Compliance Clarified's first episode of season 9 brings together Alexander Robson, managing editor, Helen Parry, senior regulatory expert and Rachel Wolcott, senior editor to discuss the state of UK Financial Conduct Authority's (FCA) enforcement and markets oversight division.
Does it have "all bases covered" as Therese Chambers, its new co-executive director for enforcement said in a speech? Or is its approach and execution of enforcement cases, to use the words of an Upper Tribunal judge, "highly unsatisfactory"?
Chambers and Steve Smart, the other co-executive director, have their work cut out for them. The 621-strong department is currently running 577 cases and 200 odd investigations. Cases are taking years to complete and a few recent Upper Tribunal judgments have gone against it and highlighted the department's errors and issues. Will the FCA close cases and focus, or open even more investigations?
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Links:
Julius Baer story: http://go-ri.tr.com/qQc7wA
BlueCrest stories
http://go-ri.tr.com/qQc7wA
http://go-ri.tr.com/0olu4N
http://go-ri.tr.com/fWunnj
http://go-ri.tr.com/hGFF7r
Gopee judgment: https://www.bailii.org/ew/cases/EWCA/Civ/2023/881.html
Outside the paywall:
UK FCA closed 37 enforcement cases in Q1; new leadership faces big challenges https://regintel-content.thomsonreuters.com/document/I838002305C6911EEA33AE89A432BD9D5
Contact us!
Alexander.Robson@thomsonreuters.com
Helen.Parry@thomsonreuters.com
Rachel.Wolcott@thomsonreuters.com
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
