All FCA articles – Page 3

  • Blog post

    CFTC and UK’s FCA agree to collaborate on FinTech innovations


    The U.S. Commodity Futures Trading Commission and the UK’s Financial Conduct Authority (FCA) have agreed to collaborate on international FinTech efforts.

  • Article

    The Escobar decision, one year later


    A year after the Supreme Court more closely defined materiality and implied consent in False Claims Act cases, compliance officers still have more questions than answers.

  • MagnifyingGlassOnMoney
    Blog post

    FRC announces investigations into KPMG and PwC


    The U.K. Financial Reporting Council, an independent investigative body that monitors and enforces accounting standards, is looking into audits made of financial services companies in the days preceding the global financial crisis of 2008-2009, starting with a delve into the work of two key accountancy firms—KPMG and PwC. Paul Hodgson ...

  • Blog post

    FCA advises on new EU Market Abuse Regulation


    The Financial Conduct Authority has published changes to its handbook, “Disclosure Guidance and Transparency Rules,” to help U.K.-listed companies comply with new EU Market Abuse Regulation (MAR) from 3 July this year. The handbook and MAR cover a very wide range of “market abuse” issues, such as insider dealing, improper ...

  • Blog post

    FCA must not drop the ball on banking culture reforms


    The U.K. Parliament’s Public Accounts Committee has issued a report that is not only deeply critical of the FCA’s decision to suspend its culture review of banks but also warns of “serious risks” of future mis-selling scandals. Paul Hodgson examines the report’s impact on U.K. bank culture.

  • Article

    Year in Review: Regulatory Enforcement in Europe


    Image: For compliance officers in Europe, 2015 has been a big year. Aside from focusing on reporting wrongdoing and promoting a speak-up culture, watchdogs have been keeping compliance practitioners busy with a barrage of regulations that show no sign of easing. As compliance officers wonder to what degree the past ...

  • Blog post

    Barclays: A Modern Enforcement Action for Modern Misconduct


    Image: Last week the U.K. Financial Conduct Authority whacked Barclays with a fine of £72 million ($109 million) for sloppy oversight of a huge private-client deal brimming with financial crime risk. The more you read the details of the transaction and how poorly bank executives managed it, the more you ...

  • Article

    Latest Review of False Claims Act Compliance


    Image: The Justice Department has settled a spate of False Claims Act cases with healthcare providers this fall, pointing to several important trends in FCA cases: increased scrutiny on physician payment arrangements, the broadening scope of whistleblowers, and an upsurge in FCA settlement amounts. “Enforcement agencies are aggressively using all ...

  • Blog post

    U.K. Government Curbs Senior Managers Regime


    The U.K’s Finance Ministry is scrapping a key part of the Senior Managers Regime that demanded senior managers prove that they took the necessary steps to prevent employee misconduct. Instead, a new “duty of responsibility” clause will require senior managers to take only the appropriate steps to prevent a regulatory ...

  • Blog post

    U.K. FCA: Senior Managers To Be ‘Whistleblower Champions’


    Image: The U.K. Financial Conduct Authority is calling on senior managers to serve as “Whistleblower Champions” and to play a lead role in protecting employees who come forward with critical information about misconduct. The rules are part of the Senior Managers Regime, which is slated to go into effect ...

  • Blog post

    Martin Wheatley Resigns as FCA Chief Executive


    The Financial Conduct Authority has announced that Martin Wheatley, its chief executive, will leave his post in September 2015. Wheatley was selected in 2013 to shepherd the creation of the U.K. regulator. His resignation was reportedly prompted by news that his contract would not be renewed next year. Director of ...

  • Blog post

    Brit Banking Regulator: Market ‘Cleaner,’ Insider Trading Down


    In its most recent Annual Report, the UK's Financial Conduct Authority stated that its "market cleanliness" statistics continue to show a "significant decline in the incidence of potential insider trading cases" since 2009. The improvement coincides with a significant increase in insider trading enforcement in the UK.

  • Blog post

    FCA Fines Compliance Officer £200,000 in ‘Death Bonds’ Case


    Image: Title: FordStewart Ford, CEO of now-defunct investment firm Keydata, has been hit with a record £75 million fine by the Financial Conduct Authority—one of the largest fines ever levied on an individual by the FCA. The British regulator also fined the firm’s sales director £4 million and its compliance ...

  • Article

    Brit Banking Regulators Wield Attestation More Often


    Deutsche Bank paid $345 million to British regulators for its role in the LIBOR scandal, $153 million of that stemming from a false attestation the bank submitted about its internal controls. Those attestations are emerging as a potent tool for the U.K. Financial Conduct Authority. “This case sends a strong ...

  • Blog post

    Merrill Lynch Fined £13.2 million ($19.8 million) for 35 Million Compliance Lapses


    Britain’s Financial Conduct Authority fined Merrill Lynch International a record £13.2 million ($19.8 million) for inaccurately reporting more than 30 million transactions and for failing to report another 120,000 transactions over several years. The size of the fine marks the highest ever imposed for transaction reporting failures. Details inside.

  • Blog post

    BNY Mellon Units Fined $185 Million for Custody Rule Compliance Failures


    The U.K.’s Financial Conduct Authority this week fined two Bank of New York Mellon firms—Bank of New York Mellon’s London Branch and The Bank of New York Mellon International Limited—a total of $185 million for failing to comply with the FCA’s Custody Rules, which protect safe custody assets if a ...

  • Blog post

    AstraZeneca to Pay $7.9 Million for False Claims Act Violations


    Drug maker AstraZeneca this week agreed to pay $7.9 million to the government to resolve allegations that it engaged in a kickback scheme in violation of the False Claims Act. “We will continue to pursue pharmaceutical companies that pay kickbacks to pharmacy benefit managers,” said acting Assistant Attorney General Joyce ...

  • Blog post

    Daiichi Sankyo to Pay $39 Million for FCA Violations


    Japanese pharmaceutical company Daiichi Sankyo this month agreed to pay $39 million to the government to resolve allegations that it violated the False Claims Act by paying kickbacks to induce physicians to prescribe Daiichi drugs. “Settlements like this one show that the government will continue to pursue health care companies ...

  • Blog post

    Justice Department Intervenes in Whistleblower Suits Against Omnicare


    The Justice Department recently intervened in two consolidated whistleblower lawsuits against drug company Omnicare over allegations that it solicited and received millions of dollars in kickbacks from drug maker Abbott Laboratories. “Although the U.S. Attorney’s Office for the Western District of Virginia is small, we will not waver in our ...

  • Blog post

    Justice Department Nets Record $5.7 Billion From False Claims Cases


    Image: Title: DeleryThe Department of Justice obtained a record $5.7 billion in recoveries from civil cases involving fraud and false claims against the government in fiscal year 2014, thanks mainly to massive settlements reached in the financial services and healthcare industries. “In the past three years, we have achieved the ...