Tag Archives: FSA

Problems with unit-linked products

Unit-linked insurance products have recently given rise to a number of regulatory issues. These cover: mis-selling; the responsibility of the insurer on the one hand and the intermediary on the other; the impact of Solvency II on the calculation of technical … Continue reading

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Filed under Europe, European Regulation, FCA, PRA, Retail Banks, 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

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

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

SFOUpcoming Webinar “The Bribery Act: An Update”

Thursday 14 February 2013 9:30 – 10:30am UK time The Bribery Act 2010 has now been in force for over 18 months. In this round-up webinar we will look at: the revised SFO guidance and other SFO related developments; Deferred … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Europe, Herbert Smith Freehills, UK Legislation, UK Regulations

Temporary Product Intervention Rules: inadequate safeguards

The FSA is consulting (as it is required to do under the Act) on the new power given to the FCA under the Financial Services Act 2012 to issue temporary product intervention rules without the chore of a consultation (CP12/35). … Continue reading

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Filed under FCA, FSA, FSA Consultations, FSA Rules, Herbert Smith Freehills, Regulatory Reform, Retail Banks, UK

DPAs for the FCA? A New Year’s enforcement treat

As New Year’s resolutions go, “read Schedule 16 to the Crime and Courts Bill” may not have been top of anyone’s list.  Buried, however, in the Bill’s provisions on deferred prosecution agreements (“DPAs”) are some interesting pointers to the future … Continue reading

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Filed under Corporate Crime, Draft Legislation, FCA, FSA, UK Government, UK Legislation

UK regulatory reform: should the new regulators be given power to investigate possible offences under s.352 of FSMA?

Lord Turner recently informed the Chairman of the Treasury Committee that the FSA was unable to use its powers to extend an internal FSA leak inquiry to enable it to interview third parties because the leaked information was not market … Continue reading

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Filed under FCA, FSA, Regulatory Reform, UK

Dear CEO: please confirm your asset management firm has identified and mitigated the risk of conflicts of interest between it and its customers

Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks is a ‘Dear CEO’ publication in which the FSA summarises the output of a thematic review undertaken between June 2011 and February 2012.  The review was … Continue reading

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Filed under Asset management, FSA, Funds, UK, UK Legislation