FCA speech on building trust and confidence in banking
A new speech by Martin Wheatley, Chief Executive of the FCA, discusses the new Senior Managers Regime, the new presumption of responsibility and the new certificate regime for middle management.
Financial Conduct Authority, 28 May 2015
FCA successfully brings case against 8 individuals for taking part in an unauthorised collective investment scheme
The FCA has successfully brought a case against eight individuals for their part in an unauthorised collective investment scheme. The judge described the scheme as a 'very substantial and deliberate fraud to the public'.
Financial Conduct Authority, 1 June 2015
FCA review finds that some firms do not treat delegated authority arrangements as outsourcing in general insurance market
The FCA has published its review on delegated authority arrangements in the general insurance market. The FCA flagged up that improvements are needed in the due diligence process and the way outsourced arrangements are managed.
The Financial Conduct Authority, 2 June 2015
Three defendants in Nigerian corruption trial acquitted
Three defendants accused by the SFO of conspiring to make corrupt payments to two Nigerian tax officials have been cleared by a jury at Southwark Crown Court.
The Serious Fraud Office, 2 June 2015
SFO investigating FIFA allegations
A spokeswoman for the SFO confirmed on 29 May 2015 that relevant materials relating to the FIFA scandal are actively being assessed by the SFO. The SFO has not launched a formal criminal investigation; it is deciding whether to open its own inquiry or provide "mutual legal assistance" to the Swiss and US investigators.
The Independent, 29 May 2015
US prosecutors might be targeting Nike over FIFA scandal
The Financial Times on the 29 May 2015 reported that the US prosecutors make reference in the FIFA indictment to the sponsorship contract of an unnamed "sportswear company" that appears to be Nike.
The Financial Times, 29 May 2015
FCA warns against systemic risk label for funds
The Financial Times reported on 29 May 2015 that Martin Wheatley, the head of the FCA, has warned against singling out asset managers. This comes after proposals of the Financial Stability Board to have the largest asset managers labelled as "systemically important".
Competition & Markets Authority's first test case to go to criminal court
The Financial Times reported on 1 June 2015 that the Competition & Market Authority first contested cartel prosecution will go before a criminal court. The case is against two individuals who allegedly conspired to rig bids and divide up customers for the UK supply of steel tanks used for water storage.
The FT reports that the CMA is also pursuing a civil probe into whether companies have infringed competition law.
The Financial Times, 1 June 2015
The Data Retention and Investigatory Powers Act challenge commences at the High Court
The legal challenge against the implementation of the Data Retention and Investigatory Powers Act to be heard by the High Court.
BBC, 4 June 2015