Significant influence definition

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SM&CR Forms—Checklist

SM&CR Forms—Checklist The following checklist sets out the forms that are relevant to the Senior Managers and Certification Regime (SM&CR). Summaries of forms, their use in complying with the SM&CR, and how to submit, amend and withdraw them, are provided in the Financial Conduct Authority (FCA) Handbook, primarily in: • SUP 10C.15—Forms and other documents and how to submit them to the FCA • SUP 10C Annex 2G—Summary of forms and their use in the Senior Managers Regime Note that for credit unions, the FCA Handbook references will differ—see SUP 10C.15.10. The Prudential Regulation Authority (PRA) provides guidance on submitting, amending and withdrawing forms in the Senior Managers Regime — Applications and Notifications; Fitness and Propriety and Notifications provisions of the PRA Rulebook and on its website . The relevant chapter of the PRA Rulebook should be consulted depending on the sector. Practical guidance on reporting information on Directory Persons (for example staff holding a Certification Function under the SM&CR) to the FCA is set out...

Keywords for the Financial Services Enforcement Database

Keywords for the Financial Services Enforcement Database The Financial Services Enforcement Database contains detailed information on all substantive Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) Final Notices and, where available, Decision Notices from 2014 to the present. It also includes any Decision Notices issued by the Payment Systems Regulator (PSR). In addition to allowing users to filter by rule breach, the Enforcement Database also enables users to filter by sector, keywords, seriousness factors, aggravating factors, mitigating factors, financial penalty and other action such as appeals. This document sets out the keywords for the Financial Services Enforcement Database. It can be used as a tool to assist in identifying words and terms to search for across the Database. Keywords Following is a complete list of the keywords used in the Financial Services Enforcement Database: • Abuse of position • Affordability • Anti-money laundering (AML) systems and controls • Appointed representative • Asset Management • Benchmarks • Anti-bribery and corruption (ABC) systems and controls • British Steel Pension Scheme (BSPS)...

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Non-UCITS retail schemes (NURS)

Non-UCITS retail schemes (NURS) This Practice Note explores non-UCITS retail schemes (NURS) and comments on investment powers, key investor information documents (KIIDs), promotion and NURS that are funds of alternative investment funds (FAIFs) or property authorised investment funds (PAIFs). What is a NURS? Alongside UK-authorised undertakings for collective investment in transferable securities (UCITS), non-UCITS retail schemes (NURS) are a second form of UK-regulated collective investment scheme (CIS). A NURS can take the form of an authorised unit trust (AUT), an open-ended investment company (OEIC), or an authorised contractual scheme (ACS). Other forms of non-UCITS scheme which are authorised by the Financial Conduct Authority (FCA) are the Qualified Investor Scheme (QIS), which is designed for professional clients rather than retail clients, and the Long Term Asset Fund (LTAF) which is designed to invest in illiquid and long-term assets. For more information on QIS, see Practice Note: Qualified investor schemes (QIS) and for more information on LTAFs see Practice Note: The UK Long-Term Asset Fund (LTAF). In general terms, an...

Setting up a corporate joint venture—initial considerations

Setting up a corporate joint venture—initial considerations Joint venture The term joint venture has no specific legal meaning under UK law. It is essentially a commercial arrangement between two or more parties who agree to pool their resources for the purpose of accomplishing an intended project (or other business activity) and share the resulting rewards. It describes many different types of situations that range from structural arrangements that create or change the economic control of a legal entity, such as joint venture companies or partnerships, to non-structural arrangements such as contractual joint projects and informal (undocumented) collaborations. A joint venture can be formed for one specific project, period or a continuing business relationship. Joint ventures are used in a variety of sectors. There are a variety of reasons why parties may consider forming a joint venture to pursue a project or business, such as: • they lack the necessary knowledge, expertise, technology, resources and/or funding • by sharing the requirement to provide funding, they thereby reduces the financial risk...

