Blog
Kingsley Napley’s Medical Negligence Team ‘walks together’ with the Dame Vera Lynn Children’s Charity
Sharon Burkill
28 November 2018
Financial Crime: Analysis of firms' data – first report
On 13 November 2018, the FCA published the results of their first financial crime survey. Over 2,000 UK firms, including all UK-based banks and building societies, were required to complete a questionnaire in order to create a report which presents ‘a collective view of the activity being undertaken by firms in the UK to combat financial crime across the industry.’ A statement reinforced in a recent speech by FCA’s Head of Financial Crime Rob Gruppetta.
Going forward, the hope is that this data will be collected annually so that the FCA can gain an understanding of how a variety of financial crime threats evolve over time.
17 October 2018
FCA to regulate Claims Management Companies and caps on fees introduced
A number of provisions in the Financial Guidance and Claims Act 2018 (“the Act”) came into force on 1 October 2018, following the Act receiving Royal Assent on 10 May 2018. Amongst other things, the Act transfers the regulation of Claims Management Companies (“CMCs”) from the Ministry of Justice (“MoJ”) to the Financial Conduct Authority (“FCA”) and imposes caps on the fees which CMCs can charge. The FCA will take over regulation from April 2019.
28 September 2018
FCA publishes first Decision Notice under the partly contested cases process
On 27 September 2018, the Financial Conduct Authority (“FCA”) published a Decision Notice in relation to Linear Investments Limited ("Linear"). The Decision Notice seeks to impose a financial penalty of £409,300 on Linear for failing to take reasonable care to organise and control its affairs responsibly and effectively to ensure potential instances of market abuse could be detected and reported.
26 July 2018
Media focus on first 'McMafia law' challenge
Media reports today focus on the first challenge to the Unexplained Wealth Order with headlines such as: “Harrods big spender fights to keep mansion” (BBC News) referring to the case before the High Court on 25th July where “Mrs A” sought to discharge an Unexplained Wealth Order (UWO) obtained by the NCA against her husband, “Mr A”, in respect of two UK properties with a combined value of £22 million. The NCA alleges that Mr and Mrs A obtained their wealth through foreign corruption.
25 July 2018
AML: reforming the suspicious activity reporting regime – have your say
It seems there is no escape from pronouncements on the scourge of money laundering and how tackling economic crime is a government and law enforcement priority. From the Treasury Select Committee inquiry into Economic Crime to the Financial Conduct Authority’s Anti-Money Laundering Report 2017-18 the message is clear: money laundering is a facilitator of almost all serious, organised and major crime. Tackling it is absolutely a strategic priority for law enforcement in the UK.
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