Usually at this time of year we reflect on how underwhelming the FCA’s (Financial Conduct Authority) enforcement outcomes were in the previous year but I have to say that 2022 was actually pretty good.
The headline fine total of £216m was down on 2021’s £568m, but the 2021 numbers were dominated by three huge fines for financial crime failings that made up £475m between them.
They had a range of interesting outcomes in 2022, such as an unlawful disclosure case against a listed company chair, the unusual Principle 1 (Integrity) case against a private bank, and the banning of two directors of a brokerage from holding a senior management function.
The FCA also had our first MAR Article 16 cases, three of them, for failing to have adequate systems and controls to prevent market abuse.
With Mark Steward leaving his role as FCA’s head of enforcement imminently, his successor is probably inheriting a whole raft of open cases (603 as at 31 March 2022) but at least has some good recent outcomes on which to build.
Visit: 2022 FCA fines
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