FCA and PRA investigations, enforcement and discipline

Overview Content for select subtopic is not present

Latest Financial Services News

FSCS declares Gibraltar motor insurer Premier Insurance Company Limited in default

The Financial Services Compensation Scheme (FSCS) has declared Gibraltar-based Premier Insurance Company Limited in default after the motor insurer stopped trading and ceased paying claims in full. As a result, FSCS has stepped in to protect over 16,000 UK policyholders, including individuals and small firms with an annual turnover of less than £1m. The insurer had offered car, van and motorbike insurance across the UK and its failure does not affect similarly named UK-based brokers or firms.

Kennedys' Rekha Cooke on the FCA senior managers regime

Law360, London: Reform of the senior managers regime by the Financial Conduct Authority (FCA) will cut red tape but bring new risks of bad behaviour. Ahead of the regime change, lawyers warn that companies must strengthen their governance now, or bad apples could slip through the net.

US Treasury and UK FCDO impose coordinated sanctions on Southeast Asian cybercriminal networks

The US Treasury's Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), coordinating with the UK's Foreign, Commonwealth & Development Office (FCDO), imposed sanctions on 146 targets within the Prince Group Transnational Criminal Organization. FinCEN finalised a rule under section 311 of the USA PATRIOT Act severing Huione Group from the US financial system for laundering $4bn in illicit proceeds. The UK froze a £12m North London mansion and other properties owned by the Cambodia-based network led by Chen Zhi, which operates scam compounds using forced labour for online investment fraud targeting US and UK citizens.

EIOPA issues final report on revised guidelines for determining market shares for reporting

The European Insurance and Occupational Pensions Authority (EIOPA) has issued its Final Report on the revised guidelines on the methods for determining the market shares for reporting, finalising the review of its 2015 guidelines under the Solvency II Directive. The report includes the final revised guidelines and an explanatory text, and a feedback statement following public consultation. The revised guidelines will apply from 30 January 2027, replacing the 2015 version.

View Financial Services by content type :

News

Practice notes

Precedents

Q&As

Popular documents

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an

Glossary—Latin legal terms

Glossary—Latin legal termsDespite attempts in recent years to simplify the language used in legal cases, there are still a number of Latin phrases commonly used in personal injury claims. The following Latin phrases are listed in alphabetical order:Latin