UK: FCA Enforcement Action Increases In Wake Of Senior Managers Regime (Pinsent Masons Insurance Briefing: 22 August 2018)

Last Updated: 22 August 2018
Article by Colin Read, Nicholas Bradley and Alexis Roberts

The main topics we're focusing on this week are:

FCA enforcement action increases in wake of senior managers regime

The number of enforcement actions opened by the FCA has rocketed by 23% during the last 12 months, with the number of investigations into governance issues and financial crime soaring. The FCA's annual report shows that the number of open investigations rose from 410 on 1 April 2017 to 504 on 31 March 2018, with the regulator opening 302 cases and closing 208 in the 12-month period. A total of 48 investigations into firms' culture and governance were opened in the year and only two closed, meaning that the number of open investigations rose from 15 to 61.

Company boss accepts director disqualification after marketing calls breach

A man whose business was responsible for millions of nuisance marketing calls has been barred from serving as a company director for six years. Coventry-based Easyleads Limited was issued with a £260,000 fine by the Information Commissioner's Office (ICO) in September 2017 after the watchdog found it was responsible for making 16.7 million automated marketing calls without the prior consent of recipients of those calls. The company also breached rules that companies making automated marketing calls to identify the sender or instigator of those calls and provide an address or telephone number that they can be contacted on free of charge, according to the ICO. Easyleads, however, failed to pay the fine which led the ICO to file for and obtain a court order to wind up the company.

Call for 'constructive' EU response to UK Brexit proposals

Businesses face the prospect of long-term major disruption to their operations unless the UK's Brexit proposals are met with a positive and constructive response from the remaining EU member states, the UK's business secretary has said. Greg Clark said recent talks he has held with ministerial counterparts across Europe have highlighted the imperative of an agreement being reached between the UK and EU27 on the terms of the UK's withdrawal from the trading bloc. The UK is scheduled to exit the EU on 29 March 2019. To-date, no Brexit agreement has been reached between negotiators for the UK and EU27. Last month, the UK government published a Brexit white paper which set out its vision for the future relationship between the UK and EU.

Global Financial Innovation Network: cross border fintech testing planned

Financial services regulators from around the world are consulting on plans to let businesses test fintech innovations in multiple jurisdictions at the same time. The move follows an earlier consultation held by the FCA on the idea of a new 'global sandbox'. To-date, though, no multi-jurisdiction sandbox initiative has been developed. However, a number of financial services regulators from across Europe, the Middle East, Asia Pacific and North America have now come together to propose a new framework through which "cross border trials" could take place. The framework proposed would be delivered via a new Global Financial Innovation Network (GFIN). The FCA is one of 12 initial members of GFIN. Other members include regulators from Australia, the US, Canada, Hong Kong, Singapore, Dubai, Bahrain, Abu Dhabi and Guernsey. A consultation on the proposed functions of the GFIN was opened earlier this week.

US fintech report offers chance to compare with UK and Europe

ANALYSIS: A recent report has highlighted areas of similarity as well as differences in the way US authorities are responding to the rise of fintech in comparison to counterparts in the UK and Europe. The report was published by the US Treasury last week. It addressed the US approach to issues such as 'open banking' and APIs; the use of cloud-based solutions; and regulatory sandboxes, all of which are live topics elsewhere in the world.

Success of court disclosure reforms requires 'cultural change'

Plans to overhaul document disclosure in the courts in England and Wales have been approved by the Civil Procedure Rule Committee (CPRC). The scheme, which was developed by a working group commissioned by then-High Court chancellor Sir Terence Etherton, will run as a mandatory pilot for an initial two-year period for almost all cases in the Business and Property Courts (BPC), beginning 1 January 2019. Depending on the success of the pilot, the scheme could then be extended to proceedings outside the BPC. Commercial litigation expert Richard Dickman of Pinsent Masons who sat on the working group, said that the scheme was "the most significant shake-up of disclosure since the introduction of the Civil Procedure Rules (CPRs) 20 years ago". The new scheme does away with the current assumption of 'standard' disclosure as a default. The extent of disclosure allowed will instead depend on the issues, although there will be a continuing duty to disclose 'adverse' documents that damage the disclosing party's position or support the opposing party's position.

Insurance briefing is a round-up of legal and business developments published on

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Topics
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions