Enforcement Watch

Enforcement Watch

Issue 30
12776

Editor's Note

The last 4 months of enforcement activity have been a mixed bag. Some of the relatively usual diet of breaches and misconduct, although no less interesting for that, but also a couple of firsts that we include in our write ups. And, looking on the horizon, we cover a number of issues, some more immediate than others, that may alter the enforcement landscape. We hope you find it interesting.

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Enforcement Case Highlights

11 October 2019: FCA Fines Tullett Prebon £15.4m - read more

18 November 2019: First Jointly Contested Enforcement Case Before the FCA and PRA Decision Making Committees - read more

20 November 2019: Henderson Funds Fined £1.9 million for Failing to Protect Retail Customers - read more

26 November 2019: PRA Fines Citigroup Companies £44m in Largest PRA Fine to Date - read more

20 December 2019: First FCA Fine Under the Market Abuse Regulation for PDMR Notification Failures - read more

23 December 2019: Enhanced Whistleblowing Requirements for The Society of Lloyd's Following PRA Written Notice - read more

9617

FCA Fines Tullett Prebon £15.4m

The FCA has fined inter-dealer broker Tullett Prebon for breaches of Principle 2 (acting with due skill care and diligence), Principle 3 (effective organisation and controls) and Principle 11 (open and co-operative dealings with the regulator) of the FCA Principles for Businesses.

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12783

First Jointly Contested Enforcement Case Before the FCA and PRA Decision Making Committees

The PRA and the FCA have decided to ban and fine Stuart Malcolm Forsyth, the former CEO of a small insurer, £76,180 and £78,318 respectively.

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12785

Henderson Funds Fined £1.9 million for Failing to Protect Retail Customers

The FCA has imposed a financial penalty of £1,867,900 on Henderson Investment Funds Limited (HIFL) for breaches of Principle 3 (management and control) and Principle 6 (customers' interests).

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12787

PRA Fines Citigroup Companies £44m in Largest PRA Fine to Date

The PRA has fined Citigroup Markets Limited, Citibank Europe Plc UK branch and Citibank N.A. London branch (together "Citi") £44 million, after a 30% settlement discount, for failings in respect of their internal controls and governance arrangements.

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12789

First FCA Fine Under the Market Abuse Regulation for PDMR Notification Failures

The FCA has fined Kevin Gorman £45,000 (including early settlement discount) for breach of Article 19 of the Market Abuse Regulation (MAR).

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12791

Enhanced Whistleblowing Requirements for The Society of Lloyd's Following PRA Written Notice

The PRA has published a Written Notice setting out concerns regarding The Society of Lloyd's (Lloyd's) whistleblowing systems and controls, and requiring enhanced monitoring and reporting for a period of three years.

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On the Horizon

FCA Speech on Brexit and the Future of Financial Services Regulation in the UK - read more

Personal Account Dealing: the FCA's Concerns About Complacency - read more

Senior Managers and Certification Regime (SMCR) – Implementation Challenges and Enforcement Outcomes - read more

Cryptoasset Businesses and the Fifth Money Laundering Directive - read more

A New Duty of Care? - read more

Christopher Woolard Appointed Interim Chief Executive of the FCA - read more

Pension Transfers and Enforcement - read more

12793Microphone

FCA Speech on Brexit and the Future of Financial Services Regulation in the UK

On 28 October 2019, Nausicaa Delfas (Executive Director of International at the FCA) delivered a speech at the UK Financial Services Industry Beyond Brexit Summit, on preparations for Brexit and the future of financial services regulation in the UK.

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12795

Personal Account Dealing: the FCA's Concerns About Complacency

FCA authorised firms should be familiar with the requirement to have in place systems and controls to mitigate the risks associated with personal account dealing (PAD) by employees and other relevant individuals (COBS 11.7 and COBS 11.7A).

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12797

Senior Managers and Certification Regime (SMCR) – Implementation Challenges and Enforcement Outcomes

9 December 2019 was the implementation date for the wider roll-out of SMCR bringing most firms authorised by the FCA only (solo-regulated firms), into the regime.

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12799

Cryptoasset Businesses and the Fifth Money Laundering Directive

On 10 January 2020, the UK's Money Laundering Regulations were amended to incorporate changes brought about by the fifth money laundering directive.

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6318

A New Duty of Care?

The Financial Services Duty of Care Bill was reintroduced to Parliament on 9 January 2020.

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6320

Christopher Woolard Appointed Interim Chief Executive of the FCA

After more than three and half years at the helm, Andrew Bailey will become Governor of the Bank of England from 16 March 2020.

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6321Pension Transfers and Enforcement

Pension Transfers and Enforcement

A Freedom of information request, widely covered in the press over the last few days, has revealed that the FCA plans to write to 1,841 financial advisers regarding the standard of advice given to clients.

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