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Enforcement Watch Roundup

Issue 44: September 2024

Enforcement Watch Roundup

Editor's Note

Adam Epstein - Mishcon de Reya

Welcome to the 44th issue of Enforcement Watch, our three times a year round up of enforcement activity and look ahead.

Despite the number of years that we have been publishing EW (almost 15 years now), there are some firsts in this edition.  This last period is the first time that the FCA has seen fit to punish statutory auditors. And, it is the first time that the FCA has brought charges against an operator of cryptoasset ATMs.  Keeping it fresh after all these years.

Enforcement Highlights

News

30 July 2024: FCA loses appeal of Upper Tribunal costs order

On 30 July 2024, the Court of Appeal dismissed an appeal by the Financial Conduct Authority's ("FCA") against a decision by the Upper Tribunal (the "Tribunal") in which the FCA were ordered to pay a portion of the costs of two individuals, Thomas Seiler and Louise Whitestone, following the FCA's handling of the Seiler, Whitestone & Raitzin Tribunal case.

News

FCA levies fine for repeated VREQ breaches

The FCA has fined CB Payments Limited (CBPL), part of the Coinbase Group, just over £3.5 million, for breaching the terms of a voluntary requirement (VREQ) entered into in October 2020.

News
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14 August 2024: FCA applies serious financial hardship discount

On 14 August 2024, the FCA published two unconnected decisions in which it accepted arguments from the subjects of enforcement actions — a firm and an individual — that they would suffer serious financial hardship if the FCA imposed the penalties it had deemed appropriate for each case.

On the Horizon

News
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Lloyd's: new misconduct measures

On 12 September 2024, Lloyd's of London ('Lloyds') released a proposed new conduct framework, aimed at modernising and streamlining its methods for addressing improper conduct and behaviour in the marketplace, covering both financial and non-financial wrongdoing.

Enforcement Watch Roundup Issues

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