Financial regulators in the UK have been interested for some years in the question of how personal behaviour can affect the risk profile of a financial institution. A recent SEC case suggests that US regulators may now be...more
2/14/2024
/ Consultation ,
Corporate Crimes ,
Corporate Officers ,
Criminal Justice Reform ,
Criminal Liability ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Internal Controls ,
Proposed Legislation ,
Prudential Regulation Authority (PRA) ,
Respondeat Superior ,
Securities and Exchange Commission (SEC) ,
UK
Non-financial misconduct in financial services firms is back at the top of the agenda following the concurrent publication of the FCA’s Consultation Paper 20/23 (Diversity and inclusion in the financial sector – working...more
The FCA released its 2022/23 Annual Report last week together with data on its key enforcement trends. We consider below some of the key takeaways....more
7/28/2023
/ Annual Reports ,
Anti-Money Laundering ,
Artificial Intelligence ,
Compliance ,
Consumer Protection Laws ,
Criminal Investigations ,
Enforcement Actions ,
Enforcement Statistics ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
Investigations ,
UK
The FCA is continuing to crack down on firms and ‘finfluencers’ using social media for non-compliant and illegal financial promotions and this week has announced plans to update its existing guidance on social media and...more
Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
11/10/2022
/ Anti-Fraud Provisions ,
Anti-Money Laundering ,
Banking Sector ,
Business Interruption ,
Commercial Court ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Disparate Impact ,
Economic Sanctions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
Fraud ,
Greenwashing ,
Imports ,
Liquid Natural Gas ,
NYDFS ,
Russia ,
Trade Restrictions ,
UK ,
UK Parliament ,
Ukraine
Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
10/21/2022
/ Anti-Money Laundering ,
Bank of England ,
Climate Change ,
Economic Sanctions ,
EU ,
FDIC ,
Financial Services Industry ,
Foreign Investment ,
NY Supreme Court ,
Pending Legislation ,
Risk Mitigation ,
Russia ,
UK
On 27 July 2022, the FCA published its policy statement, PS22/9, setting out its final rules for its new Consumer Duty (“Duty”), together with accompanying non-Handbook guidance. The Duty aims to set higher standards of...more
At the end of July 2021, the FCA published a consultation paper, CP21/25, setting out proposals to reduce the decision-making remit of its quasi-independent Regulatory Decisions Committee (“RDC”) and instead bring those...more
Yesterday’s joint Discussion Paper (DP21/2) published by the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA, together “the regulators”) on “Diversity and inclusion in the financial...more
7/8/2021
/ Bank of England ,
Corporate Culture ,
Corporate Governance ,
CRD V ,
Discussion Draft ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Remuneration ,
Reporting Requirements ,
Senior Management Regime (SMR) ,
Senior Managers ,
UK
The FCA has recently updated its Senior Managers and Certification Regime (“SMCR”) webpage for FCA solo-regulated firms.
In particular, by reference to a list of positive/negative “indicators”, the FCA has set out further...more
Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the...more
2/10/2020
/ Artificial Intelligence ,
Banking Sector ,
Blockchain ,
Bribery ,
Cartels ,
Corporate Governance ,
Corporate Misconduct ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Insurance Industry ,
Payment Systems ,
Risk Management ,
SMCR ,
Technology ,
UK ,
United Arab Emirates (UAE) ,
Whistleblower Protection Policies
The FCA recently released the latest in a long series of papers relating to the Senior Managers and Certification Regime (“SMCR”). FCA Consultation Paper CP19/4 sets-out new measures designed to “optimise” the SMCR ahead of...more