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Enforcement Watch
Issue 21

Editor's Note

Welcome to another edition of Enforcement Watch. As another 4 months go by, we see enforcement cases continue to come. But, what we also see is the FCA pointing to a possible new emphasis and a changed dynamic in future investigations.

Enforcement Case Highlights

12 October 2016: FCA fines and prohibits Sonali MLRO - read more

20 October 2016: Upper Tribunal has last word on Carrimjee case - read more

1 November 2016: 6 prohibitions for those involved in Unregulated Collective Investment Scheme - read more

7 November 2016: A sorry tale of consumer credit rejection at the Upper Tribunal - read more

On the Horizon

The New Rules on Regulatory References - read more

FCA to apply Conduct Rules to NEDs - read more

FCA and PRA Consult on the Duty of Responsibility for Senior Managers - read more

FCA Consults on its Mission - read more 

SMR shows we are not going soft, says head of FCA Enforcement - read more 

FCA fines and prohibits Sonali MLRO

The FCA has issued a Final Notice to Steven Smith, the former MLRO of Sonali Bank (UK) Limited ("SBUK").

Upper Tribunal has last word on Carrimjee case

The long running saga of Tariq Carrimjee has now finally come to an end.

6 prohibitions for those involved in Unregulated Collective Investment Scheme.

The FCA has published Final Notices banning six individuals involved in an unregulated collective scheme.

A sorry tale of consumer credit rejection at the Upper Tribunal

A Decision of the Upper Tribunal released on 7 November 2016 sets out the rather sorry tale of the rejection by the Tribunal of the reference by Köksal t/a Arcis Management Consultancy.

The New Rules on Regulatory References

The FCA and PRA have now published final rules regarding regulatory references for banks and insurers subject to the Senior Managers' and Certification Regime ("SMCR").

FCA to apply Conduct Rules to NEDs

As will now be well known, a central aspect of the new Senior Managers and Certification Regime ("SMCR") is the Code of Conduct Rules ("COCON") that apply to Senior Managers, certified employees and (from March 2017) certain other employees.

FCA and PRA Consult on the Duty of Responsibility for Senior Managers

For those following the evolution of the regulators' proposals in relation to the Senior Managers and Certification Regime (SMCR), the decision not to implement the proposed reversal of the burden of proof for Senior Managers (a focal point for much anxiety), appeared to be an important moment.

FCA Consults on its Mission

On 26 October 2016, the FCA launched a wide-ranging consultation into its "mission".

SMR shows we are not going soft, says head of FCA Enforcement

In a speech he delivered on 19 January 2017, Mark Steward (Director of Enforcement and Market Oversight at the FCA) explained that the fall in recent fines did not mean that the FCA had gone soft, nor that light touch had returned.