Sarah Hitchins

Sarah Hitchins

Allen & Overy LLP

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Excluding lawyers from Section 2 interviews: has the SFO gone too far?

It has usually been taken for granted that an individual who is required to attend an interview with a UK regulator or authority can be accompanied by a lawyer of their choice. Until now. Under new UK Serious Fraud Office...more

8/3/2016 - Conflicts of Interest SFO UK

Latest Keydata enforcement action sets out valuable lessons for compliance officers

In this decision report we consider the FCA's final notice issued to Peter Francis Johnson on 19 May 2016. ?Mr Johnson was formerly the compliance officer and money laundering reporting officer (MLRO) for Keydata...more

7/1/2016 - Financial Adviser Financial Conduct Authority (FCA) Financial Services Authority Sanctions SFO UK

Training slides can attract legal professional privilege

The Information Commissioner held that a set of training slides provided to a public authority were not protected by legal advice privilege. However, this decision was overturned by the Tribunal, meaning that – in certain...more

6/29/2016 - Corporate Counsel FOIA Legal Advice Privilege Legal Professional Privilege UK

Excluding lawyers from section 2 interviews: Has the SFO gone too far?

It has usually been taken for granted that an individual who is required to attend an interview with a UK regulator or authority can be accompanied by a lawyer of their choice. That is until now. ...more

6/22/2016 - Serious Fraud Office UK

FCA Fines And Bans Financial Adviser For Committing Market Abuse

In this decision report we consider the FCA's final notice issued to Mark Samuel Taylor on 5 May 2016. Mr Taylor was fined £36,285 (reduced from £78,819 on the grounds of serious financial hardship) and banned from performing...more

6/14/2016 - EU Financial Adviser Financial Conduct Authority (FCA) FSMA Market Abuse UK

Court Of Appeal Refuses Permission To Appeal Upper Tribunal Decision On Grounds Of Bias

In this case report we consider the Court of Appeal's judgment in Jeffery v FCA [2016] EWCA Civ 187 (19 January 2016). The Court of Appeal refused an application for an appeal against a previous decision made by the...more

6/13/2016 - Appeals Bias FSA UK

Upper Tribunal Declines To Suspend Effect Of FCA Decision Notice Refusing Application For Part 4A Permission

In this decision report we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in which the Upper Tribunal declined to suspend the effect of a decision notice that had been issued to a firm, Money Matcher...more

6/8/2016 - Financial Conduct Authority (FCA) Financial Sector FSMA UK

A&O Decision Report: Fund Manager Challenges FCA's Decision To Impose Prohibition Order

In this decision report we consider the recent decision notice published by the FCA, in which the FCA detailed its reasons for proposing to impose a prohibition order on a fund manager. The Upper Tribunal previously held that...more

5/6/2016 - Financial Conduct Authority (FCA) Financial Services Act FSMA Fund Managers Market Abuse UK

What You Need To Know About The FCA’s Business Plan For 2016/17

On 5 April 2016, the UK Financial Conduct Authority (FCA) published its Business Plan for 2016/17. The Business Plan sets out a roadmap for the FCA’s principal areas of focus over the coming year. Overall, there was...more

4/19/2016 - Corporate Counsel Cyber Crimes Cybersecurity Financial Conduct Authority (FCA) Financial Crimes Financial Institutions Senior Managers UK UK Brexit

Senior Managers And Certification Regime: Food For Thought For In-House Lawyers

The new Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) senior managers and certification regime (the new regime) will come into force on 7 March 2016. Many firms will see this date as marking...more

3/31/2016 - Employee Training Financial Conduct Authority (FCA) Privileged Communication Prudential Regulation Authority Senior Managers UK Whistleblowers

Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

8/27/2015 - Asset Freeze Breach of Contract Detrimental Reliance Financial Services Authority FSA Misleading Statements Mortgage Brokers Mortgage Lenders Recklessness UK

High Court Confirms Process For Distributing Client Money Held By Firm In Special Administration

In this case report, we consider the High Court judgment in Re Worldspreads Ltd v Re Investment Bank Special Administration Regulations 2011 [2015] EWHC 1719 (Ch) (19 June 2015). Originally published in Practical Law on...more

8/27/2015 - Amended Regulation Client Assets sourcebook (CASS) Customer Funds Protection Declaratory Judgments Distribution Rules Financial Conduct Authority (FCA) FSCS IBSAR Investment Banks Investment Funds Special Administration Trading Platforms UK UK Insolvency Act

High Court Holds That Liability For Series Of FOS Complaints Did Not Transfer By Way Of Part VII FSMA Business Transfer Scheme

The court considered whether liability for a series of Financial Ombudsman Service (FOS) complaints had been transferred by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act...more

7/30/2015 - FSMA Payment Protection Insurance Successor Liability Transfer of Interest

FCA Rules May Inform Standard Of Common Law Duty Of Care Owed By Financial Adviser To Client

