COMPLIANCE SERVICES
FCA’s Second Largest Fine for Anti Money Laundering Failings
The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (SCB)£102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of itsbusiness, its UK correspondent banking business, and its
FCA Introduces Permanent Ban on Binary Options to Retail Consumers
The Financial Conduct Authority has confirmed a permanent ban on the sale of binary options (Binaries) to retail consumers. All firms acting in or from the UK are permanently prohibited
Goldman Sachs Fined £34.3 million for Transaction Reporting Failures
Goldman Sachs International (GSI) has been fined by the Financial Conduct Authority (FCA) for violating transaction reporting rules (SUP 15 and 17 of the FCA Handbook) in relation to over
Agree to disagree: FCA versus Lewis Alexander Limited
On 19 February 2019, the Upper Tribunal (the Tribunal) published its decision in LewisAlexander Limited (LAL) vs the Financial Conduct Authority (FCA). In this case LAL, a debt management firm,
Communication Rules for Payment Services and E-Money Sectors
The FCA published a Policy Statement (PS 19/3) extending certain rules and guidance to thepayment services and e-money sectors. This Policy Statement follows an August 2018Consultation Paper (CP 18/21) to
FCA Ordered to Pay Compensation to Banned Chief Executive
The Financial Conduct Authority (FCA) has been directed to pay a proportion of the costsincurred by an individual following a 26 January 2019 decision from the Upper Tribunal (theTribunal) in
ESMA’s Notice on the Product Intervention Renewal Decision
On 23 October 2018, the European Securities and Markets Authority (ESMA) adopted a Decision to renew the restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients.
ESMA Report on Initial Coin Offerings and Crypto-Assets
On 19 October, the European Securities and Markets Authority (ESMA) published its own internally commissioned report on initial coin offerings (ICOs) and crypto-assets (used to collectively herein to refer to
FCA confirms greater access for SMEs to Financial Ombudsman Service
On 16 October 2018, the FCA issued a Policy Statement (PS 18/21) with near-final rules which will expand access to the Financial Ombudsman Service (FOS) for small and medium-sized enterprises
SMCR – FCA Proposed Guidance on Statements of Responsibilities
The FCA has published a Guidance Consultation (GC 18/4) to provide practical assistance and information to firms in preparation for the extension of the Senior Managers and Certification Regime (SMCR).
FCA Published 2 consultation papers with proposed changes
The FCA has published 2 consultation papers with proposed changes to the Handbook and Binding Technical Standards (BTS) (CP 18/28) and separately on the Temporary Permissions (TP) regime for inbound
FCA Review on ML & Terrorist Financing in the E-Money Sector
The FCA published a Thematic Review (TR18/3) today detailing its findings of visits to 13 Electronic Money Institutions (EMIs) to assess their anti-money laundering (AML) and counter-terrorist financing (CTF) control
ESMA to Extends Restrictions on Retail CFDs
The European Securities and Markets Authority (ESMA) has agreed to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since
Treasury Committee Report Supports Regulation of Crypto-Assets
The House of Commons Treasury Committee has published a report following an inquiry into crypto-assets launched last February, whose remit was to examine the role of digital currencies in the UK;
FCA Statement Following ESMA’s Action on CFDs
The Financial Conduct Authority (FCA) has published a statement addressing their concern that firms may consider ways to circumvent the restrictions imposed by the European Securities and Markets Authority (ESMA)
FCA Is Seeking Input on PRIIPs Legislation
On 26 July 2018 the Financial Conduct Authority (FCA) published a Call for Input for firms and consumers about their initial experiences of the requirements introduced by the Packaged Retail
FCA Reveals Urban-Rural Differences in How Consumers Experience FS
The Financial Conduct Authority (FCA) has today published the latest analysis from its Financial Lives Survey 2017 on the financial situation of people across the United Kingdom and highlights where
“Dear CEO” Letter to Banks on Crypto-Asset Clients and Financial Crime
The Financial Conduct Authority (FCA) has published a letter to the CEOs of UK banks suggesting good practice for handling the financial crime risks posed by crypto-assets – any publicly
FCA Fines and Imposes a Restriction on Canara Bank for AML Failings
The Financial Conduct Authority (FCA) has issued a Final Notice in respect of failings of Canara Bank, one of the largest public sector banks owned by the Government of India.
ICO Consults on Increased Powers under Data Protection Reform
The Information Commissioner’s Office (ICO) has launched a consultation to gather views on the way it plans to exercise new regulatory powers to support carry out fast-moving, detailed investigations in
ESMA Publishes Q&As: Temporary Product Intervention Measures
The European Securities and Markets Authority (ESMA) has published its Q&As on the temporary product intervention measures adopted on the marketing, distribution, and sale of CFDs and binary options to
ESMA Adopts Final Product Intervention Measures on CFDs
The European Securities and Markets Authority (ESMA) has formally adopted a range of product intervention measure on the provision of contracts for difference (CFDs), including rolling spot forex and financial
Data Protection Changes: email fatigue
By 25 May 2018, many of us will already be fatigued by the barrage of emails arriving into our email inboxes regarding the General Data Protection Regulation (GDPR). Companies are
European Parliament Adopts Fifth Anti-Money Laundering Directive
On 19 April 2018, the European Parliament adopted the Fifth Anti-Money Laundering Directive (MLD5). In its press release, the European Commission welcome the new measures and states that “
FCA Statement on Cryptocurrency Derivatives Firms
The Financial Conduct Authority (FCA) has issued a statement for those firms that offer services linked to cryptocurrency derivatives, to remind that they must comply with all relevant rules in
FCA Consultation on the Financial Crime Guide for Firms
On 27 of March 2018, the FCA has published a guidance consultation (GC 18/1) on amending its Financial Crime guide for firms. The guidance, which is not binding on firms,
ESMA Agrees to Prohibit Binary Options and Restrict CFDs
The European Securities and Markets Authority (ESMA) has agreed a range of product intervention measures that will be applied to the provision of contracts for difference (CFDs), including rolling spot forex
Women in Finance: Still a Long Way to Go
On 22 March 2018, Megan Butler, FCA Executive Director of Supervision – Investment, Wholesale, and Specialists, delivered a speech at the Women in Finance Summit held in London. The following
FCA Paper on Transforming Culture in Financial Services
On 12 March 2018, the Financial Conduct Authority (FCA) published a Discussion Paper (18/02) about Transforming Culture in Financial Services, a set of 28 essays by industry leaders and academics,
Committee of MPs to Consider Digital Currencies and Blockchain
On 22 of February the Treasury Committee launched an inquiry into the role of digital currencies and the technologies behind them. The objective of this inquiry is to increase understanding