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: Hugo Plowman, Mishcon de Reya
From global fraud cases to fishing off-grid, Mishcon de Reya’s chair of dispute resolution Hugo Plowman discusses mentors, management switching off
Maguire Family Law—Jennifer Hudec, Ciara Florey, Alice Ferguson & Ruth Wynn
Maguire Family Law announces partner promotion and new hires amid a record year for enquiries
Switalskis—Rebecca Parry & Hannah Gamble
Switalskis wills and probate team extends reach with two appointments
NEWS
Restrictions on workplace non-disclosure agreements could make settlements slower, more complex and more expensive when reforms expected in 2027 take effect
Private prosecutors face closer scrutiny under Crown Prosecution Service guidance designed to strengthen accountability and consistency when intervention is requested
Foreign states cannot necessarily claim immunity for cyber operations launched abroad against computers in Britain, following a divided Supreme Court ruling
Defendants who make unsupported complaints about their lawyers risk losing legal aid while confiscation proceedings continue without representation
Lawyers advising Russian clients face different sanctions restrictions across the UK, EU and US, despite their shared objective of increasing pressure on Russia
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