On 9 May 2017, the FCA published a policy statement setting out the outcomes of its review of the appropriate qualification exam standards (PS17/11). The FCA published a consultation paper (CP16/24), in September 2016, setting out its proposals to revise the APPROPRIATE EXAM STANDARDS (AES) to reflect relevant developments since they had last been reviewed The […]

On 18 April 2017, the FCA published the April 2017 edition of its Regulation Round-up. Among other things, the news and publications section of the round-up refers to a new “durable medium” FCA webpage The webpage (which was last updated on 7 April 2017) aims to clarify the meaning of durable medium, as well as […]

Mark Steward @ FCA makes four practical observations about the Senior Manager’s Regime. First, the duty of responsibility does not create a separate and independent basis for senior management liability. A senior manager’s liability, under the duty of responsibility, depends on the firm’s wrongdoing because it is, in essence, a duty to act reasonably as a […]

The expanding scope of individual accountability for corporate misconduct – speech by Mark Steward (FCA) Mark Steward, director of enforcement and market oversight, FCA, has given a speech on the accountability of senior managers for corporate misconduct at the New York University program on corporate compliance and enforcement. Mr Steward explained that the FCA’s senior […]

Britain’s markets watchdog did not wrongfully identify a former JPMorgan (JPM.N executive in the “London Whale” scandal, the Supreme Court ruled on Wednesday in a landmark case that endorses a regulatory policy of speedy corporate settlements. The majority ruling by the UK’s highest court overturned a Court of Appeal decision that the Financial Conduct Authority […]

Andrew Bailey (Chief Executive – FCA) has given a speech on culture in financial institutions at the Hong Kong Monetary Authority conference for independent non-executive directors. Mr Bailey set out his view of the respective roles of firms’ governing bodies and management and public authorities and used two case studies – concerning remuneration and governance […]

The Financial Conduct Authority has said it would consult on the rules for the extended senior managers’ regime in the next three months. In an update published today, the FCA said the extended regime would be “clear, simple and proportionate”. It comes as rules affecting mortgage brokers and investment advisers at banks come into effect […]

The FCA have issued the following announcement in regard to best execution + dealing commission – as a matter of best practice, all Channel Island investment managers should be looking closely at these matters. FCA statement on best execution: The FCA has outlined findings from its supervisory work looking at how investment managers deliver the […]