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In AML & Financial Services Regulatory

United Kingdom: Recent FCA enforcement action – Key takeaways for compliance officers

by 9 Mins Read

On 13 February 2024, the FCA issued a Final Notice to Floris Jakobus Huisamen, the former director and compliance officer of London Capital & Finance plc (LCF), fining him GBP 31,800 and banning him from working in financial services in relation to misconduct connected to financial promotions issued by LCF. This Final Notice follows the FCA’s previous censure of LCF in October 2023 for connected behaviour. In this alert we draw out the key takeaways that compliance officers should bear in mind from the FCA’s enforcement action.

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In White Collar Crime

United Kingdom: Recent FCA enforcement action – Key takeaways for compliance officers

by 9 Mins Read

On 13 February 2024, the FCA issued a Final Notice to Floris Jakobus Huisamen, the former director and compliance officer of London Capital & Finance plc (LCF), fining him GBP 31,800 and banning him from working in financial services in relation to misconduct connected to financial promotions issued by LCF. This Final Notice follows the FCA’s previous censure of LCF in October 2023 for connected behaviour. In this alert we draw out the key takeaways that compliance officers should bear in mind from the FCA’s enforcement action.

In AML & Financial Services Regulatory

United Kingdom: Key upcoming developments and enforcement trends

by , , , , , , , , and 1 Min Read

We are pleased to share with you our annual briefing looking at financial services regulation and enforcement in 2024, “What does 2024 hold? Key upcoming developments and enforcement trends”.

With Brexit and the pandemic firmly in the rear-view mirror, and the geopolitical ebb-and-flow settling into a somewhat more stable – if preciously perched – pattern, regulators around the world have turned their attention to less reactive, more forward-looking actions. Our London Financial Institutions Regulatory and Enforcement experts explore the key developments and trends expected to dominate the regulatory landscape this year.

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In ESG

United Kingdom: Green up your lease

by 4 Mins Read

On 29 January 2024, the UK’s Better Buildings Partnership launched a radically updated Green Lease Toolkit to inform and normalize green lease thinking between landlords and tenants, and to facilitate a more seamless incorporation of sustainability-focused provisions within commercial leases.

In AML & Financial Services Regulatory

United Kingdom: Government announces EEA UCITS equivalence under the overseas funds regime

by 5 Mins Read

On 30 January 2024, the UK government announced its first equivalence decision in relation to the new overseas funds regime (OFR). The government has granted equivalence in respect of the pan-EEA UCITS regime, meaning that UCITS funds established in the EEA can be marketed to UK retail investors once the OFR becomes operational later this year. The FCA set out its proposals to operationalize the regime in December 2023.

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In Employment

United Kingdom: Single redundancy required wider workforce consultation

by 4 Mins Read

The Employment Appeal Tribunal held that a single redundancy required some form of wider workforce consultation, and that this should be the norm for all individual redundancy exercises. Nevertheless, taking into account the facts of this case and long-established case law and rules on collective consultation, we consider that the main point is that consultation takes place with affected employee(s) at a time when it could make a difference.

In Employment

United Kingdom: Sponsor Licence renewal requirement removed

by , , , , and 1 Min Read

The Home Office has announced that from 6 April 2024, the requirement to renew a Sponsor License after four years or to pay a renewal fee will be removed. This announcement is in line with the Home Office’s “August 2021 Sponsorship Roadmap”, which indicated the future reform of licensing renewal patterns for sponsored employment routes and the simplification of the Sponsor Migrant System. This is positive news as it reduces the burden on sponsors to maintain their license and removes the additional financial burden.

In Corporate Compliance

United Kingdom: FRC publishes revised UK Corporate Governance Code

by 6 Mins Read

The FRC has published the revised version of the UK Corporate Governance Code. As flagged in its policy update statement in November, the revised Code makes much more limited changes than those proposed in the FRC’s initial consultation paper from May 2023. The majority of changes will take effect for financial years beginning on or after 1 January 2025, with the exception of revised Provision 29, which will take effect a year later. The FRC has published updated guidance to sit alongside the revised Code.

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