In the 49th edition of Enforcement Watch Roundup, Guy Wilkes is joined by barrister James Purchas of 4 Pump Court to discuss key recent PRA and FCA enforcement cases, including Banque Havilland, UK Insurance, John Wood Group, Richard Howson/Carillion, and HTX. Guy and James explore three emerging themes: regulators developing more sophisticated tools for calculating penalties, the real dividends that cooperation continues to deliver, and the practical challenges - and pragmatic workarounds - involved in enforcing against overseas entities