The following Financial Services practice note Produced in partnership with DLA Piper UK LLP provides comprehensive and up to date legal information covering:
On 6 October 2015, the Financial Conduct Authority (FCA), alongside the Prudential Regulation Authority (PRA) published policy statements containing new rules (PS24/15 PRA: 'Whistleblowing in deposit-takers, PRA-designated investment firms and insurers' and PS 15/24 FCA: 'Whistleblowing in deposit-takers, PRA-designated investment firms and insurers') designed to encourage a culture in which individuals raise concerns and challenge poor practice and behaviour within firms (ie ‘blow the whistle’). The new regimes represented a significant expansion on the scope of the previous rules and guidance on whistleblowing.
Under the regime relevant firms are required to:
appoint a senior manager as their whistleblowers’ champion
adopt internal whistleblowing arrangements to handle all types of disclosure from all types of persons
inform UK-based employees about the FCA and PRA whistleblowing services, and require appointed representatives and tied agents to inform their UK-based employees about the FCA whistleblowing service
present a report on whistleblowing to the board at least annually
incorporate text in settlement agreements explaining that workers have a legal right to whistleblow, and
inform the FCA if it loses an employment tribunal with a whistleblower
The requirement to appoint a whistleblowers’ champion came into force on 7 March 2016 and the remaining requirements came into force from 7 September 2016.
In September 2016, the PRA and FCA consulted on extending certain aspects of the whistleblowing requirements to UK
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Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
What is a company's constitution?A company’s 'constitution' is defined under the Companies Act 2006 (CA 2006) as including:•the company’s articles of association, and•any resolutions and agreements affecting a company’s constitutionThe CA 2006 definition of 'constitution' is not exhaustive and also
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
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