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The results are in: Our top 10 enforcement insights from the FCA’s Annual Report for 2022/23

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

Whistleblowing: UK FCA announces plans to avoid being the listener of last resort

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

The listener of last resort- the FCA reflects on its approach to whistleblowers

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

Ten FCA and PRA enforcement predictions for 2023 – Part 2

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

Ten FCA and PRA enforcement predictions for 2023 – Part 1

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 FCA’s latest thinking on sustainability – where will UK regulation go next?

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

FCA takes enforcement action against broker for market abuse identification and reporting failures – behind the headlines

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

Enforcement risks: UK FCA’s proposed anti-greenwashing rule and Sustainability Disclosure Requirements

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

The UK Senior Managers and Certification Regime: Back to the drawing board?

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

The FCA’s proposed anti-greenwashing and sustainable disclosure requirements: what does “sustainable” mean?

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

Enforcement risks for firms unauthorised communication applications

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

Consumer Duty - What does it mean for wholesale firms?

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

Consumer Duty – what does it mean for third-country firms?

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

New FCA Consumer Duty - What firms need to know

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 FCA Consumer Duty: How we can help

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

The FCA Annual Report for 2021/22: Enforcement highlights

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

What the FCA’s Business Plan and Strategy really means: a brave new world

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

What the FCA’s Business Plan and Strategy really means: financial crime

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

What the FCA’s Business Plan and Strategy really means: collection and use of data

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

What the FCA’s Business Plan and Strategy really means: digital markets

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

Preparing for the new Consumer Duty

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

FCA and PRA Enforcement Action: Trends from 2021 and Predictions for 2022

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

Mitigating the risk of facilitating financial crime: the FCA's second enforcement action relating to cum-ex

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

Changes to decision making at the UK FCA: supervisory control

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

Changes to decision making at the UK FCA: enforcement action

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

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