header-logo header-logo

NLJ this week: Silence carries a price

256247
© Getty images
The Financial Conduct Authority (FCA) continues to show that failing to disclose regulatory issues can attract harsher consequences than the original misconduct itself

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'.

MOVERS & SHAKERS

Penningtons Manches Cooper—Jean-François Le Gal

Penningtons Manches Cooper—Jean-François Le Gal

Penningtons Manches Cooper strengthens international disputes team with appointment of leading arbitration partner

Shakespeare Martineau—Aaron Sanders & Kate Saunders

Shakespeare Martineau—Aaron Sanders & Kate Saunders

Shakespeare Martineau strengthens trust and estates disputes team with new appointments

Bellevue Law—Shannon Moore

Bellevue Law—Shannon Moore

Bellevue Law strengthens employment disputes and international advisory capability with senior associate appointment

NEWS
Developers in areas with poorly performing councils can apply directly to the Planning Inspectorate for permission under section 62A of the Town and Country Planning Act 1990
When does a solicitor’s retainer become a contentious business agreement? The Court of Appeal’s decision in Broadfield Law UK LLP v Barnes shows that listing hourly rates alone will not do, leaving firms and clients uncertain about their rights over bills
More than 500 former rugby players can pursue brain injury claims despite serious failures to disclose documents ordered by the High Court
The Thirlwall Inquiry has exposed a ‘complete failure’ to protect babies at the Countess of Chester Hospital, but its recommendations must now be put into practice
MPs cannot simply resign their Commons seats. Instead, they take a nominal Crown office, usually the Chiltern Hundreds or Manor of Northstead, which disqualifies them from sitting
back-to-top-scroll