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FCA enforcement in 2020 – an unhealthy sprinkling of normality

Online Published Date : 09 February 2021 | Appeared in issue: Vol 33 No 5 - 05 January 2021

As financial services workers and theirregulators scrambled to adapt to working largely from home, how did theFinancial Conduct Authority’s enforcement performance fare last year? AdamSamuel reviews cases involving authorisation, sanctions againstindividuals, mis-selling, treatment of customers in arrears, client assets,AML, market abuse and short-selling.

Underperforming, overreaching

Online Published Date : 09 February 2021 | Appeared in issue: Vol 33 No 5 - 05 January 2021

Amid the disruption and turmoil of 2020,the Financial Conduct Authority’s ability to achieve certain of its longer-termobjectives took some heavy blows. But, even beyond the pandemic, there iscriticism of its oversight of investment scandals as well as unease that thecurrent conduct agenda is delving into areas where a financial regulator has noright to go. Julian Sampson ponders the sector’s status during thesetumultuous times.

The Pension Schemes Act: what to expect

Online Published Date : 09 February 2021 | Appeared in issue: Vol 33 No 5 - 05 January 2021

With an aging population, low interest and savings rates, as well as millions of pounds lost to scammers each year, pensions are a pressing issue. Riccardo Bruno and Anne-Marie Winton report on imminent legislation to introduce a new form of pension scheme, boost the powers of the Pensions Regulator and enhance various protections.

Europe targets digital operational resilience, with wide-ranging proposals

Online Published Date : 09 February 2021 | Appeared in issue: Vol 33 No 5 - 05 January 2021

The Covid-19 pandemic has furtherincreased firms’ reliance on Information Technology and demonstrated the needfor resiliency in the face of disruption. Plans recently published by theEuropean Commission set out to harmonise the fragmented EU regulatory frameworkfor ‘digital operational resilience’ in financial services and would bringcertain third-party service providers under direct regulatory supervision. CharlotteHill and Clare Reynolds examine the proposals.