RISK AND GOVERNANCE

Home / RISK AND GOVERNANCE

MLD5 and the key changes that will impact FS firms

The new EU 5th Money Laundering Directive (MLD5) is coming into force on 10 January 2020 with enhancement to the existing provisions, aiming to further strengthen transparency and the existing

Impact tolerances for important business services

On 5 December, the Bank of England (the Bank), in its capacity of supervising financial market infrastructures, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a shared

Suspicious Activity Reports Annual Report 2019

The National Crime Agency’s UK Financial Intelligence Unit (UKFIU) has published its Suspicious Activity Reports Annual Report 2019 covering the period from April 2018 to March 2019 and it contains

FCA speech: Regulation in a changing world

On 21 October Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA), delivered a speech at the City of London / Cicero event on the

The fight against skimmers and scammers: the FCA on Fraud

    On 04 September Charles Randell, Chairman of the Financial Conduct Authority (FCA), gave a speech on the fight against investment fraud at the 37th Cambridge International Symposium on

Andrew Tinney’s case: a key message in relation to conduct

On 16 August 2019, the Financial Conduct Authority (FCA) published its Final Notice for Andrew Tinney (Tinney), a former Chief Operating Officer of Barclays Wealth and Investment Management (Wealth). This

FCA Responds to ESMA Opinion on FCA’s Final Rules for Retail CFDs

Following the publication by the Financial Conduct Authority (FCA) on 1 July of the  final rules on the restriction of how Contracts for Difference (CFDs) and CFD-like options are sold, marketed,

Permanent Restrictions on the Sale of CFDs Retail Consumers

Following an earlier consultation last December, on 1 July the Financial Conduct Authority (FCA) published a Policy Statement (PS19/18) with final rules restricting how Contracts for Differences (CFDs) and CFD-like options

Money Laundering Risks in Capital Markets

On 10 June, the Financial Conduct Authority (FCA) published findings from its latest thematic review, “Understanding the Money Laundering Risks in the Capital Markets” TR19/4 (the report). As part of

General Data Policy Regulation one year on

  On 30 May, Elizabeth Denham, the Information Commissioner, published a blog reflecting on the first anniversary of the General Data Protection Regulation (GDPR) and the Data Protection Act 2018

The FCA’s 5 Conduct Questions Programme

    The Financial Conduct Authority (FCA) has published its latest Industry Feedback on its 5CQ Programme (5CQ). This is the third annual report since 5CQ was introduced in 2015

Financial Conduct Authority on the Duty of Care

  On 23 April, the Financial Conduct Authority (FCA) has published a Feedback Statement on Duty of Care (FS19/2), which summarises the feedback the FCA received to a previous Discussion

FCA Report on Payment for Order Flow

On April 23, the Financial Conduct Authority (FCA) has published a final report on its recent supervisory work on conflicts of interest and payment for order flow (PFOF) on how

Updates from the Financial Conduct Authority

In case you have missed the latest news from the Financial Conduct Authority (FCA), below is a summary of selected events. Enforcement Actions – Speech by Mark Steward On 4 April,

The Future of Financial Conduct Regulation

On 23 April, Andrew Bailey, Chief Executive of the FCA, gave a speech on the future of financial conduct regulation. Mr Bailey considered in particular the impact of Brexit on financial

EU Parliament Approves New EU-Wide Rules to Protect Whistleblowers

    On 17 April, the European Parliament has reported it had approved new rules for protecting whistleblowers. Whistleblowers have played a key role in recent years in shedding light

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

OECD Report on Implementation of the Anti-Bribery Convention

On 20 March the Organisation for Economic Co-operation and Development (OECD) published the UK’s Phase 4 Follow-up Report, in relation to the progress made by the UK on implementing the

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

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;