Tyler says the FCA is now pursuing fewer but faster investigations, abandoning unpopular internal processes and adopting a more confident enforcement style.
Recent victories in insider dealing and market abuse cases, including the high-profile Jes Staley litigation, have strengthened the regulator’s position. But Tyler warns that expanding powers over non-financial misconduct, cryptoassets and anti-money laundering could create fresh concerns about regulatory overreach.
Lawyers, in particular, are uneasy about the FCA potentially becoming the sole AML regulator across professions. While praising the regulator’s drive for ‘timely action against misconduct’, Tyler cautions that firms must watch closely to ensure the FCA does not overstep as its jurisdiction expands.
.tmb-mov69x69.jpg?sfvrsn=7bf1005b_1)
