Enforcement Watch Roundup Issue 37: May 2022 Editor's Note Whilst the enforcement actions of recent months that we highlight in this edition have been interesting, even more interesting is what we expect to see in future. Whether actions in the consumer credit industry, or in relation to greenwashing or the AR regime, On the Horizon sets out what we expect to see and why. We expect the coming years to be interesting for enforcement watchers. Read the full note Enforcement Case Highlights News FCA secures criminal convictions against former directors of Redcentric Plc In June 2020, we reported on an action the Financial Conduct Authority (FCA) had taken against Redcentric PLC, following findings that the company had published false and misleading accounts in 2015 and 2016. The accounts had materially overstated the company's cash position and misstated its net debt position. News FCA fines Barclays £783,800 for Premier FX oversight failings The Financial Conduct Authority (FCA) has imposed a fine on Barclays Bank Plc (Barclays) for failings in its oversight of its customer, Premier FX. News Lloyd's and Atrium: A cautionary tale of non-financial misconduct On 16 March 2022, the Lloyd's Enforcement Board issued a Notice of Censure and imposed a fine of over £1,000,000 on Atrium Underwriters Limited in relation to non-financial misconduct. This is the largest fine ever imposed by Lloyd's. On the Horizon News Credit Rating Agencies: The FCA's direction of travel Regulated credit rating agencies (CRAs) wield significant power over capital markets. News Principals and appointed representatives in the FCA's sights The FCA's thematic reviews of the general insurance sector and the investment management sector over the last few years have led it to identify significant shortcomings in the Appointed Representatives (AR) regime. News Dear CEO letter to consumer credit firms indicates a clamp down on financial promotions In its Strategy Document published in April 2022, the Financial Conduct Authority (FCA) made express reference to the rising costs of living driving greater demand for credit products. News FCA responds to Upper Tribunal recommendations in Forsyth case On 6 May, the FCA responded to the Upper Tribunal's recommendations set out in its decision in the case of Stuart Malcolm Forsyth v The Financial Conduct Authority and The Prudential Regulation Authority. News Greenwashing enforcement across the pond: a precursor to FCA action? On 23 May 2022, the US Securities and Exchange Commission (SEC) fined BNY Mellon Investment Adviser (BNYMIA) $1.5 million for ESG failings. Subscribe Never miss a publication by signing up to our mailing list Subscribe Enforcement Watch Roundup: Subscribe Enforcement Watch Roundup Issues Issue 44 Sep 2024 Issue 43 May 2024 Issue 42 Jan 2024 Issue 41 Sep 2023 Issue 40 May 2023 Issue 39 Jan 2023 Issue 38 Sep 2022 Issue 37 May 2022 Issue 36 Jan 2022 Issue 35 Sep 2021 Issue 34 May 2021 Issue 33 Jan 2021 Issue 32 Sep 2020 Issue 31 Jun 2020 Issue 30 Jan 2020 Issue 29 Jul 2019 Issue 28 Apr 2019 Share
News FCA secures criminal convictions against former directors of Redcentric Plc In June 2020, we reported on an action the Financial Conduct Authority (FCA) had taken against Redcentric PLC, following findings that the company had published false and misleading accounts in 2015 and 2016. The accounts had materially overstated the company's cash position and misstated its net debt position.
News FCA fines Barclays £783,800 for Premier FX oversight failings The Financial Conduct Authority (FCA) has imposed a fine on Barclays Bank Plc (Barclays) for failings in its oversight of its customer, Premier FX.
News Lloyd's and Atrium: A cautionary tale of non-financial misconduct On 16 March 2022, the Lloyd's Enforcement Board issued a Notice of Censure and imposed a fine of over £1,000,000 on Atrium Underwriters Limited in relation to non-financial misconduct. This is the largest fine ever imposed by Lloyd's.
News Credit Rating Agencies: The FCA's direction of travel Regulated credit rating agencies (CRAs) wield significant power over capital markets.
News Principals and appointed representatives in the FCA's sights The FCA's thematic reviews of the general insurance sector and the investment management sector over the last few years have led it to identify significant shortcomings in the Appointed Representatives (AR) regime.
News Dear CEO letter to consumer credit firms indicates a clamp down on financial promotions In its Strategy Document published in April 2022, the Financial Conduct Authority (FCA) made express reference to the rising costs of living driving greater demand for credit products.
News FCA responds to Upper Tribunal recommendations in Forsyth case On 6 May, the FCA responded to the Upper Tribunal's recommendations set out in its decision in the case of Stuart Malcolm Forsyth v The Financial Conduct Authority and The Prudential Regulation Authority.
News Greenwashing enforcement across the pond: a precursor to FCA action? On 23 May 2022, the US Securities and Exchange Commission (SEC) fined BNY Mellon Investment Adviser (BNYMIA) $1.5 million for ESG failings.