The Financial Conduct Authority has received a record 1,073 assistance requests from overseas regulators (up 14% on 942 requests in 2013). This is increasing the compliance burden for UK-based financial services businesses, which are obliged to co-operate, says City law firm RPC. Richard Burger, partner at RPC, says: “UK financial services businesses can be required to produce data about their own or their clients’ actions at the drop of a hat. This can be extremely disruptive for firms and therefore expensive, which should act as an additional incentive for firms to undertake robust due diligence on their clients.”
21 January 2016
Rise in overseas regulators requesting assistance
MOVERS & SHAKERS
NLJ Career Profile: Stephen Ward, The Barrister Group
From mowing lawns to life at the Bar: Stephen Ward reflects on an unconventional career
Clarke Willmott—Ben Loosemore
Commercial property partner joins Clarke Willmott in Southampton
Ellisons—Robert Tiffen
Robert Tiffen joins Ellisons as Partner in growing Norwich office
NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners
Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.
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