Enforcement Watch Roundup Issue 36: January 2022 Editor's note This last period has seen some pretty eye watering fines levied in a variety of areas. We discuss below our thinking on some of them. As for what the future holds, On the Horizon looks at how aspects of enforcement in future may be greener and more consumer focused. We hope you find our round up interesting. Click here to see the team. Read the full note Enforcement Case Highlights News The FCA fine Credit Suisse over fishy business On 19 October 2021 the FCA confirmed in a Final Notice that it was fining Credit Suisse £147,190,200 over serious failings in its financial crime controls in the wake of the "tuna bonds" loan scandal. News FCA fines HSBC £63.9m for deficient transaction monitoring controls The Financial Conduct Authority (FCA) has imposed a financial penalty on HSBC Bank plc (HSBC) of £63.9 million, using its powers as a designated authority under the Money Laundering Regulations 2007 (ML Regulations). News PRA fines Standard Chartered Bank £46 million for liquidity reporting failures The Prudential Regulation Authority (PRA) has imposed a financial penalty on Standard Chartered Bank (SCB) of £46.55 million for failing to be open and cooperative with the PRA and for failings in its regulatory reporting governance and controls. News BlueCrest Capital Management Decision Notice Fine of £40.8m On 22 December 2021, the FCA set out its decision to fine BlueCrest Capital Management (UK) LLP (BCMUK) £40,806,700 for having inadequate arrangements to manage conflicts of interest. It also decided to impose a requirement on BCMUK to pay redress to clients who have suffered loss as a result of its failings. On the Horizon News Greenwashing and informational asymmetries: The FCA's direction of travel What could be more important than working to save the planet that sustains us? News The FCA's second consultation on new Consumer Duty On 7 December 2021, the FCA published its second consultation on a new Consumer Duty, with the aim of setting a higher expectation for the standard of care that firms give consumers. Subscribe Never miss a publication by signing up to our mailing list Subscribe Enforcement Watch Roundup: Subscribe
News The FCA fine Credit Suisse over fishy business On 19 October 2021 the FCA confirmed in a Final Notice that it was fining Credit Suisse £147,190,200 over serious failings in its financial crime controls in the wake of the "tuna bonds" loan scandal.
News FCA fines HSBC £63.9m for deficient transaction monitoring controls The Financial Conduct Authority (FCA) has imposed a financial penalty on HSBC Bank plc (HSBC) of £63.9 million, using its powers as a designated authority under the Money Laundering Regulations 2007 (ML Regulations).
News PRA fines Standard Chartered Bank £46 million for liquidity reporting failures The Prudential Regulation Authority (PRA) has imposed a financial penalty on Standard Chartered Bank (SCB) of £46.55 million for failing to be open and cooperative with the PRA and for failings in its regulatory reporting governance and controls.
News BlueCrest Capital Management Decision Notice Fine of £40.8m On 22 December 2021, the FCA set out its decision to fine BlueCrest Capital Management (UK) LLP (BCMUK) £40,806,700 for having inadequate arrangements to manage conflicts of interest. It also decided to impose a requirement on BCMUK to pay redress to clients who have suffered loss as a result of its failings.
News Greenwashing and informational asymmetries: The FCA's direction of travel What could be more important than working to save the planet that sustains us?
News The FCA's second consultation on new Consumer Duty On 7 December 2021, the FCA published its second consultation on a new Consumer Duty, with the aim of setting a higher expectation for the standard of care that firms give consumers.