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The FCA has finalised its review of how firms have implemented its whistleblowing rules, which became effective from September 2016 (the Rules). A copy of the review can be found here. The review, which focused on a range of retail and wholesale banks, found that the Rules had helped to ensure that firms implemented whistleblowing arrangements and were managing concerns raised by employees in a fair and consistent way. However, in addition to outlining…
This decision makes it clear that personal culpability cannot be avoided through delegation or collective decision-making structures, such as the board, even where other directors have been allocated particular responsibility for specific areas including compliance.  Where responsibility is delegated, directors are not absolved from acquiring a sufficient understanding of the business to enable them to effectively challenge their fellow directors. Overview The Upper Tribunal has upheld the FCA’s decision to prohibit Alistair Burns from performing…
On 12 December 2016, Ofgem published an open letter regarding scarcity pricing, reminding stakeholders of the importance of adhering to their legal obligations in the wholesale energy markets, in light of concerns raised with Ofgem regarding certain behaviours that may be taking place within the market. Ofgem recognises that pricing will reflect scarcity and price rises should encourage investment in production or a demand side response which will benefit future energy consumers.  REMIT and other…