A lot has happened in the last 6 months, and not just in the world of FCA enforcement and oversight. The FCA, like everyone else, is grappling with the impact of Brexit; we have seen significant developments on the law of privilege affecting the conduct of regulatory investigations; the FCA is sticking to its promise of making financial crime and, in particular, anti-money laundering a focus of its enforcement objectives and we saw some interesting statistics come out of the data from the Financial Crime Returns; and we have seen the first (though no doubt not the last) use of the FCA’s Focused Resolution Agreements.
The number of Final Notices is still relatively low, but those that have been published cover a range of issues from systems and controls facing, particularly around oversight of outsourcing and cyber-resilience, to a fine against a CEO of an overseas branch for AML findings. And let us not forget the PRA, who also took the relatively rare step of fining two senior individuals for disclosure failings.
With the number of cases being investigated at the FCA and PRA only appearing to rise, we wait with anticipation to see what 2019 will hold.
Download the full newsletter
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.