Jemma Sherwood-Roberts has been quoted in Compliance Monitor discussing the recent clashes between the Upper Tribunal and the FCA, and the potential ramifications on future FCA investigations. Jemma says “A firm’s playbook can be to lay blame on individuals, short-cut a long and expensive process by settling with the FCA and take the medicine of censure, and fine and remediation”. She hopes the FCA will start to adopt procedures to avoid the potential conflict of interest that exists between a firm and its individuals. This could mean, for instance, that the regulator would “investigate the activities of individuals independently from the firm” and “scrutinise findings against individuals from internal investigations commissioned by the firm”. She agrees that the UT “may well” be on the side of individuals who can show “basic errors or failures to disclose”. But they should not be under any illusions about what this involves. “You need a dogged and relentless challenge to the FCA enforcement process, disclosure and evidential findings,” she adds.
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