UK Regulatory Brief
21 regulatory updates covered · Generated by Regulatte AI
Executive Summary
This week saw the FCA signal a firm enforcement posture, with a new investigation into a securities firm for potential market offences, a lifetime ban upheld against a high-profile asset manager, and continued crackdowns on illegal crypto activity. The regulator also published substantive guidance on the incoming cryptoasset authorisation regime and set out steps to improve SME access to finance. Boards should note that the FCA's enforcement and financial crime rhetoric is intensifying, with direct implications for governance standards and financial crime controls across all authorised firms.
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Escalating enforcement on financial crime: board-level accountability check required
The FCA's enforcement director has publicly signalled that firms will be held accountable for systemic financial crime failures, not just individual bad actors. Combined with the active investigation into Euro Exchange Securities, this creates an immediate reputational and regulatory risk for any board that cannot demonstrate robust oversight of its financial crime controls.
SourceCryptoasset regime guidance: assess whether the firm is in scope for authorisation
The FCA's new guidance clarifies which cryptoasset activities will require authorisation under the incoming UK regime. If the firm has any crypto-related products, services, or investment exposures, failing to identify an authorisation requirement early could result in the firm operating unlawfully when the regime takes effect.
SourceFitness and propriety standards reinforced by Odey ban ruling
The Upper Tribunal's confirmation of the Odey ban on integrity grounds is a direct signal that the FCA and the courts will support robust enforcement against senior individuals who fall short of fitness and propriety standards. Boards, and NEDs in particular, should satisfy themselves that annual fitness and propriety assessments for all Senior Managers are rigorous and well-documented.
SourceKey Developments
FCA opens formal investigation into Euro Exchange Securities for suspected market offences
The FCA has launched a formal investigation into Euro Exchange Securities UK Ltd covering a six-year period from February 2020, signalling active scrutiny of securities firms' market conduct. This is a reminder that historic conduct can be investigated years after the fact, and that firms with any market-facing activity should review their own historical records and controls.
Read moreUpper Tribunal upholds lifetime ban on Crispin Odey for lack of integrity
The Upper Tribunal has confirmed the FCA's ban on Crispin Odey, a prominent fund manager, on the grounds that he lacked integrity. This reinforces that fitness and propriety obligations apply at the very highest levels of seniority, and that the FCA will pursue and defend enforcement action robustly through the courts.
Read moreFCA publishes guidance on the new cryptoasset authorisation regime
The FCA has issued practical guidance to help firms understand which activities under the incoming UK cryptoasset regulatory framework will require authorisation. Any firm with existing or planned crypto-related activities needs to assess whether it is in scope for authorisation obligations.
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