Category: Enforcement

FCA warns authorised firms about the risks of using introducers & lead generators – but fails to warn introducers about the bigger risks they’re running for themselves

The UK’s Financial Conduct Authority has warned UK authorised firms about the significant legal and regulatory risks associated with accepting business from or through (un)authorised introducers and lead generators. The warning lists 6 “areas of concern identified”; 7 “warning signs”; and 7 things for authorised firms to do next. The warning follows […]

A new UK corporate criminal offence: failure to prevent the facilitation of tax evasion

The UK’s tax authority, Her Majesty’s Revenue & Customs (HMRC), has just closed its consultation on a new corporate criminal offence: failure to take reasonable steps to prevent tax evasion. The offence The offence will have three stages:

FCA fines Towergate & a former director for breaching FCA client money rules

The FCA has fined Towergate Underwriting Group Limited £2,632,000; and Timothy Duncan Philip, a former director of, and the client money officer for, TUGL, £60,000. It has also prohibited Mr Philip from having any direct responsibility for client or insurer money in future.

So that’s a “collective investment scheme” – the Court of Appeal sorts it out (Part II); and the FCA issues a warning

The Supreme Court has refused to give the 16 defendants (*) in the FCA -v- Capital Alternatives Limited case permission to appeal against the decision of the Court of Appeal that an African Land Scheme and a Carbon Credit Scheme, (a) were collective investment schemes; and (b) had been established, and were being […]

FCA announces that its CEO is stepping down

Martin Wheatley, the CEO of the UK’s Financial Conduct Authority, is to step down on 12 September 2015. He will remain as an advisor to the FCA’s Board until the end of January 2016. The FCA’s press release does not give a reason for Wheatley’s departure, although there is speculation […]

The FCA gets its man on the second attempt, and for the second time – absence of lie detector test unsurprising

The UK’s Financial Conduct Authority (FCA) has just published a brief Final Notice, addressed to Stephen Robert Allen, formally recording and implementing its decision to ban him from carrying on any controlled function on the grounds that he’s not a fit and proper person to do so. The Notice itself is […]

FCA imposes largest fine of its kind on Bank of New York Mellon (London Branch) & Bank of New York Mellon International Ltd

The UK’s Financial Conduct Authority (FCA) has fined The Bank of New York Mellon (London Branch) (LB) and The Bank of New York Mellon International Limited (IL) £126m for breaching Principle 10 of the FCA’s Principles for Businesses (Clients’ assets), as well as rules in Chapter 6 (Custody rules) and Chapter […]