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When FCA Director of Enforcement and Market Oversight Mark Steward spoke in London last month, his comments could hardly have been more timely. Hot on the heels of his remarks on dual-track (civil and criminal) AML investigations came a significant fine arising out of a firm’s AML systems and controls. It also came as the countdown to entry into force of the fifth AML directive continues; and his observations on escalation protocols highlight the continuing…
Think of a fairly common situation; you receive an email from a third party with three colleagues in copy, you forward this email to your colleagues with comments, one responds and you then reply to the third party. Later, a dispute between your company and the third party arises. When you consider that this short exchange alone created more than 15 documents between you and your colleagues it begins to explain how the disclosure exercise…
The FCA’s latest update on its review of pension transfer advice does not make for happy reading. The stats As part of its ongoing review of the pensions transfer industry, the FCA reviewed advice on 154 transfers made by 18 firms (out of a total of 48,248 potential transfers advised on by these firms in the period under review). Just over 50% of the total transfers advised on resulted in actual pension transfers, though the…
It seems it’s difficult to look anywhere right now without an advert staring back at you for cryptocurrency investments or investment products including a crypto-asset feature: they are on the side of taxis, tube platforms, and the pages of the daily papers. After the semi-meteoric rise (and fall) that was Bitcoin at the end of 2017 it seems some consumers have been jumping on the Bitcoin-bandwagon hoping to gain a quick buck. And where investors…
Hot on the heels of the FCA’s recent “Dear CEO” letter, the PRA has sent its own reminder to regulated firms considering, or already holding, crypto-assets. Whilst the FCA focussed on mitigating the financial crime risks faced from use of crypto-assets, the PRA focussed on the risk of exposure to these developing assets which (in the words of the PRA) “have exhibited high price volatility and relative illiquidity” and in the view of the…
Back in March 2017, the Supreme Court handed down its decision in Financial Conduct Authority v Macris [2017] UKSC 19. We have previously reported on that decision on its way to the Supreme Court and following the judgment. In brief, Section 393 of the Financial Services and Markets Act 2000 (“FSMA”) provides individuals identified in an FCA notice with third party rights to be provided with a copy of the notice and an opportunity…
The High Court recently considered whether a decision made by the Financial Ombudsman Service is a decision made under an arbitration agreement and so appealable under the Arbitration Act 1996. Background to the application Back in 2011 a Mr Wayne Charlton invested in a self-administered personal pension (a “SIPP”) administered by Berkeley Burke. After one of the companies invested in by the SIPP was investigated by the Serious Fraud Office and went into receivership, Mr…
Please click here to read the latest data privacy alert from the Squire Patton Boggs Data Protection and Cybersecurity team. This week’s alert covers news from the EU, Germany, Ireland and the UK. EU Cybersecurity Agreement Reached Germany Law on Data Retention Comes Into Force Bundestag Passes Law on Right of Standing for Consumer Associations in Privacy Issues Automated Confirmation Emails Containing Advertising Held Unlawful Ireland Guidance Issued on Camera Technology UK Information Commissioner’s Office…