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Enforcement Watch
Issue 19

Editor's Note

Whilst not a blockbuster 4 months in terms of enforcement fines, the period covered in this edition sees both some important messaging to the industry and some new and unusual cases that are well worth a read.

Enforcement case highlights

4 February 2016:  Upper Tribunal scrutiny of FCA's gate-keeper role - Read more

9 February 2016: FCA levies fines on Achilles Macris - Read more

22 February 2016: WH Ireland £1.2m fine and a restriction on its business - Read more

14 April 2016: Subject of Decision Notice turns fire on FCA's investigation of his case - Read more

January- April 2016: Debt management companies suffer in the Tribunal - Read more

 

On the horizon

"Dear CEO" letter to spread-betting firms - Read more

FCA publishes its Business Plan for 2016/2017 - Read more

Joint FCA / PRA Consultation on Enforcement - Read more

STRs: FCA warns of under reporting across most asset classes - Read more

"Culture matters a great deal": Andrew Bailey final speech as CEO of the PRA - Read more

Upper Tribunal scrutiny of FCA's gate-keeper role

In the case of Abi Fol Consulting v. Financial Conduct Authority the Upper Tribunal has shone a light upon the often opaque process of applications for FCA approval or for Part 4A permissions.

FCA levies fines on Achilles Macris

In February, the FCA issued a Final Notice against Achilles Macris, former head of JP Morgan’s CIO International, imposing a fine of £792,900 in relation to his failure to disclose certain information arising from the “London Whale” trading in 2012.

WH Ireland £1.2m fine and a restriction on its business

In a Final Notice dated 22 February, the FCA fined WH Ireland £1.2 million and imposed a restriction pursuant to s.206A FSMA.

Subject of Decision Notice turns fire on FCA's investigation of his case

On 14 April 2016, the FCA published a Decision Notice in relation to Arif Hussein.

Debt management companies suffer in the Tribunal

Over the course of recent months, there have been a series of interim permission cases in front of the Upper Tribunal concerning debt management companies.

"Dear CEO" letter to spread-betting firms

In February, the FCA published a "Dear CEO" letter it had sent to around 100 authorised firms dealing in contracts for difference (CFD's).

FCA publishes its Business Plan for 2016/2017

In April, the FCA published its annual Business Plan. In addition to its core, day-to-day activities, the FCA identified seven areas of priority for 2016/17 which it says will be used to drive decisions regarding thematic projects and market studies.

Joint FCA / PRA Consultation on Enforcement

The FCA and the PRA published a joint consultation on 14 April 2016 entitled "Proposed Implementation of the Enforcement Review and the Green Report".

STRs: FCA warns of under reporting across most asset classes

In previous issues, we have reported on the sharp increases in Suspicion Transaction Reporting (STRs) in recent years. The FCA has now published the annual figures for 2015.

"Culture matters a great deal": Andrew Bailey final speech as CEO of the PRA

On 9 May 2016, Andrew Bailey addressed the City Week conference on a now familiar topic: the importance of culture in financial services. He made plain that culture remains a firm focus for both the PRA and the FCA and that senior management have a crucial role to play.