Enforcement Watch Roundup

Issue 35
7209

Editor's Note

Enforcement highlights include further criticism levied by the Upper Tribunal on the FCA, which will impact how they run proceedings in future. We have also seen the conclusion of the non-financial misconduct matter, Frensham, with the SMCR implications that will have. As for what is On the Horizon, the new proposed consumer duty shows that consumer protection remains at the heart of financial markets. Whilst the FCA's consultation on "streamlining" decision making gives rise to some real concerns.

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Enforcement Case Highlights

6 July 2021: Upper Tribunal Decision in Forsyth: excoriating criticism of the FCA and PRA in the first joint investigation referred to the Upper Tribunal - read more

4 August 2021: FCA wins case against Avacade in the Court of Appeal - read more

9 August 2021: FCA decides to fine and ban advisor to British Steel Pension Scheme members - read more

31 August 2021: Upper Tribunal upholds FCA decision to ban advisor with criminal conviction for sex offence (Frensham) - read more

21176

Upper Tribunal Decision in the case of Stuart Michael Forsyth: excoriating criticism of the FCA and PRA in the first joint investigation referred to the Upper Tribunal

The facts underlying the cases brought by the FCA and PRA (the Regulators) against Stuart Michael Forsyth and the decisions reached are set out in our Enforcement Watch Roundup article on the Decision Notices dated 30 September 2019.

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22797

FCA wins case against Avacade in the Court of Appeal

Avacade, AA and the three directors sought to appeal the substantive judgment on multiple grounds. However, on 4 August 2021, the Court of Appeal rejected their arguments.

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21411

FCA decides to fine and ban advisor to British Steel Pension Scheme members

The Financial Conduct Authority (FCA) has published a decision notice against Geoffrey Edward Armin proposing to fine him £1,284,523 and prohibiting from holding any senior management function or any function in relation to the regulated activity of advising on pension transfers.

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22779

Upper Tribunal upholds FCA decision to ban advisor with criminal conviction for sex offence (Frensham)

The Upper Tribunal (Tribunal) has dismissed the appeal of Jon Frensham against a decision of the Financial Conduct Authority (FCA) banning him from the industry.

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On the Horizon

A new consumer duty and looking out for vulnerable customers – new priorities for the FCA after lock-down - read more

FCA's Plans to Curtail the Role of the Regulatory Decisions Committee - read more

FOMO, the FCA and Token Regulation - read more

20871

A new consumer duty and looking out for vulnerable customers – new priorities for the FCA after lock-down

In mid-May 2021 the FCA published a consultation on the introduction of a new Consumer Duty.

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22783

FCA's Plans to Curtail the Role of the Regulatory Decisions Committee

In July 2021, we reported that the FCA was planning to redesign the role of the Regulatory Decision Committee. Later that month, the FCA began its consultation, with a view to completely abolishing the RDC's role in supervisory decision making.

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22621

FOMO, the FCA and Token Regulation

Charles Randell, Chair of the FCA and the Payment Systems Regulator, in his speech to the Cambridge International Symposium on Economic Crime on 6 September 2021, discussed how online platforms, legislators and regulators need to work collaboratively to ensure that the regulation of digital tokens prevents misconduct and financial crime without stifling innovation.

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