Linklaters

This Practice Note covers the power of the FCA or PRA under section 56 of the Financial Services and Markets Act 2000 (FSMA 2000) to impose a prohibition order on individuals who are not fit and proper from carrying out functions in relation to regulated activities carried on by firms. It covers prohibition orders against approved persons and other individuals and the regulators’ considerations in making such an order. It also considers the procedure for making prohibition orders and the individual’s right to refer the matter to the Upper Tribunal. Finally it considers how prohibition orders can be varied or revoked.

This Practice Note explains the enforcement powers of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to issue a public censure (statement) and the relevant provisions of the FCA’s Enforcement Guide (EG), the FCA’s Decision Procedure and Penalties Manual (DEPP) and the PRA’s approach to enforcement: statutory statements of policy and procedure. It considers the definition of a public censure, the regulators’ powers to impose a public censure, the regulators’ approach to imposing a public censure rather than a financial penalty, the regulators’ process for issuing a public censure and examples of FCA public censures and PRA public censures. It also summarises the Payment Systems Regulator (PSR)’s enforcement powers to issue public censures.

This Practice Note considers the FCA and PRA’s powers of search and seizure under warrant. It provides practical advice on how to be ready for a dawn raid, and sets out a detailed checklist of ‘do’s’ and ‘don’ts’ for individuals and firms responding to the execution of a warrant.

This Practice Note, produced in partnership with Richard Bussell, Rebecca Jarvis and Paul Sidle of Linklaters LLP, looks at what insolvency practitioners (IP) need to know about the persons of significant control (PSC) regime.

This Practice Note outlines the power of UK regulators to require the appointment of an external 'skilled person' to produce a report into a particular aspect of a firm's business, or to collect or update information by virtue of the Financial Services and Markets Act 2000, s 166–166A. It also provides practical advice on dealing with a skilled person review.

This Practice Note considers the implications of the Financial Conduct Authority’s (FCA) Consumer Duty for payments and electronic money (or e-money) firms. In particular, it considers the scoping exercise for payment and e-money firms, including relevant exclusions, the meaning of material influence, and the proportional application of the Duty. For those activities of a payments or e-money firm which fall within the scope of the Duty, it sets out a number of key considerations in respect of each cross-cutting obligation and each of the four retail customer outcomes.

This Practice Note has been archived and is not maintained. It looks at the self-certification system for tax-advantaged share plans, namely company share option plans, share incentive plans and save as you earn schemes. This Practice Note is produced in partnership with James Jaques & Mirit Ehrenstein of Linklaters.

This Practice Note provides an overview of the use of attestations by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). It also provides practical guidance for firms and senior managers providing attestations.