Enforcement Watch

Issue 32
6887Adam Epstein

Editor's Note

This edition of Enforcement Watch sees a broad range of enforcement cases, throwing up an interesting mix of issues, as well as one or two things on the horizon. Although quite what the future holds in the current climate is somewhat difficult to predict. We hope you enjoy it.

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Enforcement Case Highlights

FCA takes action to stop four Cypriot investment firms from continuing to offer CFDs in first use of power to remove passporting rights from a firm - read more

Publicity and Decision Notices: Foley v. FCA - read more 

FCA Substantial Fine for Failures in Mortgage Arrears Handling - read more

FCA Fine for Anti-Money Laundering Failings - read more

FCA Takes the Unusual Step of a Public Censure in a Market Abuse Case - read more

17156

FCA takes action to stop four Cypriot investment firms from continuing to offer CFDs in first use of power to remove passporting rights from a firm

The FCA has prevented four Cypriot investment firms from continuing to offer high risk Contracts for Difference (CFDs) to UK investors by removing their passporting rights.

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16382

Publicity and Decision Notices: Foley v. FCA

The Upper Tribunal has given further guidance on what evidence it requires before ordering that a Decision Notice remain private.

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17161

FCA Substantial Fine for Failures in Mortgage Arrears Handling

The FCA has fined three subsidiaries of Lloyds Banking Group, namely Lloyds Bank, Bank of Scotland and The Mortgage Business ("the Banks") £64 million, after a 30% settlement discount, for breaches of Principles 3 (management and control) and 6 (customers' interests) of the FCA Principles for Business.

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17162

FCA Fine for Anti-Money Laundering Failings

The FCA has fined Commerzbank AG, London Branch ("Commerzbank") £37,805,400 for failing to put adequate anti-money laundering ("AML") systems and controls in place between October 2012 and September 2017 (the "Relevant Period").

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17166

FCA Takes the Unusual Step of a Public Censure in a Market Abuse Case

The FCA has publicly censured Redcentric PLC ("Redcentric"), an AIM listed IT managed service provider.

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On the Horizon

FCA Reflections: Market Abuse - Investigations Uptick? - read more

FCA Reflections: Client Assets and Money - read more

Nikhil Rathi Appointed New Chief Executive of the FCA - read more

Certification Regime - FCA Publishes Indicators on Assessing Fitness and Propriety - read more

17168

FCA Reflections: Market Abuse - Investigations Uptick?

In May 2020, Mark Steward, the FCA's Executive Director of Enforcement and Market Oversight, told Financial News that "the regulator was bracing for an uptick in market abuse cases in the coming months".

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17170

FCA Reflections: Client Assets and Money

Megan Butler, the Executive Director of Supervision – Investment, Wholesale and Specialists at the FCA, delivered a speech at PIMFA’s Virtual Festival in June 2020 in which she stated that, "the preservation of client assets and money is central to our focus in the wealth management sector".

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17173

Nikhil Rathi Appointed New Chief Executive of the FCA

On 22 June 2020, the Chancellor, Rishi Sunak, announced that Nikhil Rathi will be the new Chief Executive of the FCA.

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17175

Certification Regime - FCA Publishes Indicators on Assessing Fitness and Propriety

As readers will know, Senior Managers and Certification Regime ("SM&CR") replaced the Approved Persons Regime ("APR") for the majority of solo-regulated firms on 9 December 2019.

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