Enforcement Watch

Enforcement Watch

Issue 25
Adam Epstein

Editor's Note

Welcome to the 25th issue of Enforcement Watch, our three time a year round up of the most interesting enforcement cases and of what is coming down the track.

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Enforcement Case Highlights

27 February 2018: FCA fines Vanquis Bank £1.97m and orders substantial restitution, in respect of sales calls practice - read more

1 March 2018: The FCA Prohibits Paul Flowers - read more

13 March 2018: Principals' Liability when Appointed Representatives go Rogue - read more

9 April 2018: Further Lessons About Privilege and Internal Investigations - read more

25 April 2018: Tribunal Offers Guidance on Third Party Rights and Supervisory Notices - read more

11 May 2018:  PRA and FCA Fine Barclays' CEO James Staley Over Handling of Whistleblowing - read more

On the Horizon

Andrew Bailey talks about culture in financial services - read more

The FCA's Enforcement Mission - read more

What the FCA's Business Plan Tells Us About Enforcement in the Coming Year - read more

FCA fines Vanquis Bank £1.97m and orders substantial restitution, in respect of sales calls practice

FCA fines Vanquis Bank £1.97m and orders substantial restitution, in respect of sales calls practice

The FCA has fined Vanquis Bank ("Vanquis"), £1.97m (including a stage 1 settlement discount of 30%) and required it to pay restitution to clients estimated at around £11.87m.

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The FCA Prohibits Paul Flowers

The FCA Prohibits Paul Flowers

The FCA has issued a prohibition order that prevents Paul John Flowers from performing any function in respect of any UK regulated activity.

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Principals' Liability when Appointed Representatives go Rogue

Principals' Liability when Appointed Representatives go Rogue

In the recent case of R v Financial Ombudsman [2018] EWHC 459 (Admin), the challenge of a jurisdictional decision made by the Ombudsman, there was some interesting commentary regarding the liability of Principals when Appointed Representatives (ARs) act outside of their arrangements with a Principal.

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Further Lessons About Privilege and Internal Investigations

Further Lessons About Privilege and Internal Investigations

The recent judgment of the High Court in AL v. SFO & Ors includes discussion of some significant privilege issues of relevance to white collar crime and regulatory practitioners.

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Tribunal Offers Guidance on Third Party Rights and Supervisory Notices

Tribunal Offers Guidance on Third Party Rights and Supervisory Notices

On 25 April 2018, the Upper Tribunal in UK Innovative TI Limited v Financial Conduct Authority [2018] UT 0136 (TCC) ruled on a novel third party rights case.

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Whistleblower

PRA and FCA Fine Barclays' CEO James Staley Over Handling of Whistleblowing

Following a joint FCA and PRA investigation, James Staley the CEO of Barclays Group has been fined a total of £642,430 for failing to act with due skill, care and diligence in the way he acted in respect to an anonymous letter received by Barclays in June 2016.

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Microphone

Andrew Bailey Talks About Culture in Financial Services

On 19 March, Andrew Bailey, Chief Executive of the FCA, delivered a talk on culture in financial services.

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writing

The FCA's Enforcement Mission

On 21 March 2018, the FCA published this year's Enforcement Mission

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What the FCA's Business Plan Tells Us About Enforcement in the Coming Year

What the FCA's Business Plan Tells Us About Enforcement in the Coming Year

On 9 April, the FCA published its Business Plan 2018/19, which sets out its priorities for the coming year.

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