Enforcement Watch Roundup

Issue 34
7133

Editor's Note

Some interesting enforcement cases these last few months. Readers may be particularly interested in cases we cover about non-financial misconduct and also about the cover up being worse than the crime.

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Enforcement Case Highlights

25 February 2021: Premier FX Censured for Breaching the Payment Services Regulations - read more

29 March 2021: Frensham Decision Notice Follows Criminal Conviction For Sex Offence - read more

15 April 2021: FCA Prohibition of Simon Varley: a Cautionary Tale About Competence and Integrity - read more

6 May 2021: FCA Fines Sapien Capital Ltd for Financial Crime Control Failings in Relation to Cum-Ex Trading - read more

 

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25 February 2021: Premier FX Censured for Breaching the Payment Services Regulations

In February 2021, the FCA publicly censured Premier FX Limited (in liquidation) for breaching the Payment Services Regulations 2009 ("PSRs 2009") and the Payment Services Regulations 2017 ("PSRs 2017").

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20641

29 March 2021: Frensham Decision Notice Follows Criminal Conviction For Sex Offence

Frensham was an independent financial advisor and the sole director of a financial advisory firm.

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20642

15 April 2021: FCA Prohibition of Simon Varley: a Cautionary Tale About Competence and Integrity

The FCA has prohibited Simon John Varley and imposed a financial penalty on him of £68,300.  Whilst an unsurprising result given the facts, the case provides a reminder about how the cover up can often be far worse than the underlying issue; matters relating to competence can become far more serious questions of integrity.

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20644

6 May 2021: FCA Fines Sapien Capital Ltd for Financial Crime Control Failings in Relation to Cum-Ex Trading

The FCA has fined corporate finance advisory and brokerage firm Sapien Capital Ltd £178,000 for failings which led to the risk of it facilitating fraudulent trading and money laundering.

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On the horizon

The Woolard Review: change on the horizon for regulated and unregulated consumer credit providers - read more

The FCA's new approach to vulnerable customers: the guidance - read more

FCA Reflections: Diversity and Inclusion – A Regulatory Matter - read more

FCA Playing Hardball with Cryptoasset Applicants - read more

Is the FCA's Supervisory Approach to AML Treating Customers Fairly? - read more

 

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The Woolard Review: change on the horizon for regulated and unregulated consumer credit providers

Readers will recall that in 2014 the FCA took over the regulation of consumer credit and since that time it has, through regulation and direct action against firms, sought to bring the sector to heel.

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20648

The FCA's new approach to vulnerable customers: the guidance

In the most recent edition of Enforcement Watch, we discussed the FCA's forthcoming guidance on the treatment of vulnerable customers.  As we set out, the guidance is of relevance to those regulated firms dealing with retail consumers and seeks to bring about significant changes that chime very much with a wider societal concern to protect those particularly impacted by the COVID pandemic.

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20650

FCA Reflections: Diversity and Inclusion – A Regulatory Matter

On 17 March 2021, Nikhil Rathi, the FCA's CEO, spoke at the launch of the HM Treasury Women in Finance Charter Annual Review on why diversity and inclusion (D&I) is a regulatory issue.

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20652

FCA Playing Hardball with Cryptoasset Applicants

On 10 January 2020, UK cryptoasset businesses became subject to the 2017 Money Laundering Regulations (the Regulations). At the same time, the FCA became the anti-money laundering and counter terrorist financing supervisor for these types of firms, which include exchanges and wallet providers.

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20654

Is the FCA's Supervisory Approach to AML Treating Customers Fairly?

Where the FCA finds that firms are in material breach of the AML Regulations, supervisors will require that a remediation plan is put in place by the firm, typically under the direction of a skilled person. To minimise the financial crime risk, the FCA may seek to restrict the activities of the firm until it is satisfied that the firm is compliant.

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