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Guide to beneficial ownership for staff

Guide to beneficial ownership for staff 1 Introduction to this guide 1.1 [Insert firm name] is required by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 (MLR 2017), as amended, to put systems and controls in place to combat money laundering, terrorist financing and proliferation financing. 1.2 Our AML, CTF and counter-proliferation financing policy contains the procedures we have developed to comply with these obligations. This includes a requirement to conduct client due diligence (CDD), ie to: 1.2.1 identify and verify the client’s identity; 1.2.2 identify the beneficial owner where this is not the client; and 1.2.3 obtain details of the purpose and intended nature of the business relationship. 1.3 This document provides guidance on the second requirement, ie to identify the beneficial owner. 2 What/who is a beneficial owner? 2.1 A beneficial owner is the natural person(s) who: 2.1.1 ultimately owns or controls the client; or 2.1.2 on whose behalf a transaction is being...

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How are charities handled under the PSC regime?

How are charities handled under the PSC regime? The two main categories of entity that should be recorded on a PSC register are registrable individuals with 'significant control' (as defined in accordance with the five conditions set out in Schedule 1A, Part 1 to the Companies Act 2006 (CA 2006)), and any other registrable 'relevant legal entities' (RLEs) that have significant control and are 'subject to their own disclosure requirements'. Charities typically establish themselves as either trusts, unincorporated associations, charitable incorporated organisations (CIOs) or companies limited by guarantee. Some of these structures will therefore have to maintain their own PSC register. In addition, if they are themselves legal entities, they are likely to be registrable RLEs which may appear in the PSC register of a particular company or LLP which they happen to have significant control or influence over. Others may not be registrable RLEs but any investigating company or LLP must then trace through these entities until it finds an indirect PSC or RLE (or otherwise determine...

Are legal advisors obliged to respond to people with significant control information request notices under section 790D(5) of the Companies Act 2006?

Are legal advisors obliged to respond to people with significant control information request notices under section 790D(5) of the Companies Act 2006? The PSC regime applies to UK incorporated companies limited by shares or guarantee (including community interest companies), LLPs, unlimited companies, unregistered companies, SEs and (as a result of the Scottish Partnerships (Register of People with Significant Control) Regulations 2017, SI 2017/694 (Scottish Regulations)) eligible Scottish partnerships (Scottish limited partnerships and Scottish qualifying general partnerships). These entities are required to update their own registers within 14 days, and to update the information held on the central register at Companies House within a further 14 days (except eligible Scottish partnerships which are not required to keep a PSC register but are only required to deliver PSC information to Companies House within 14 days). The framework of the new regime is set out in the new Part 21A of the Companies Act 2006 (CA 2006), as inserted by Schedule 3 to the Small Business, Enterprise and...

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Ex-Barclays boss Staley loses UK industry ban case over Epstein links

MLex: Former Barclays boss Jes Staley has lost his bid to overturn a ban from the UK’s financial services industry following a UK tribunal ruling on 26 June 2025, but was given a reduced fine in the case. The former chief executive faced off against the UK’s Financial Conduct Authority (FCA) in early 2025 at the Upper Tribunal in London as he fought to salvage his reputation over his links to disgraced US financier Jeffrey Epstein. In a ruling on 26 June 2025, judges said that the FCA was right to impose the industry ban, but the tribunal reduced the financial penalty imposed on Staley.

What Santander fraud ruling means for UK banking sector

Law360, Expert analysis: A London court delivered its judgment on 25 March 2025 in the recent authorised push payment (APP) fraud case, ruling in favour of Santander in its defence of a claim brought by CCP Graduate School. The High Court found that Santander did not owe CCP any duty of retrieval. The bank did not assume any duty toward third-party victims of fraud, with whom it did not have a contractual relationship. Caroline Greenwell, partner, and Bella Henry, associate, at Charles Russell Speechlys LLP, consider the facts and ultimate decision in Santander before analysing how significant this decision will be for the banking sector and, accordingly, whether it is likely to influence how banks manage their obligations to customers and third parties. Finally, this article will address the mandatory reimbursement requirement (MRR), implemented by the Payment Systems Regulator (PSR) and the Bank of England in October 2024, and how the regime has been faring in its initial months.