Yesterday the PRA and FCA published PRA consultation paper 16/24 / FCA consultation paper 24/23 – Remuneration reform, containing proposals for significant changes to the remuneration regime.
The UK’s current remuneration...more
Last week the FCA issued three announcements concerning its approach to the digital future of financial services in the UK. Amongst these was the FCA’s AI Update, their response to the government’s recent AI consultation...more
5/3/2024
/ Artificial Intelligence ,
Bank of England ,
Consultation ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Authority ,
Regulatory Standards ,
UK ,
White Papers
The FCA have stated that firms should “have scope to innovate whilst protecting consumers” – but what does this mean in the context of rapidly developing AI technology? In particular, how does the higher standard imposed by...more
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 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
Privy Council rules against extension of the Quincecare duty -
Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more
5/31/2022
/ Beneficial Owner ,
Cybersecurity ,
Duty of Care ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Know Your Customers ,
Payment Systems ,
Privileged Communication ,
UK
The draft Economic Crime (Transparency and Enforcement) Bill, published on 28 February 2022 and following an expedited passage through Parliament, received Royal Asset on 15 March 2022 to become the Act. Some of the...more
On 22 February 2022, the Financial Conduct Authority (FCA) published a statement about the new financial sanctions measures imposed in relation to Russia and set out its expectations of authorised firms. Importantly, in...more
As part of its response to the Russian invasion of Ukraine, HM Government intends to fast-track the long-awaited Economic Crime (Transparency and Enforcement) Bill. The Bill requires overseas entities to register with, and...more
The House of Commons Treasury Committee recently published their Eleventh Report of Session 2021–22 (the “Report”). In addition to identifying key gaps in the Government’s response to economic crime, the Report makes a number...more
The UK Government’s recent announcement emphasises a more ambitious modern slavery agenda and, specifically, the use of a “smarter mix” of measures across policy, regulation, stakeholder expectations and corporate practice to...more
3/1/2021
/ China ,
Corporate Governance ,
Corporate Social Responsibility ,
EU ,
Forced Labor ,
Human Rights ,
Human Trafficking ,
Modern Slavery Act ,
Risk Management ,
Supply Chain ,
UK ,
United Nations
Diverging approaches to Share Trading Obligations from the FCA and ESMA pose challenges for investment firms in a post-Brexit Europe.
With 1 January 2021 creeping closer and the hope of securing an effective Brexit deal...more
12/23/2020
/ Cross-Border Transactions ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Member State ,
MiFIR ,
Regulatory Requirements ,
Securities ,
Securities Traders ,
Share Trading Obligation (STO) ,
Transparency ,
UK ,
UK Brexit
In the first prosecution of its kind brought by the Financial Conduct Authority (FCA), Konstantin Vishnyak has been acquitted by a jury at Southwark Crown Court of one count of destruction of documents under the Financial...more
Since July 2019, the UK Financial Conduct Authority (“FCA”) has been consulting on proposals to bring the promotion of certain types of cryptoassets within the scope of financial promotions regulation. One of the more...more
On 8 April 2020, the High Court discharged three Unexplained Wealth Orders (“UWOs”) relating to multi-million pound London homes allegedly purchased with the proceeds of crime. In its judgment, the High Court criticised the...more
In its most significant enforcement action to date, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) has imposed a £20.47 million penalty on Standard Chartered Bank (“SCB”) for breaching a prohibition...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 Modern Slavery Act (“MSA”) was introduced in the United Kingdom in October 2015 introducing criminal offences of slavery, servitude, forced or compulsory labour and human trafficking. However, its most profound impact has...more
1/30/2020
/ Agricultural Sector ,
Annual Reports ,
Benchmarking ,
Corporate Governance ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
Forced Labor ,
Human Trafficking ,
Jurisdiction ,
Low-Wage Workers ,
Manufacturers ,
Modern Slavery Act ,
Publicly-Traded Companies ,
Risk Management ,
Slavery ,
Supply Chain ,
Transparency ,
UK