FSA

Financial firms: protecting customer personal data

A recent case provides a rare example of the criminal prosecution of an individual (in this case the former employee of an insurer) for breach of the Data Protection Act 1988 (DPA).  David Barlow Lewis was a former employee of … Continue reading

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Filed under Europe, European Regulation, FSA, FSA Rules, Insurance, Sector Updates by Herbert Smith Freehills, UK, UK Legislation, UK Regulations, Uncategorized

UK: New Regulators’ Code now in force

On 6 April 2014 the new Regulators’ Code (the “Code”) replaced the Regulators’ Compliance Code, which dated back to December 2007.  The Code applies to a range of regulators, including more than 50 national regulators, all local authorities and some … Continue reading

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Filed under BIS, FCA, FSA, PRA, UK Government

FCA wins case against operators and promoters of unauthorised CIS

The regulator continues to be successful in clamping down against the operation and promotion of unauthorised collective investment schemes (CIS).  The High Court has laid down judgment in the FCA’s legal action against Capital Alternatives: the High Court agreed with … Continue reading

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Filed under FSA, UK Regulations, Uncategorized

Anti-money laundering and anti-bribery systems and controls at asset management firms: FCA thematic review

In October 2013, the Financial Conduct Authority (FCA) published the much-anticipated report of its thematic review into anti-money laundering (AML) and anti-bribery and corruption (ABC) systems and controls at asset management and platform firms.  The report follows the FSA/FCA’s previous … Continue reading

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Filed under Bribery and Corruption, FSA, Sanctions and Money Laundering

FCA confirms how it will use new powers to publicise warning notices

On 15 October 2013, the FCA published its Policy Statement (PS13/9) on the publication of information about warning notices under its new powers (see section 391(1)(c) FSMA).  The FCA’s new approach will apply in respect of warning notices issued on … Continue reading

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Filed under FSA

Further enforcement action by UK FCA in relation to suitability issues in wealth management

The UK’s Financial Conduct Authority (FCA) has imposed a £1,802,200 fine on AXA Wealth Services Ltd (AXA) for failing to ensure the investment advice given to its customers was suitable, and putting customers at risk of buying unsuitable products.  The case is … Continue reading

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Filed under FCA, FSA Guidance, UK, UK Regulations

A new statutory cause of action against credit rating agencies – inconsistent messages from Europe

On 31 May 2013, new European legislation was passed to amend the Regulation on credit rating agencies which was first introduced in the aftermath of the financial crisis. Its primary objective is to help discourage the high level of reliance … Continue reading

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Filed under European Regulation, FSA, Uncategorized

FCA bans and fines two in relation to Unregulated Collective Investment Schemes sales failures

On 16 August 2013, the FCA announced that it had banned and fined two individuals for providing insufficient oversight of activities carried out by their respective firms regarding the promotion of three Unregulated Collective Investment Schemes (“UCISs”). John Leslie of … Continue reading

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Filed under FSA

The FCA’s financial crime priorities

The Financial Conduct Authority (“FCA”) recently published two documents which provide additional information about its current supervisory and enforcement approach and priorities in relation to financial crime issues.  These are the FCA’s Anti-Money Laundering Annual Report 2012/13 (“AML Report”) and … Continue reading

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Filed under Corporate Crime, FSA

FCA takes court action against operators and promoters of unauthorised CIS

The FCA is continuing its clampdown on Collective Investment Schemes (“CISs”) being operated and/or promoted without the requisite authorisations, with a trial likely to start in the High Court in Autumn 2013 in relation to two particular schemes:

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Filed under FSA