Compliance Monitor

Compliance Monitor provides clear and informative updates on the latest regulatory developments in the UK financial services sector and their implications for your business. Stay informed about regulatory changes and the expectations of authorities through straightforward interpretations, analyses, and guidance on various compliance matters, including business conduct, prudential regulations, and enforcement actions.

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Articles

Odey appeals FCA ban and fine over his response to sexual harrassment claims

1 month ago | compliancemonitor.com | Neasa MacErlean

An FCA decision notice to fine Crispin Odey £1.8 million and banhim from the sector followed a sequence of events at Odey Asset Management LLP(OAM) in which he twice removed members of the executive committee, threatenedpersonal litigation against them, told them “HR law did not matter here” andrefused to co-operate with a proposed safeguarding plan (to protect femaleemployees) that had been suggested by the compliance officer and executivecommittee members.
FCA scraps ‘name and shame’ enforcement plan and stalls on D&I

1 month ago | compliancemonitor.com | Neasa MacErlean

In two major volte-faces, the FCA has dropped its intention to publish names of firms under investigation and has delayed its programme on diversity and inclusion (D&I). The first proposal had already been considerably watered down after meeting with sustained industry opposition. The second was set as one of chief executive Nikhil Rathi’s priorities when he joined in 2020. The Prudential Regulation Authority is also understood to be delaying its D&I plans.
Starmer lashes out at “hiding behind regulators”, as PSR axed

1 month ago | compliancemonitor.com | Neasa MacErlean

Government plans to abolish the Payment Systems Regulator and merge it in fully with the FCA are leading to speculation that budget changes could also hit the Financial Ombudsman Service. The PSR and its 160 staff will lose their separate identity when legislative time is found to transfer its powers to the Financial Conduct Authority. The PSR already operates from within FCA premises in Stratford, East London and its current director, David Geale, is an FCA director.
Vulnerable customers fall behind peers in contact with firms, finds FCA research

2 months ago | compliancemonitor.com | Neasa MacErlean

Customers with challenging personalcircumstances are a third more likely to feel negatively after contact with thefinancial services sector than other members of the population, according tonew research from the regulator. But changes in attitudes look easier to achievethan firms might realise since the regulator also discovered that there is ahigh chance of a marked improvement if such customers explain their situationto these institutions.
FCA bans two ex-Credit Suisse directors in corrupt Mozambique loans case

2 months ago | compliancemonitor.com | Neasa MacErlean

The regulator has banned two former Credit Suisse managing directors after reviewing their guilty pleas and subsequent incriminating evidence in the United States but without waiting to hear — as originally planned — the comments of the judge upon sentencing.
FCA bans two ex-Credit Suisse directors in corrupt Mozambique loans case

2 months ago | compliancemonitor.com | Neasa MacErlean

The regulator has banned two former Credit Suisse managingdirectors after reviewing their guilty pleas and subsequent incriminatingevidence in the United States but without waiting to hear — as originallyplanned — the comments of the judge upon sentencing.
Advisers instructed to review ongoing advice systems despite 98% compliance rate

2 months ago | compliancemonitor.com | Neasa MacErlean

Financial advisers have been instructed by theFCA to review their client files to ensure that they are providing, or at leastoffering, ongoing advice as required under the Consumer Duty. Where this is nothappening, “it is likely redress will be due”, the regulator has said followinga review of 22 of the largest firms. Although non-compliance was occurring in justtwo per cent of case files, the proportion could be higher across the market.
Four banks fined over chatroom exchanges - Deutsche escapes for alerting CMA

2 months ago | compliancemonitor.com | Neasa MacErlean

Deutsche Bank has been granted immunity from aninvestigation by the Competition and Markets Authority that has seen fourothers fined over £100 million. Royal Bank of Canada, Citi, HSBC and MorganStanley have until April to pay their fines – which resulted from a probe intoillegal sharing of price-sensitive information on trading in gilts and giltasset swaps after quantitative easing began during the global financial crisis.
FCA proceeds with year-old email deletion scheme despite staff concerns

2 months ago | compliancemonitor.com | Neasa MacErlean

The FCA will begin automatically deleting one-year-old staff emails from 1 April 2026 even though apprehensions were raised by employees in the media. The move will only apply to emails received from this April by the regulator’s 5,000 employees. Staff raised concerns with the Financial Times, which ran an article giving voice to their anxieties. As reported in the FT, they were told that they could store emails they considered important enough to be saved within its data repositories.
FCA proceeds with year-old email deletion scheme despite staff concerns

2 months ago | compliancemonitor.com | Neasa MacErlean

The FCA will begin automatically deleting one-year-old staffemails from 1 April 2026 despite apprehensions raised by employees in the media. Themove will only apply to emails received from this April by the regulator’s5,000 employees. Staff raised concerns with the Financial Times, whichran a blog giving voice to their anxieties. As reported inthe FT, they were told that they could store emails they consideredimportant enough to be saved within its data repositories.