Maintaining the integrity and cleanliness of the financial markets remains a key FCA priority and, indeed, is a statutory legal obligation on the regulator. Against that, however, is the fact that FCA’s track record in taking enforcement action against insider dealing and other forms of abusive behaviour is relatively poor. Since 2017 it has only…

The FCA’s long-awaited anti-greenwashing rule came into force on 31 May 2024. This rule is part of the wider Sustainability Disclosure Requirements regime and reflects the FCA’s strong commitment to ESG and to supporting the Government’s commitment to achieving net zero by 2050.

The anti-greenwashing rule, which is contained in a new Chapter 4.3 of…

The FCA’s recent consultation (CP24/2) on changes to its enforcement process has provoked what appears to be unanimous opposition from government and industry bodies. Of particular concern is the proposal in consultation paper (“the CP”) that the FCA will publish information about its enforcement investigations, including the identity of the subject of the…

The bankers’ bonus cap has been scrapped in the UK from 31 October 2023 as a post-Brexit measure reportedly designed to liberalise City pay and boost the competitiveness of the UK as a financial centre.

First introduced by the European Union in 2014 in response to the 2008 financial crisis, the cap limited bonuses to twice employees’ basic…

In the absence of any finding that Markou had failed to comply with any Statement of Principle as alleged, the UT determined that the appropriate action for the FCA to take was not to impose any financial penalty or prohibition on Markou at all.Unusually, and perhaps indicating the level of concern inside the regulator as…

Under the Senior Managers and Certification Regime (“SMCR”), which was introduced by the Financial Conduct Authority (“FCA”) to seek to remedy perceived industry wide failings following the 2008 financial crash, regulated staff must meet certain standards of fitness and propriety and will be personally accountable to the FCA for any failure to do so.

Firms…

Non-financial misconduct has been an area of increasing regulatory focus for the Financial Conduct Authority (FCA) over the last five years. To date, published regulatory outcomes have focused on the most egregious end of the spectrum, with the FCA handing out bans and fines for those already convicted in the criminal courts of serious sexual…