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Enforcement Watch

Issue 26: August 2018

Enforcement Watch
Adam Epstein Post

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.

Enforcement Case Highlights

Upper Tribunal Dismisses Challenge to Prohibition in Case of Arif Hussein Post

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.

On the Horizon

FCA publishes its Business Plan Post

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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