Civil Law

FICA sanctions for financial services providers

This blog was co-authored by Michael McCarthy, trainee associate, litigation insurance.

On 20 March 2024 the Financial Sector Conduct Authority published a number of administrative sanctions for financial services providers who had failed to comply with the Financial Intelligence Centre Act (FICA). The FSCA, the supervisory body responsible for financial services providers under FICA, issued the sanctions following inspections it conducted during the course of 2023. Each FSP was found to have contravened section 42(1) and (2) of FICA for … Read the rest

Civil Law

5 Trends to Watch: 2024 UK Financial Services Regulation

1. Final rules expected on non-financial misconduct: The genesis of the UK Financial Conduct Authority’s (FCA) interest in “non-financial misconduct” was a letter from the FCA to the Parliamentary Women and Equalities Committee in September 2018 concerning sexual harassment in the workplace. Since that time, the FCA’s intentions and views on the topic have only been ascertainable through its Final Notices and Upper Tribunal decisions. Usually relating to serious misconduct, including criminal offences, those decisions have not always … Read the rest