In this case, we consider the decision of the County Court in David Anderson v Openwork Ltd [2015] EW Misc B14 (18 June 2015) in which it dismissed an appeal against an earlier decision, finding that where a financial adviser...more

7/20/2015 - Appeals Duty of Care Financial Adviser Financial Conduct Authority (FCA) UK

The Fair and Effective Markets Review: The Final Report

Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more

7/9/2015 - Asset Management Bank of England Broker-Dealer Criminal Prosecution FICC FICC Market Standards Board (FMSB) Financial Conduct Authority (FCA) Hedge Funds HM Treasury IOSCO PRA Trade Market Abuse UK

Upper Tribunal Upholds FCA's Decision To Fine And Prohibit Financial Adviser For Poor Record Keeping And Compliance Failures

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in which the tribunal upheld the FCA's decision to fine and prohibit a financial adviser, Clive Rosier, for poor record keeping and compliance...more

7/6/2015 - Books & Records Compliance Financial Adviser Financial Conduct Authority (FCA) FSMA Sanctions Tax Tribunal UK

Upper Tribunal Criticises FCA's Approach To Publicising Decision Notices

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in Bayliss & Co (Financial Services) Limited and Clive John Rosier v the Financial Conduct Authority [2015] UKUT 0265 (TCC) in which the tribunal...more

7/6/2015 - Financial Conduct Authority (FCA) Tax Tribunal UK

FCA Publishes Decision Notices In Respect Of Three Former Members Of Keydata’s Senior Management

In this decision report, we consider the FCA’s decision notices issued to the former chief executive, sales director and compliance officer of Keydata Investment Services Ltd in connection with the sale of structured...more

7/3/2015 - C-Suite Executives Chief Compliance Officers Enforcement Actions Financial Adviser Financial Conduct Authority (FCA) Sanctions Structured Financial Products UK

Upper Tribunal Expresses "Wholesale Disagreement" With FCA's Assessment Of Level Of Financial Penalty To Be Imposed On...

In December 2014, the tribunal handed down a decision that partly upheld the FCA's findings in respect of Ms Burns in connection with her conduct as a non-executive director (CF2) of two mutual societies. The tribunal found...more

6/9/2015 - Appeals Breach of Duty Civil Monetary Penalty Directors Failure To Disclose Financial Conduct Authority (FCA) Financial Statements FSMA Reversal Sanctions Trade Market Abuse UK

Asset Management Firms And The Risk Of Market Abuse: Key Practical Points From The FCA's Thematic Review Feedback And Recent FCA...

Tackling market abuse continues to be a strategic priority for the FCA. In late 2014, the FCA undertook a thematic review into asset management firms and the risk of market abuse, the results of which were published in...more

5/25/2015 - Asset Management Compliance Enforcement Enforcement Actions Financial Conduct Authority (FCA) Financial Institutions Fund Managers Insider Trading Risk Management Risk Mitigation Trade Market Abuse

High Court Clarifies Approval Process For ESMA Inspections

In this case report, we consider the High Court’s judgment in European Securities and Markets Authority v DTCC Derivatives Repository Limited [2015] EWHC 1085 (Ch), in which the High Court clarified the process that the...more

5/14/2015 - Derivatives EMIR Equity Markets EU European Securities and Markets Authority (ESMA) Financial Markets

FCA Fines Individual For Committing Market Abuse Based On Information Provided By A Third Party

We consider here the FCA's enforcement action against Kenneth Carver for committing market abuse (insider dealing) in breach of section 118(2) of the Financial Services and Markets Act 2000 (FSMA) when purchasing shares on...more

5/5/2015 - Enforcement Actions Financial Conduct Authority (FCA) FSMA Insider Trading UK

Commercial Court Clarifies Test For Retrospective Alternative Service Of Claim Form

In Michael Norcross v Chrislos Georgallides [2014] EWHC 4530 (Comm), 4 July 2014, the Commercial Court clarified the test that will be applied by a court when determining whether to grant retrospective alternative service of...more

4/2/2015 - Appeals Final Judgment Service of Process Summary Judgment UK

FCA And PRA Senior Managers And Certification Regime –March 2016 Implementation Date Announced

Rules due to come into force in March 2016 Yesterday HM Treasury announced the commencement date for the new FCA and PRA Senior Managers and Certification Regime. Relatively limited information has been released, but...more

3/6/2015 - Certifications Code of Conduct Financial Conduct Authority (FCA) New Regulations Prudential Regulation Authority Senior Insurance Managers Senior Managers Senior Managers Insurers Regime (SMIR) Treasury UK

Review Of FCA And PRA Enforcement Processes: HM Treasury Findings And Recommendations

On 18 December 2014, HM Treasury published a final report following the review that it has undertaken of enforcement decision-making processes at the FCA and the PRA. Originally published in Practical Law on February...more

2/23/2015 - Enforcement Financial Conduct Authority (FCA) Public Records Act Treasury UK

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