The following Financial Services practice note provides comprehensive and up to date legal information covering:
The disciplinary powers of the Financial Conduct Authority (FCA) are found in Part XIV of the Financial Services and Markets Act 2000 (FSMA 2000). The FCA can discipline firms and individuals under Part XIV as follows:
by issuing a public censure–FSMA 2000, s 205
by giving a fine–FSMA 2000, s 206
by suspending permission to carry on regulated activities–FSMA 2000, s 206A
The use of a public censure is an important regulatory tool. By imposing public censures the FCA is showing that it is upholding its regulatory standards and principles in maintaining market confidence and deterring financial crime. An increased public awareness of regulatory standards also contributes to the protection of consumers.
By issuing a public censure the FCA is aiming to change the behaviour of the recipient, and also to send a message out to similar firms engaged in comparable activities (and to achieve 'credible deterrence', which is its enforcement strategy). The FCA also aims to remove any financial gain or benefit that
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Criminal offences are generally divided into two categories: •conduct crimes, and •result crimesA conduct crime is a crime where only the forbidden conduct needs to be proved. For example, an accused is guilty of dangerous driving if they drove a motor vehicle dangerously on a road or other public
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.