Corporate Crime Update – Winter 2019

Welcome to the Winter 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update… Read more

Anti-money laundering regulatory round-up

Author: Susannah Cogman Late 2018 and early 2019 saw a flurry of regulatory developments and proposals relating to anti-money laundering. We have reported on these in brief in our regular corporate crime updates, but for those who have been –… Read more

FCA consults on further changes to SMCR

Authors: Sarah Thomas, Cat Dankos and Hywel Jenkins At the end of January, the UK Financial Conduct Authority (FCA) issued a further consultation paper (CP19/4, the CP) on the Senior Managers and Certification Regime (SMCR). Responses to the CP are… Read more


The European Commission has announced that it has started implementing its Brexit “no deal” Contingency Action Plan given the continuing uncertainty regarding ratification of the Withdrawal Agreement in the UK. This follows the Commission's communication of 13 November 2018 which… Read more

FCA Report: Algorithmic trading compliance in wholesale markets

Relevant to both solo- and dual-regulated firms, the report reflects the findings of both firm-specific and cross-firm reviews into algo trading undertaken in the run-up to MiFID II implementation. Within the introduction, the FCA lists relevant MiFID II requirements, noting… Read more


New Market Abuse powers for the FCA   The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 On 29 June 2016, the Government adopted the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations").  This left… Read more

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 FCA and PRA whistleblowing rules

The FCA and the PRA have both published policy statements on their new rules on whistleblowing as part of their series of policy changes focused on strengthening individual accountability within the banking and insurance sectors: FCA policy statement (PS15/24) entitled… Read more

Ombudsman determinations, fraud and nemesis

Ombudsmen within the Financial Ombudsman Service (FOS) make decisions on complaints by customers of financial firms. An example of such a decision is an award of compensation for mis-selling of payment protection insurance. An ombudsman's decision becomes final and binding… Read more

Can one contract into the Consumer Credit Act 1974?

The Consumer Credit Act 1974 From 1998 to 2008 the Consumer Credit Act 1974 only applied to agreements to lend consumers less than £25,000. The financial limit was removed completely in 2008. Over the period 1998-2015, however, some lenders did… Read more

The BoE approach to Solvency II

Geoff Maddock,  partner Email | Profile tel: +44 20 7466 2067 mobile: +44 7785 255016 By Geoff Maddock, corporate insurance partner A speech by Sam Woods of the Bank of England (BoE) says a lot about its approach to Solvency II and leaves a lot… Read more

EU introduces new asset freezing measures against Yemen

On 19 December, the EU published Council Decision 2014/932/CFSP and Regulation 1352/2014 in relation to the situation in Yemen. The measures came into force immediately upon publication. The new measures impose an asset freeze on three individuals: Abdullah Yahya Al… Read more

UK FCA proposes temporary product intervention rules for CoCos

The Financial Conduct Authority (FCA) has announced that it is proposing to use its temporary product intervention powers for the first time to restrict firms from distributing contingent convertible instruments (CoCos) to the mass retail market for a 12 month period from… Read more

When will sanctions frustrate an agreement?

A recent judgment of the English Commercial Court has highlighted the issue of the effect of new sanctions legislation upon contractual obligations, and in particular the importance of considering applications for available licences before seeking to rely on the doctrine… Read more