Imminent Thematic Review by FSA of Asset Managers in the UK

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The Financial Services Authority is shortly to embark on a thematic review of asset managers. Its focus will be on the risks of bribery and corruption, sanctions and money laundering. Twenty two firms have already been identified for review and the regulator’s report is due to be published in the third quarter of 2013. All asset managers, whether they are to be visited by the FSA or not, should review their compliance in these areas.

Compliance failings in any of the areas could lead to very significant adverse consequences. Each has been an area of focus by the FSA and other enforcement agencies during the past year in respect of other types of financial institutions, in particular the banks. Now the FSA has the asset management sector in its sights.

Bribery and Corruption -

The new Bribery Act, now in force for just over a year, has put a fresh onus on all commercial organisations to put in place adequate procedures. The UK’s Serious Fraud Office has been actively enforcing the previous anti-corruption legislation for a while, but is also believed to be undertaking a number of investigations under the new Act.

Please see full alert below for more information.

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Topics:  Bribery, Compliance, Financial Services Authority, Investment Adviser, SFO

Published In: Administrative Agency Updates, General Business Updates, Criminal Law Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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