10 July 2019
What have we learned from the Senior Managers and Certification Regime?
With the Senior Managers and Certification Regime (SMCR) due to be extended to all regulated financial services firms in six months’ time (9 December 2019), we reflect on three key learning points from the regime which has already been in place for banks, building societies, credit unions and PRA- designated investment firms since March 2016.
10 May 2019
Credibility of witness evidence justified dismissal under FCA’s ‘fit and proper’ test
A recent Employment Appeal Tribunal (EAT) case has highlighted that if a court or tribunal criticises the credibility of witness evidence from a regulated financial services executive, then they are at risk of failing the fit and proper test, and being dismissed.
2 May 2019
FCA Business Plan 2019-20: A reflection of recent enforcement action
The FCA’s annual Business Plan sets out its main areas of focus for 2019/20. As well as being a look to the year ahead, the Business Plan reflects areas of focus of FCA enforcement action over the past year. This blog discusses four such priority areas and examples of recent enforcement action taken by the FCA in relation to: culture and governance; operational resilience; financial crime and money laundering; and the treatment of customers.
30 April 2019
FCA Business Plan 2019-20: priority to make the UK’s financial markets a difficult target for criminals
The Financial Conduct Authority’s (FCA) statement of priorities for the coming year – FCA Business Plan 2019-20 – is set squarely in the global context of the UK’s withdrawal from the EU, and the way technology is changing how financial firms do business and consumers engage with their financial decisions.
9 April 2019
FCA’s Guidance on Cryptoassets – welcome clarity
“Cryptoassets have attracted significant and growing attention from consumers, markets, governments and regulators globally”, stated the FCA earlier this year in launching its consultation on its Guidance on Cryptoassests. Jill Lorimer has previously commented on the Cryptoassests guidance.
The aim of the Guidance is to “provide regulatory clarity for market participants carrying on activities in this space” and it appears to do just that.
