Tag Archives: FSA Enforcement

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

Leave a Comment

Filed under FSA

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

Leave a Comment

Filed under FSA

FCA rejects calls for increased transparency on s.166 reviews

The FCA responded this week to industry feedback requesting greater transparency in relation to its use of section 166 ‘skilled person’ reviews. As part of its Feedback Statement (FS13/1) to its earlier Discussion Paper on Transparency (DP13/1), the FCA summarised … Continue reading

1 Comment

Filed under FCA, UK, Uncategorized

UK: FCA provisional decision to fine and ban former NED of financial firm for failing to disclose conflicts of interest

The FCA has published a notice of its decision to fine a former non-executive director (NED) of two mutual societies £154,800, and to ban her from performing any role in regulated financial services.   The FCA considers that she breached the requirement to act with integrity … Continue reading

Leave a Comment

Filed under Banking, FCA, Retail Banks, UK, UK Legislation

UK: Equities trader receives 2 year sentence for disclosing inside information

Paul Milsom, a senior equities trader, has been sentenced to two years’ imprisonment for improper disclosure of inside information about forthcoming transactions between October 2008 and March 2010, and ordered to pay compensation of £245,657.  This is the first sentence to … Continue reading

Leave a Comment

Filed under UK, UK Legislation

UK: Regulatory Reform – rolling out the building blocks for legal cutover on 1 April 2013

Statutory instruments to fill in the regulatory framework – following the enactment of the Financial Services Act 2012 (the 2012 Act), which amends the Financial Services and Markets Act 2000 (FSMA) – are now being rolled out.  They deal with … Continue reading

Leave a Comment

Filed under Banking, FCA, PRA, Regulatory Reform, UK, 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

Leave a Comment

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

Leave a Comment

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

Suitability and systems: UK FSA fines wealth management firm as further thematic review work continues

Following on from its initial thematic work on wealth management firms, the FSA has fined Savoy Investment Management Limited (Savoy) £412,000 for failures to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients between … Continue reading

Leave a Comment

Filed under Asset management, Banking, FSA, FSA Rules, UK, UK Regulations

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

Leave a Comment

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