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Enforcement Watch

Issue 30: January 2020

Enforcement Watch
 News

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.

Enforcement Case Highlights

 News

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.

 News

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.

On the Horizon

 News

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).

 Post

A New Duty of Care?

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

Pension Transfers and Enforcement Post

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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