One of the most significant fines of 2014 was the fine imposed on Invesco Perpetual in April 2014 of over £18 million for breaches of Principles 3 and 7. The FCA found that it had failed to take reasonable care to ensure that the systems and controls that it put in place around the front […]

In this report we consider the FCA’s decision to fine Invesco Asset Management Ltd and Invesco Fund Managers Ltd (together, Invesco Perpetual) £18,643,000 for failings relating to fund management and for exposing investors to greater levels of risk than they had been led to expect. Background Invesco Asset Management Ltd and Invesco Fund Managers Ltd […]

The Society of Lloyd’s has published a market bulletin (Y4861) in order to provide the market with guidance on developing appropriate and risk-based systems and controls to comply with international sanctions. The guidance is split into three parts, which cover: Compliance – the guidance on compliance is aimed at Lloyd’s managing agents to assist them […]

The FCA has published a webpage with a list of countries considered high risk in relation to the FCA’s financial crime objectives, which are linked to tackling money laundering, sanctions systems and controls, terrorist financing, and bribery and corruption. The publication comes after the FCA was forced by a Freedom of Information Act request to release the […]

Before the Financial Conduct Authority (“FCA”) took over from the Financial Services Authority (“FSA”) earlier this year, the regulator had confirmed that the enforcement policy of “credible deterrence” (taking tough, targeted effective public enforcement action against misconduct as a way of changing market behaviour) would continue. The “credible deterrence” policy has underpinned the regulator’s approach […]