Regulatory Investigations Update - February 2015
The new year has seen the FCA’s enforcement team build on efforts undertaken in 2014 to hold senior managers to account for failings within their organisations, by fining and banning two individuals for failing to prevent regulatory breaches within the firms they helped to lead. Fines have also been imposed for breaches of both the Listing and Sponsor rules, the latter being the first exercise of powers acquired by the regulator in 2013.
On the policy side, HM Treasury published the conclusions of its review of enforcement decision-making shortly before Christmas. The FCA has also published further technical information relating to the introduction of the new Senior Managers Regime and important guidance on the scope of “advice”.
These developments reflect themes we expect to see advanced further as the year progresses. For further details of the issues we consider likely to feature in FCA and PRA enforcement action during 2015, please see our note on Enforcement Trends 2015.