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Never Mind The Brexit: FCA Sets Real Priorities For The City

April 19, 2017, Law360

Charlotte Hill is quoted in a Law360 article regarding the UK Financial Conduct Authority’s announced priorities for the coming years. “We once again see the regulator focusing on firms’ culture and governance,” Hill says. “The FCA has found poor cultures in firms, driving inappropriate outcomes; strategies, business models and governance arrangements that are not aligned with good conduct; and incentives that do not encourage the right behaviors.” She adds, “Given the FCA’s longstanding focus on corporate governance and culture, there are no surprises here, but firms would do well to consider how their culture and corporate governance has been amended and improved in order to implement the SMR — and just how well the regime has been imbedded.”

Commenting on the new whistleblowing clause included in the proposed amendment to the Criminal Finances Bill, Hill says, “Unsurprisingly, the FCA makes no mention of this or of its views on it. Should this amendment go ahead, it will be interesting to see how the FCA deals with it as it would fly in the face of the FCA’s ethos with regards to these matters.”

 

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