UK Finance Disputes and Regulatory Investigations Blog

Financial Markets Awareness: Practical Legal Insight

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UK Finance Disputes and Regulatory Investigations Blog

Outsourcing Failures leave Raphaels Bank with £1.89m Fine

By Garon Anthony & Rose Chaudry on June 7, 2019

Raphael & Sons plc (the “Bank“) has been hit by separate fines from the Financial Conduct Authority and the Prudential Regulation Authority (together, the “Regulators“) of £775,100 and £1,112,152 respectively. An IT issue with one of the Bank’s third party card processor’s left over 3,300 customers unable to use their prepaid cards on Christmas Eve in 2015. This event crystallised the risks that the Bank had failed to manage, but the Bank’s failings went deeper…

UK Finance Disputes and Regulatory Investigations Blog

FCA found partially liable for loss caused by errors in Financial Services Register

By Thomas Bowie on May 24, 2019

The Financial Regulators Complaints Commissioner has recommended that the Financial Conduct Authority makes an ex gratia payment of £6,500 to an individual complainant. The recommended payment represents 50% of the total loss suffered by the Complainant as a result of errors in the Financial Services Register. The Complaints Commissioner acknowledged that the FCA should not be deemed to generally warrant the accuracy of the Register. However, this was “not an ordinary case”, as the Register…

UK Finance Disputes and Regulatory Investigations Blog

Highlights from the Financial Ombudsman Service’s 2018/2019 Annual Review

By Garon Anthony & Mariyam Harunah on May 20, 2019

On 15 May 2019, the Financial Ombudsman Service (“FOS“) published its 2018/2019 Annual Review and some key messages for the industry emerge from that Review which we highlight in this post.…

UK Finance Disputes and Regulatory Investigations Blog

Doubling down? FCA contemplates more criminal AML investigations

By Chris Webber & Katherine Wakeham on May 8, 2019

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…

UK Finance Disputes and Regulatory Investigations Blog

FCA publishes 2019/20 Business Plan

By Garon Anthony on April 29, 2019

The Financial Conduct Authority (“FCA”) has just published its Business Plan for 2019/20, setting out its strategic objectives and priorities for the year ahead.…

UK Finance Disputes and Regulatory Investigations Blog

Employment Appeal Tribunal provides guidance on the FCA’s ‘fit and proper person’ test

By Garon Anthony on April 26, 2019

In Radia v Jeffries International Limited, UKEAT/0123/18 the Employment Appeal Tribunal (“EAT”) held that an employer, Jeffries International Limited (“Jeffries”), properly dismissesd an employee where Jeffries considered that the employee fell short of the Financial Conduct Authority’s (“FCA”) ‘fit and proper person’ requirements that are set out in the FCA Handbook.…

UK Finance Disputes and Regulatory Investigations Blog

The Partly Contested Process – a part success?

By Garon Anthony & Rose Chaudry on April 18, 2019

A recent speech by the Director of Enforcement and Market Oversight at the Financial Conduct Authority (“FCA”) has highlighted the progress of the partly contested process for disciplinary action. The first three cases using the process have now completed, although only details as to the first two cases were available as the time of going to press.…

UK Finance Disputes and Regulatory Investigations Blog

FCA gives a final warning on misleading adverts

By Garon Anthony & Rose Chaudry on April 16, 2019

Back in January, the Financial Conduct Authority (“FCA”) published a letter to the CEOs of regulated firms warning them against misleading financial promotions. As we noted in our previous blog, onthe subject, the letter specifically concerned firms not making clear which parts of their business are subject to FCA regulation and, importantly, which are not. It appears that the letter may not have had the desired effect.…

UK Finance Disputes and Regulatory Investigations Blog

FCA hands out second large fine in as many weeks for transaction reporting failures

By Jeremy Ladyman, Chris Webber & Thomas Bowie on April 10, 2019

The Financial Conduct Authority has imposed a fine of £34,344,700 on Goldman Sachs International (“GSI”) for breaches of transaction reporting obligations. The fine comes just over a week after the FCA imposed a £27,599,400 fine against UBS (which we considered in an earlier blog post). Both fines result from breaches of obligations imposed by MiFID (the Markets in Financial Instruments Directive (2004/39/EC), as well as a breach of Principle 3 of the FCA’s Principles…

UK Finance Disputes and Regulatory Investigations Blog

FCA insights on cyber risk

By Garon Anthony & Mariyam Harunah on April 9, 2019

The Financial Conduct Authority (“FCA”) has just published an Industry Insights document (“Insights”) on cyber security. Whilst not containing any formal guidance or rules, the Insights highlight the risks of cyber attacks to FCA regulated firms and confirms industry best practice around the key areas relating to cyber resilience: governance, identification, protection, detection, situational awareness, response and recovery, and testing.…

UK Finance Disputes and Regulatory Investigations Blog

Financial Markets Awareness: Practical Legal Insight

Blog Authors

Outsourcing Failures leave Raphaels Bank with £1.89m Fine

FCA found partially liable for loss caused by errors in Financial Services Register

Highlights from the Financial Ombudsman Service’s 2018/2019 Annual Review

Doubling down? FCA contemplates more criminal AML investigations

FCA publishes 2019/20 Business Plan

Employment Appeal Tribunal provides guidance on the FCA’s ‘fit and proper person’ test

The Partly Contested Process – a part success?

FCA gives a final warning on misleading adverts

FCA hands out second large fine in as many weeks for transaction reporting failures

FCA insights on cyber risk

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