Individuals

Taking enforcement action against individuals has long been a priority for the FCA in the UK, as well as regulators across the globe. Read Allen & Overy’s thoughts on this topic below.

‘The more serious the allegation, the more cogent the evidence must be’: The UK FCA receives a reminder from the Court of Appeal

Sarah Hitchins

In a judgment handed down just before Christmas, the UK Court of Appeal took the opportunity to remind the UK Financial Conduct Authority (the FCA) that the more serious the allegation it makes about the conduct of a subject, the more cogent the evidence must be in order to overcome the ‘inherent improbability’ that it Read More

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A slow start to enforcement activity under the UK SMCR

Sarah Hitchins

Attempts made by the UK Financial Conduct Authority (the FCA) to reassure the industry that the UK Senior Managers and Certification Regime (the SMCR) is not ‘all about enforcement’ have been met with some scepticism. However, that scepticism may have been misplaced, in light of the latest figures from the FCA regarding the number of Senior Read More

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Mapping responsibility: HKMA extends focus on management and its accountability

Charlotte Robins

On 16 October 2017, the Hong Kong Monetary Authority (HKMA) announced the introduction of a new Management Accountability Initiative (MAI) aimed at increasing the accountability of the senior management of Hong Kong registered institutions (RIs). The MAI, effective from 16 March 2018, requires every RI to identify (and disclose to the HKMA and the SFC) Read More

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A&O SMCR reflections: Don’t overlook these things when considering employee conduct and performance issues

Sarah Hitchins

A lot of time has been spent by some firms managing conduct and performance issues under the UK Senior Managers and Certification Regime (the SMCR) over the past 15 months. In our second blog post looking at these issues (the last one is available here), we highlight key areas that firms should not lose sight Read More

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A&O SMCR reflections: Managing conduct and performance issues

Sarah Hitchins

The UK Senior Managers and Certification Regime (the SMCR) has been in force now for well over a year. What challenges have firms have been facing? What are the issues that have caused firms most concern? In the first of a series of blog posts, we will be looking at issues that firms have been Read More

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