleblowers better informed about the way in which information provided to the FCA is being used and, in particular, the FCA’s rationale for taking or...more
It is well known that one of the biggest frustrations for whistleblowers is the lack of feedback. Having taken the difficult step to report wrongdoing, they are then left out of the process, and have little or no idea whether...more
This pair of posts focuses on ten less-obvious enforcement predictions that we think will shape the UK financial services investigations and enforcement landscape during 2023 and beyond.
Originally published in on...more
This pair of posts focuses on ten less-obvious enforcement predictions that we think will shape the UK financial services investigations and enforcement landscape during 2023 and beyond.
Originally published in Practical...more
The Financial Conduct Authority (FCA) has published a Discussion Paper (DP) (DP23/1) titled “Finance for positive sustainable change: governance, incentives and competence in regulated firms”, which explores a number of key...more
Although, the FCA’s press release announcing its enforcement action against Sigma Broking Limited (Sigma) refers to “market abuse reporting failures”, some of the most interesting points in this case do not relate to the...more
The UK's Financial Conduct Authority (the FCA) has proposed new rules to tackle greenwashing, which is a “core regulatory priority” for the FCA. We consider here the key enforcement and litigation risks arising from the...more
Only months away from its seventh anniversary, HM Treasury announced on Friday as part of its sweeping “Edinburgh Reforms” that it intends to commission a review of the Senior Managers and Certification Regime (SMCR)....more
At COP26 last year, the Chief Executive of the Financial Conduct Authority (FCA) warned the financial services industry that it was time to “walk the walk”, and emphasised that greenwashing would not be tolerated in the...more
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 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
How A&O Consulting can help you meet the challenge of the wider ranging set of requirements and regulatory expectations for the Consumer Duty....more
With over 50 references to enforcement activity in the FCA’s latest Annual Report, there is no shortage of enforcement messages and statistics for us to analyse....more
The UK Financial Conduct Authority’s (FCA) shift towards consumer protection is intensifying. At the same time, it is gearing up to become a more assertive regulator, intervening more frequently, following the example of its...more
Financial crime has been a key area of focus for the UK Financial Conduct Authority (FCA) for a number of years, attracting some of the highest financial penalties, and this looks set to continue. With improvements to FCA...more
The requirement for firms to collect and report quality data has never been more important, with the UK Financial Conduct Authority’s (FCA) outcome driven strategy looking to rely on firm data to realise its plans. In this...more
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) recently published their Business Plans for 2022/23. The FCA also published a three-year strategy. But what does it really mean for firms? ...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
As the dust looks like it is starting to settle on the Covid-19 pandemic, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have been busy resuming their enforcement agendas.
Originally...more
The UK Financial Conduct Authority (FCA) has finalised two enforcements against brokers in relation to the cum-ex trading scandal; both for failing to mitigate the risk of facilitating financial crime. Further action seems...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
Despite concerns being raised through the consultation process, the Financial Conduct Authority (FCA) has implemented its proposals to shift some decision making from the Regulatory Decisions Committee (RDC) to senior FCA...more