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Enforcement Watch Roundup

Issue 37
7320

Editor's Note

Whilst the enforcement actions of recent months that we highlight in this edition have been interesting, even more interesting is what we expect to see in future. Whether actions in the consumer credit industry, or in relation to greenwashing or the AR regime, On the Horizon sets out what we expect to see and why. We expect the coming years to be interesting for enforcement watchers.

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Enforcement Case Highlights

11 February 2022: FCA secures criminal convictions against former directors of Redcentric Plc - read more

24 February 2022: FCA fines Barclays £783,800 for Premier FX oversight failings - read more

16 March 2022: Lloyd's and Atrium: A cautionary tale of non-financial misconduct - read more

23743

FCA secures criminal convictions against former directors of Redcentric Plc

In June 2020, we reported on an action the Financial Conduct Authority (FCA) had taken against Redcentric PLC, following findings that the company had published false and misleading accounts in 2015 and 2016. The accounts had materially overstated the company's cash position and misstated its net debt position.

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23817

FCA fines Barclays £783,800 for Premier FX oversight failings

The Financial Conduct Authority (FCA) has imposed a fine on Barclays Bank Plc (Barclays) for failings in its oversight of its customer, Premier FX.

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23871

Lloyd's and Atrium: A cautionary tale of non-financial misconduct

On 16 March 2022, the Lloyd's Enforcement Board issued a Notice of Censure and imposed a fine of over £1,000,000 on Atrium Underwriters Limited in relation to non-financial misconduct. This is the largest fine ever imposed by Lloyd's.

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On the Horizon

Credit Rating Agencies: The FCA's direction of travel - read more

Principals and appointed representatives in the FCA's sights - read more

6 May 2022: Dear CEO letter to consumer credit firms indicates a clamp down on financial promotions - read more

6 May 2022: FCA responds to Upper Tribunal recommendations in Forsyth case - read more

23 May 2022: Greenwashing enforcement across the pond: a precursor to FCA action? - read more

23811

Credit Rating Agencies: The FCA's direction of travel

Regulated credit rating agencies (CRAs) wield significant power over capital markets.

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24057

Principals and appointed representatives in the FCA's sights

The FCA's thematic reviews of the general insurance sector and the investment management sector over the last few years have led it to identify significant shortcomings in the Appointed Representatives (AR) regime.

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24017

Dear CEO letter to consumer credit firms indicates a clamp down on financial promotions

In its Strategy Document published in April 2022, the Financial Conduct Authority (FCA) made express reference to the rising costs of living driving greater demand for credit products.

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24064

FCA responds to Upper Tribunal recommendations in Forsyth case

On 6 May, the FCA responded to the Upper Tribunal's recommendations set out in its decision in the case of Stuart Malcolm Forsyth v The Financial Conduct Authority and The Prudential Regulation Authority.

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24061

Greenwashing enforcement across the pond: a precursor to FCA action?

On 23 May 2022, the US Securities and Exchange Commission (SEC) fined BNY Mellon Investment Adviser (BNYMIA) $1.5 million for ESG failings.

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