Writing in NLJ this week, Jessica Caws of Birketts examines the FCA's decision to fine BancTrust chief executive Carlos Fuenmayor after he failed to notify the regulator about overseas investigations, sanctions and frozen bank accounts.
The case underlines that disclosure obligations are ongoing, extend to overseas matters and can be breached through negligence alone. Caws also points to enforcement action involving Wise chief executive Kristo Käärmann, former Barclays boss Jes Staley and insurance broker Leigh Mackey as further examples of the regulator's tough stance.
The message, she says, is consistent: the FCA expects proactive engagement, not 'reactive or selective disclosure'. Her advice to firms and senior managers is straightforward: 'if in doubt, notify'.
