Table of contents
- Original news
- What is the background to this enforcement action?
- What did the FCA say about the breaches?
- Why is this enforcement particularly noteworthy?
- The size of the fine
- Joint FCA/PRA outcome
- Does the joint enforcement by the FCA and PRA reflect how seriously the regulators took the infringement?
- Should firms be concerned about the outcome in this case?
- What should lawyers advise their clients?
Article summary
Financial Services analysis: What are the implications for the banking sector following the record fine imposed by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)? David Scott, head of the financial institutions disputes group at Freshfields, explains the significance of this joint enforcement.
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