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Enforcement Watch Roundup

Issue 34: May 2021

Enforcement Watch Roundup
Post

Editor's Note

Some interesting enforcement cases these last few months. Readers may be particularly interested in cases we cover about non-financial misconduct and also about the cover up being worse than the crime.

Enforcement Case Highlights

On the horizon

News

The FCA's new approach to vulnerable customers: the guidance

In the most recent edition of Enforcement Watch, we discussed the FCA's forthcoming guidance on the treatment of vulnerable customers.  As we set out, the guidance is of relevance to those regulated firms dealing with retail consumers and seeks to bring about significant changes that chime very much with a wider societal concern to protect those particularly impacted by the COVID pandemic.

News

FCA Playing Hardball with Cryptoasset Applicants

On 10 January 2020, UK cryptoasset businesses became subject to the 2017 Money Laundering Regulations (the Regulations). At the same time, the FCA became the anti-money laundering and counter terrorist financing supervisor for these types of firms, which include exchanges and wallet providers.

News

Is the FCA's Supervisory Approach to AML Treating Customers Fairly?

Where the FCA finds that firms are in material breach of the AML Regulations, supervisors will require that a remediation plan is put in place by the firm, typically under the direction of a skilled person. To minimise the financial crime risk, the FCA may seek to restrict the activities of the firm until it is satisfied that the firm is compliant.

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