Enforcement Watch

Enforcement Watch

Issue 26
Adam Epstein

Editor's Note

Welcome to the 26th 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

20 June 2018: Upper Tribunal Dismisses Challenge to Prohibition in Case of Arif Hussein - read more

30 August 2018: FCA Imposes Financial Penalty and Limited Prohibition for Client Money Failures - read more 

5 September 2018: Court of Appeal Hands Down Important Judgment on Privilege - read more 

6 September 2018: The SFO Has Judicial Review Success in Relation to Obtaining Documents Overseas - read more

Upper Tribunal Dismisses Challenge to Prohibition in Case of Arif Hussein

Upper Tribunal Dismisses Challenge to Prohibition in Case of Arif Hussein

In a Decision Notice dated 22 January 2016, the FCA's Regulatory Decisions Committee (RDC) determined that, whilst not dishonest, Arif Hussein, formerly a derivatives trader at UBS, lacked integrity because he "closed his mind" (i.e. was reckless) to the possibility that colleagues with LIBOR submission responsibilities would follow his stated preferences when making their submissions.

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FCA Imposes Financial Penalty and Limited Prohibition for Client Money Failures

FCA Imposes Financial Penalty and Limited Prohibition for Client Money Failures

The FCA has prohibited John Lawrence Radford from having responsibility for client money or insurance money and fined him £468,000...

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Tribunal breaks new ground in Carrimjee case

Court of Appeal Hands Down Important Judgment on Privilege

The much awaited judgment of the Court of Appeal in the ENRC case was handed down on 5 September 2018.

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The SFO Has Judicial Review Success in Relation to Obtaining Documents Overseas

The SFO Has Judicial Review Success in Relation to Obtaining Documents Overseas

As well as being a party to the much publicised decision in the ENRC case the SFO has been involved in another, less publicised Court battle over disclosure of documents

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On the Horizon

The FCA Opens Up a Discussion on Introducing a New Duty of Care - read more

The FCA's Enforcement Annual Performance Report for 2017/18 - read more

The FCA's Annual Anti-Money Laundering Report for 2017/18 - read more

The FCA Consults on Applying its Core Standards to Payment Services Sector - read more

FCA publishes its Business Plan

The FCA Opens Up a Discussion on Introducing a New Duty of Care

In response to concerns that the current regulatory framework fails to adequately incentivise firms (particularly those in the retail sector) to change culture, to look after customers' interests and to facilitate legitimate claims to redress, the FCA published a discussion paper on 17 July 2018 on the introduction of a new wide-ranging duty of care.

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Deutsche Bank Libor/Euribor settlement includes substantial Principle 11 fine

The FCA's Enforcement Annual Performance Report for 2017/18

On 19 July 2018, the FCA published its annual performance report in respect of its enforcement activities.

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Ian Bean writes articles for Lexis Nexis on the latest Tchenguiz decision.

The FCA's Annual Anti-Money Laundering Report for 2017/18

In a busy year for anti-money laundering (AML) policy and legislative developments, the FCA has published its annual anti-money laundering report for the year ended 31 March 2018.

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The FCA Consults on Applying its Core Standards to Payment Services Sector

The FCA Consults on Applying its Core Standards to Payment Services Sector

The FCA is consulting on a proposal to apply its Principles for Businesses and certain of its conduct of business rules to the payment services sector.

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