Investigations, enforcement and discipline

Investigations, enforcement and discipline guidance:

Over the past decade, there have been major concerns surrounding the administration and manipulation of financial market benchmarks, which have led to investigations by...

Practice Note

The Financial Conduct Authority (FCA) has various powers (see sections 97, 131E, 131F, 165–169, 171–173, 175, 176 and 284 of the Financial Services and Markets Act 2000...

Practice Note

There are a number of disclosure issues that can arise when dealing with the financial services regulators. The points set out below apply equally to dealings with the...

Practice Note

Search and seizure—the law The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) (together, the Regulators) have powers of entry, search and...

Practice Note

Note, on 7 March 2016 the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APER) for SM&CR banking firms; and on 10 December 2018...

Practice Note

Introduction to FCA penalties The power of the Financial Conduct Authority (FCA) to impose a financial penalty is an important regulatory tool. There are other sanctions...

Practice Note

This Practice Note explains the initial stages and investigative steps in the Financial Conduct Authority’s (FCA) enforcement process once a breach has been identified....

Practice Note

Background to partly contested cases On 1 February 2017, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a joint Policy...

Practice Note

In the UK, the regulation of the financial services sector is conducted by two separate regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation...

Practice Note

Once FCA Enforcement has commenced a formal investigation into a potential breach of FCA rules, the subject of the investigation may have the opportunity to resolve the...

Practice Note

Private warnings Private warnings are important regulatory tools used by the FCA. They are used by the FCA in order to achieve its regulatory objectives under the...

Practice Note

Prohibition orders The FCA has power under the Financial Services and Markets Act 2000, s 56 (FSMA 2000) to prohibit individuals who are not fit and proper from carrying...

Practice Note

Introduction to third-party rights under FSMA 2000 Third-party rights deriving from the disciplinary powers in the Financial Services and Markets Act 2000 (FSMA 2000)...

Practice Note

In addition to their formal investigatory and enforcement powers, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are also able to...

Practice Note

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are separate legal entities that operate with different objectives, with separate...

Practice Note

What is the Upper Tribunal (Tax and Chancery Chamber)? The Upper Tribunal is an appellate tribunal created by the Tribunals, Courts and Enforcement Act 2007. The Tax and...

Practice Note

Offences relating to financial services The Financial Services Act 2012 (FSA 2012) created three offences relating to market manipulation where formerly under section 397...

Practice Note

The consequences of a failure to comply with a requirement under Part XI of the Financial Services and Markets Act 2000 (FSMA 2000) (for example, failure to provide...

Practice Note

PRA Enforcement Priorities The Financial Services and Markets Act 2000 (FSMA 2000) grants the PRA statutory powers to discipline PRA-authorised firms in the event that...

Practice Note

Disciplinary powers of the FCA The disciplinary powers of the Financial Conduct Authority (FCA) are found in Part XIV of the Financial Services and Markets Act 2000 (FSMA...

Practice Note

Introduction The regulation of senior managers in the financial services industry has gone through a seismic shift in recent years. The Senior Managers and Certification...

Practice Note

Background The power to require a firm to obtain a report from an independent skilled person (at the firm's own expense) under the Financial Services and Markets Act...

Practice Note

The Investigatory Powers Act 2016 (IPA 2016) received Royal Assent on 29 November 2016 and overhauled the legal framework governing the use of covert surveillance by...

Practice Note

Introduction to the ADR Directive The Directive on Alternative Dispute Resolution for consumer disputes 2013/11/EU (the ADR Directive) is intended to promote the use of...

Practice Note

What is an attestation? The Financial Conduct Authority (FCA) may request an attestation from a firm as an investigatory tool where it suspects a rule breach, by...

Practice Note
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