FCA’s financial sanctions responsibilities

On 11 July 2022, there was published a letter by the Financial Conduct Authority (FCA) to the House of Commons’ Treasury Committee regarding the regulator’s financial sanctions responsibilities.

In the letter, the FCA addresses its responsibilities for financial sanctions and covers the following topics:

• The current level of awareness and compliance at authorised firms of their obligations under UK sanctions legislation.
• The FCA’s work on sanctions prior to Russia’s invasion of Ukraine.
• How the FCA feeds into the design, implementation and enforcement of financial sanctions.
• How the FCA shares intelligence with the Office of Financial Sanctions Implementation where it identifies potential breaches of financial sanctions.
• The FCA’s response to the expansion of financial sanctions against Russia and the support it has provided to the Government in designing these sanctions.