Supporting growth, fighting crime, helping consumers and being a smarter regulator: These are the four predictable priorities identified in the Financial Conduct Authority's 2025-2030 strategy document, released on March...more
"The FCA's approach to enforcement is changing." So stated Therese Chambers, joint executive director of enforcement and market oversight at the Financial Conduct Authority, speaking in September to the Association for...more
An enforcement investigation by the Financial Conduct Authority (FCA) can be an extremely expensive and stressful experience for regulated firms and individuals alike. In February this year, the FCA launched a controversial...more
Make no mistake, nonfinancial misconduct remains at the top of the Financial Conduct Authority's agenda.
Originally published in Law360 - November 26, 2024....more
11/27/2024
/ Benchmarking ,
Board of Directors ,
Compliance ,
Corporate Culture ,
Corporate Misconduct ,
Data Collection ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Grievance Process ,
Illegal Drugs ,
Policies and Procedures ,
Risk Assessment ,
Surveys ,
Trade Associations ,
UK ,
Whistleblowers
On 6 November 2024, the UK Government published the much-anticipated guidance on the new corporate offence of failure to prevent fraud (the “Guidance”). The failure to prevent fraud offence forms part of a huge shift in the...more
11/19/2024
/ Compliance ,
Corporate Crimes ,
Corporate Governance ,
Criminal Liability ,
Environmental Social & Governance (ESG) ,
Extraterritoriality Rules ,
Failure to Prevent ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Fraud ,
New Guidance ,
Risk Assessment ,
Serious Fraud Office (SFO) ,
UK ,
Whistleblowers ,
White Collar Crimes
#MeToo is on the eve of a new chapter in the United Kingdom. Non-financial misconduct has been high on both the regulatory and political agenda in 2024.
Originally published in www.compliancemonitor.com and www.i-law.com...more
Recent weeks have seen several notable developments in the UK criminal enforcement landscape...more
5/20/2024
/ Bribery ,
Compliance ,
Corporate Crimes ,
Corporate Misconduct ,
Criminal Investigations ,
Criminal Liability ,
Criminal Prosecution ,
Due Diligence ,
Fraud ,
Law Enforcement ,
Money Laundering ,
National Crime Agency (NCA) ,
New Guidance ,
Popular ,
Risk Assessment ,
Serious Fraud Office (SFO) ,
Tax Evasion ,
UK
#MeToo is still moving across the pond. On March 8, 2024, the House of Commons Treasury Committee published a report entitled “Sexism in the City” (referenced as “Report” in this article), which found that the...more
4/12/2024
/ Banking Sector ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employment Policies ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Pay Equity Laws ,
Pay Gap ,
Prudential Regulation Authority (PRA) ,
Sexual Harassment ,
UK
The UK Financial Conduct Authority (FCA) is entering the final year of its 2022-2025 strategy, which features a commitment to be more innovative, assertive and adaptable. Its 2024/25 Business Plan outlines how the regulator...more
3/29/2024
/ Anti-Money Laundering ,
Consultation ,
Enforcement ,
Enforcement Priorities ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
HM Treasury ,
Market Abuse ,
Strategic Planning ,
Supervision ,
UK
“The first rule of enforcement club is that you do in fact talk about enforcement club”; so Therese Chambers, the UK Financial Conduct Authority’s (FCA) joint executive director of enforcement and market oversight, announced...more
3/13/2024
/ Consultation ,
Enforcement ,
Enforcement Authority ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services and Markets Act ,
Financial Services Industry ,
Public Announcements ,
Public Interest ,
Senior Managers ,
UK
“Stopping financial crime requires a collective effort...we will be more proactive in our supervision. Where we detect harm or UK-wide financial crime vulnerabilities, we will continue to share intelligence with our partners...more
The Director of the UK Serious Fraud Office (SFO), Nick Ephgrave QPM, delivered his maiden public speech on February, 13, 2024, closely followed by visits to key financial centres in the United States to meet with...more
2/28/2024
/ Bribery ,
Collaboration ,
Corporate Crimes ,
Corporate Transparency Act ,
Corruption ,
Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Financial Crimes ,
Fraud ,
Law Enforcement ,
Serious Fraud Office (SFO) ,
UK
Combatting financial crime continues to be a key supervisory and enforcement priority for the FCA. The importance of this area was reiterated by the FCA’s February 2024 newsletter - Market Watch 77 - which sets out...more
“The wholesale insurance market in particular has a long way to go in having an inclusive culture...areas for improvement include...preventing and handling non-financial misconduct,” stated the Financial Conduct Authority...more