News & Analysis as of

Enforcement Actions Financial Crimes Financial Conduct Authority (FCA)

A&O Shearman

FCA operation against unauthorised finfluencers

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published a press release on its leading international crackdown on illegal financial influencers (finfluencers) in collaboration with regulators from Australia, Canada, Hong Kong,...more

WilmerHale

FCA's Regulatory Plans Signal Cause For Cautious Optimism

WilmerHale on

Supporting growth, fighting crime, helping consumers and being a smarter regulator: These are the four predictable priorities identified in the Financial Conduct Authority's 2025-2030 strategy document, released on March 25. ...more

A&O Shearman

Financial Crime: The FCA’s Strategy for 2025 – 2030

A&O Shearman on

In its strategy for the next five years, financial crime remains a priority for the UK Financial Conduct Authority (FCA). While the FCA acknowledges the significant efforts firms invest in their anti-financial crime systems,...more

A&O Shearman

Rebalancing risk and building trust: The FCA’s new five year strategy

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published its strategy for the next five years and it has a very different tone and objective to the three-year strategy it shared in 2022. This shift in tone reflects developments...more

A&O Shearman

New U.K. regulatory landscape: enforcement and supervision shift

A&O Shearman on

This article examines the latest trends in U.K. regulatory enforcement and supervisory action and highlights the key takeaways for firms in 2025 and beyond. Over the past 18 months, the Financial Conduct Authority (FCA)...more

Ankura

Is Internal Audit Falling Short?

Ankura on

Against the backdrop of the recent “Dear CEO” letter issued by the Financial Conduct Authority (FCA), and the number of regulatory enforcement actions, this article aims to explore the role of Internal Audit (IA) in ensuring...more

K&L Gates LLP

Lessons on Effective Financial Crime Controls: The Starling Bank Example

K&L Gates LLP on

The Financial Conduct Authority (FCA) recently levied a jaw-dropping £29 million fine against Starling Bank (Starling). The fine follows an investigation by the regulator, which exposed the bank's "shockingly lax" sanctions...more

King & Spalding

FCA Fines Starling Bank Over Financial Sanctions Screening Failures

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On 27 September 2024, the Financial Conduct Authority (“FCA”), imposed a financial penalty of approximately £29 million on the British bank – Starling Bank Limited (“Starling”) – for failings related to its financial crime...more

A&O Shearman

Financial Conduct Authority Talks about a Targeted and Outcomes-Based Approach to Tackling Financial Crime

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The Financial Conduct Authority has published a speech by Sarah Pritchard, FCA Executive Director, Markets and International, on taking a targeted and outcomes-based approach to tackling financial crime....more

BCLP

FCA publishes its 2022/23 Annual Report and Enforcement data

BCLP on

The FCA released its 2022/23 Annual Report last week together with data on its key enforcement trends. We consider below some of the key takeaways....more

A&O Shearman

The results are in: Our top 10 enforcement insights from the FCA’s Annual Report for 2022/23

A&O Shearman on

Last week, the FCA published its Annual Report for 2022/23, which included the usual FCA annual enforcement performance data. Below we have selected 10 key points from the Annual Report that are interesting from an...more

A&O Shearman

FCA takes enforcement action against broker for market abuse identification and reporting failures – behind the headlines

A&O Shearman on

Although, the FCA’s press release announcing its enforcement action against Sigma Broking Limited (Sigma) refers to “market abuse reporting failures”, some of the most interesting points in this case do not relate to the...more

A&O Shearman

MLROs in the spotlight – what does the FCA expect?

A&O Shearman on

The role of the Money Laundering Reporting Officer (MLRO) within authorised firms has been the subject of ever-growing scrutiny from the UK Financial Conduct Authority (FCA). In January 2022, the FCA issued written guidance...more

K&L Gates LLP

Lessons to be Learned – FCA Fines JLT Specialty Limited £7.8 Million for Financial Crime Control Failings

K&L Gates LLP on

In June of this year, the Financial Conduct Authority (FCA) took enforcement action against JLT Specialty Limited (JLT) for the second time in the space of a decade. The fine of approximately £7.8 million is in response to...more

A&O Shearman

FCA and PRA Enforcement Action: Trends from 2021 and Predictions for 2022

A&O Shearman on

As the dust looks like it is starting to settle on the Covid-19 pandemic, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have been busy resuming their enforcement agendas. Originally...more

A&O Shearman

UK Financial Conduct Authority seeks to ban senior manager for oversight failings, following Upper Tribunal ruling that the...

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The CEO of a mortgage intermediary is challenging a Financial Conduct Authority (FCA) decision to fine and prohibit him in relation to oversight failures....more

Jenner & Block

Systems and controls failings lead to criminal charges for UK NatWest Bank

Jenner & Block on

NatWest pleaded guilty on Thursday 7 October 2021 to criminal charges brought by the UK financial services regulator, the Financial Conduct Authority (the “FCA”). The FCA had charged NatWest with failing to properly monitor...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent AML Enforcement Trends in the UK

The UK has stepped up its anti-money laundering (AML) enforcement approach in recent months, both issuing larger fines and looking to expand the scope of activities it regulates. Historically, the UK has consistently taken a...more

NAVEX

The Future of U.K. Enforcement of Financial Crimes: Four Clues for 2015

NAVEX on

The legal and compliance landscape is changing quickly—it’s up to organisations that do business in the U.K. to strengthen their compliance programmes to meet these new challenges. In this whitepaper, Andrew Foose, vice...more

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