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Financial Conduct Authority data breach referred to Information Commissioner

The Financial Conduct Authority (FCA) was recently made aware that, in response to a Freedom of Information Act request published on its website in November last year, certain underlying confidential information may have been accessible. The response related to the number and...
Posted On 26 Feb 2020
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FCA, ICO and FSCS warn insolvency practitioners and authorised firms on data use

The Financial Conduct Authority (FCA), the Information Commissioner’s Office (ICO) and the Financial Services Compensation Scheme (FSCS) have issued a joint statement warning insolvency practitioners and FCA-authorised firms to be responsible when dealing with personal data. The...
Posted On 17 Feb 2020
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Fraudsters targeted in Project OTELLO national law enforcement campaign

The National Economic Crime Centre (NECC) in collaboration with the City of London Police is spearheading a campaign targeting fraudsters responsible for duping members of the public and businesses out of billions of pounds. The campaign, named Project OTELLO, also involves...
Posted On 05 Feb 2020
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Bank of England, PRA and FCA look to bolster operational resilience in finance sector

The Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published a shared policy summary and co-ordinated consultation papers on new requirements designed to strengthen operational resilience in the financial services sector....
Posted On 06 Dec 2019
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Dave Pickering appointed head of integration and transformation risk oversight at CYBG plc

CYBG plc, the UK’s sixth largest bank, has appointed Dave Pickering to its Group Risk function as its new head of integration and transformation risk oversight. Pickering will now be responsible for the risk oversight of the programme designed to successfully integrate and...
Posted On 22 Oct 2019
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22% of banks in UK “not taking advantage” of FCA-approved background checks

BDO has stated that banks are concerned any failures during their due diligence process may potentially expose them to huge Anti-Money Laundering (AML) fines even if the process is fully compliant. Concerns over money laundering penalties mean that 22% of banks in the UK are...
Posted On 24 Jul 2019
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Bank of Scotland fined £45 million for failing to report suspicions of fraud at HBOS

The Financial Conduct Authority (FCA) has fined Bank of Scotland £45,500,000 for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that Bank of Scotland...
Posted On 28 Jun 2019
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FCA and PRA jointly fine Raphaels Bank £1.89 million for outsourcing failures

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have jointly fined R. Raphael & Sons plc – the retail bank providing banking and related financial services – for failing to manage its outsourcing arrangements properly between...
Posted On 05 Jun 2019
Syedur Rahman
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Raids by the FCA: Why We Need to Look Beyond the Numbers

The Financial Conduct Authority (FCA) has recently reported that it carried out more raids last year than in any year since 2010. Syedur Rahman outlines why he firmly believes the reasons for those raids – and the results they eventually realise – are more important...
Posted On 17 May 2019
Syedur Rahman
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Are Large Fines for Banks’ Wrongdoings Really Effective?

The Financial Conduct Authority (FCA) has recently fined Standard Chartered Bank (Standard Chartered) the sum of £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty ever imposed by the FCA...
Posted On 02 May 2019