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 the insurer LV. He offered an ex-colleague £3,000 a month to send him the details … 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 regulatory functions carried out by government ministers.  Relevantly for readers of this blog, BIS’s summary of … Read more

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 the FCA and found that the investment schemes at the centre of the legal action … Read more

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 thematic reviews of ABC controls in commercial insurance broking (2010), ABC controls in investment banks … Read more

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 or after the date of the Policy Statement. Before these powers came into force in … Read more

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 Leslie & Nuding and Jeffrey Bennett of Burlington Associates Limited (“Burlington”) were each fined £28,000 … Read more