Regulatory Investigations Update - July 2014
This month has seen the production of the FCA’s first Enforcement Annual Performance Account since it took office in April 2013. This outlines in some detail the ways in which the new regulator considers that it has used enforcement strategically, to protect consumers and to change behaviour across the financial services sector. We have also recently seen the FCA taking its first steps to improve the treatment of consumers in the consumer credit market, having taken over responsibility for regulation in this area from the OFT in April. Other notable cases include fines against a further broker concerning its involvement in misconduct relating to LIBOR and a major bank for failing to implement adequate controls to monitor broker behaviour and manage conflicts on its precious metals desk.