The following Financial Services practice note provides comprehensive and up to date legal information covering:
The power of the Financial Conduct Authority (FCA) to impose a financial penalty is an important regulatory tool. There are other sanctions available to the FCA to punish breaches or misconduct by individuals or firms and, indeed, financial penalties may be combined with other regulatory tools (such as prohibition)—however, the ability of the FCA to impose financial penalties is considered to be a one of the most useful tools in the regulator’s toolbox.
More than any other sanction, the imposition of financial penalties tends to attract the most publicity—specifically through the publication by the FCA of Decision Notices and Final Notices which set out the breach, the penalty and how the precise figure of penalty was determined. The effect of specific or general deterrence resulting from such publicly is highly valued by the regulator. Indeed, DEPP 6.1.2 states that financial penalties promote high standards of regulatory and/or market conduct by deterring persons who have committed breaches from committing further breaches or deterring other persons
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When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction
This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies,
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