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Enforcement Watch Roundup

Issue 42: January 2024

Enforcement Watch Roundup

Editor's Note

Adam Epstein - Mishcon de Reya

There has been an interesting variety of enforcement case topics in the last 4 months, although the seemingly ever constant issue of delay still features. As to what may be on the horizon, the hot topic of Consumer Duty may be of particular interest. We hope you find the publication useful.

Read the full note

Enforcement Highlights

News

FCA fines Equifax for failing to secure UK consumer data

Six years after it announced the commencement of its investigation, the Financial Conduct Authority (FCA) has issued a Final Notice against Equifax Ltd (Equifax) and fined the firm a total of £11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company, Equifax Inc, based in the US.

News
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FCA issues Final Notice to London Capital & Finance

The Financial Conduct Authority (“the FCA”) issued a Final Notice against London Capital & Finance plc (“LCF”) for contravening regulatory requirements (pursuant to section 205 of the Financial Services and Markets Act 2000). The Final Notice contained a statement censuring LCF for failing to ensure that its financial promotions were fair, clear and not misleading.

News
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Examining the FCA's Decision Notice against James Staley

On 12 October, the Financial Conduct Authority ('FCA') published a Decision Notice against the former CEO of Barclays, James Staley, imposing a fine of £1,812,800 and prohibiting him from performing any senior management or significant influence functions in the financial services industry. The FCA's decision related to Mr Staley's approval of a letter, sent by Barclays to the FCA, which the FCA found contained misleading statements about the nature of Mr Staley's relationship with Jeffrey Epstein.

On the Horizon

News
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The Consumer Duty: Lessons from 2023 and predictions for 2024

Since its implementation in July 2023, the Consumer Duty has created a shift in the financial services industry, both in terms of the FCA's expectations and the regulation itself. The Duty has been described by the FCA as "a golden thread" running through the entirety of the FCA's work and engagement with the industry. In a drive to achieve better outcomes for customers, we have seen the Duty being used as a tool by the FCA to impose change and higher standards within industry.

News

Analysing the FCA's Consultation Paper on Diversity and Inclusion in the Financial Sector

On 25 September 2023, the FCA published Consultation Paper (CP23/20), entitled Diversity and Inclusion in the Financial Sector. The Consultation Paper, which is underpinned by the idea that increased Diversity and Inclusion ('D&I') will lead to better outcomes for firms and consumers, sets out proposals for the introduction of a new regulatory framework on D&I in the financial sector.

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