Megan Butler, the FCA’s Director of Supervision – Investment, Wholesale and Specialists, delivered a speech outlining the FCA’s key areas of concern and subsequent activity in the advice and investment management market. https://www.fca.org.uk/news/speeches/assessing-value-financial-advice Highlights: Financial advice and investment management is of unprecedented importance to society, now more than ever. The FCA is particularly active in […]

The FCA and the PRA have published policy statements (PRA PS24/15 and FCA PS15/24) containing new rules in relation to whistleblowing. This follows consultation earlier this year (see daily news 24 February 2015). The new rules apply to UK deposit-takers with assets in excess of £250 million, PRA-designated investment firms, and insurance and reinsurance firms […]

On 6 October 2015, the PRA issued a policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers (SS39/15). http://bit.ly/1MjpHVN Alongside this, the FCA has published its policy statement on whistleblowing in deposit-takers, PRA-designated investment firms and insurers (PS15/24). http://bit.ly/1jSz8Af The PRA and FCA are introducing a “package” of new whistleblowing rules designed to build on […]

As we all know Approved persons should be open and co-operative with their regulators – and this has been highlighted by the FCA’s recent enforcement action against Craig McNeil, former Keydata finance director. Whilst the FCA has occasionally taken action against individuals for breaches of Statement of Principle 4 (‘Prin 4’) of the Statements of […]

The Sue Shelley’s story is not to be taken lightly. It has been reported that Sue Shelley, former head of compliance at HSBC Private Bank Luxembourg was fired in July 2013 after denouncing “failures in compliance” of the bank in Luxembourg. Sue Shelley testified Monday in a BBC broadcast his doubts on the compliance of […]

The UK government is fighting to keep secret details of how it handled allegedly corrupt transactions related to a contract to equip Saudi Arabia’s national guard, saying that to disclose the information would jeopardise counter-terrorism co-operation. Two top officials this week testified before a tribunal in London in support of the Ministry of Defence’s decision […]

The Securities and Exchange Commission announced an award Wednesday of about $1.5 million to a compliance professional who provided information for an enforcement action against the whistleblower’s company. The award went to a compliance officer “who had a reasonable basis to believe that disclosure to the SEC was necessary to prevent imminent misconduct from causing […]

The FCA has published a note on how it handles disclosures from whistle-blowers. The note explains how the FCA engages with whistleblowers, what it does with information received from whistleblowers, and the impact of whistleblowers on the FCA’s work. The note explains that: in 2014, 1,367 people blew the whistle to the FCA, from which […]