Blog
The FCA’s Enforcement Watch 2 and what it means for the financial services industry
James Alleyne
6 March 2015
The DOJ and CFTC dig deeper in precious metals market investigation
It has recently been reported that 10 Banks are under investigation by the US Justice Department (“DOJ”) and CFTC for irregularities and potential price fixing in the precious metals market, comprising the gold, silver, platinum and palladium markets. The London Gold Fix, an almost century old benchmark, fixed twice a day by 4 banks in London first came under the microscope in 2012 following investigations into the Libor and FX market manipulation scandals.
5 March 2015
Banking Regulation: Senior Managers and Certification Regime – timetable announced plus extension to include UK branches of foreign institutions
A written statement by the Economic Secretary on 3 March 2015 announced the timetable for the introduction of the Senior Managers and Certification Regime (SM&CR) under the Financial Services (Banking Reform) Act 2013. The Government also announced that following a period of consultation it had decided to extend the SM&CR to UK branches of foreign institutions.
24 February 2015
Senior Managers Regime: Tougher regulation of senior bankers and non-executive directors (NEDs) confirmed
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a paper 24 February 2015 entitled “Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms” (referred to here as “the New Consultation”).
19 February 2015
Personal commitments: Benefits and risks of signing an attestation with the FCA
On 13 February 2015, the FCA launched a webpage providing information and data about the use of attestations. The trend is that they are on the increase. What are they, when should they be signed and who should sign them?
6 February 2015
Publicity Order and prison sentence in latest corporate manslaughter case
On 3 February 2015 Cumbrian building firm Peter Mawson Ltd became the latest company to be convicted of corporate manslaughter. The conviction followed the death of Jason Pennington who was killed in 2011 when he fell through a skylight onto concrete. The company, which pleaded guilty to the offence, was fined £220,000, as well as costs of £31,500.
