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… Read more

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… Read more

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… Read more

UK FSA prohibits short-selling in some Italian shares in support of CONSOB ban

The FSA has temporarily prohibited short-selling in the following financial instruments: Banco Popolare shares (ISIN code: IT0004231566) Mediolanum shares (ISIN code: IT0001279501) Banca Carige shares (ISIN code: IT0003211601) INTESA shares (ISIN code: IT0000072618) This temporary prohibition applies on all UK trading venues on which the above instruments are… Read more

Market manipulation: the curious case of Mr Hobbs

In something of a reverse for the FSA, last month the Upper Tribunal directed that no action should be taken against Mr Hobbs, a trader whose conduct the FSA had decided was market abuse (manipulation) under s 118(5) of FSMA, and whom the… Read more

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… Read more

FSA’s Authorisations move to internal “twin peaks”

In April 2012, the FSA moved to an ‘internal twin peaks’ model in relation to its supervisory functions, which involved splitting its integrated approach to supervision, making changes to the supervisory frameworks and risk assessment models, and reallocating supervisors between… Read more

New PRA and FCA regimes for Approved Persons

The FSA has published a consultation paper on the PRA and FCA regimes for approved persons (CP 12/26).  CP 12/26 sets out proposed amendments to the current approved persons regime necessary to implement the new regulatory structure.  CP12/26 was prepared… Read more

FSA plea for wider enforcement powers warrants careful scrutiny

In the FSA's request for further enforcement powers, made in submissions to the Parliamentary Commission on Banking Standards (published on Monday), the regulator has specifically suggested the following should be added to the regulatory enforcement toolkit: taking personal enforcement action against… Read more