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FSLA responds to the FCA’s Consultation Paper CP24/2

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FSLA has submitted a response to the FCA’s Consultation Paper CP24/2 titled “Our Enforcement Guide and publicising enforcement investigations – a new approach”.  FSLA considers that the FCA’s proposal to identify investigation subjects (whether firms or individuals) at the commencement of an enforcement investigation where it is in the public interest to do so, may not deliver on the FCA’s stated objectives namely: to build trust and show the public that the FCA is “on the case”; to educate and deter by being clearer about the types of misconduct which will warrant a formal investigation; and to improve accountability of the FCA by shining a light on the efficiency and pace of its investigations. Our response examines the significant legal and practical challenges which the FCA may face as a result of such a fundamental policy shift and explores some alternative approaches which could enable the FCA to achieve its aims in a proportionate manner which balances the public interest and consumer protection with the irreparable harm which could be caused to investigation subjects (especially where over 60% of investigations are closed with no enforcement action being taken).

Please note: The response as submitted on behalf of FSLA and is intended to capture the overall weight of contributions received from its membership, but the views, thoughts, and opinions expressed in this response belong to the individual authors of this paper (and not for example the author’s employer, chambers, organisation, committee or other group or individual members of FSLA). For the avoidance of doubt, this paper does not contain the views of or purport to make any representations on behalf of any FSLA members who are employed by the FCA, the Bank of England (including the Prudential Regulatory Authority) or any other regulatory bodies.

What can ED&I deliver for financial services?

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A FSLA panel discussion at Travers Smith LLP on Thursday 23 May 2024 at 6:30pm

On behalf of the Financial Services Lawyers Association (FSLA), we invite you to attend a panel event which seeks to examine the impact that equality, diversity and inclusion (ED&I) initiatives can have on financial services, and the advisors which service the sector.

We are grateful to the experts who will contribute to the event, including:

Sophie Hulm – CEO, Progress Together 

Progress Together is a not-for-profit membership body which aims to create equity of progression for individuals in the financial services sector, levelling the playing field and ensuring equal access to senior level roles for all, regardless of socio-economic background.

Sarah Minor-Massy – Director – Diversity, Equity & Inclusion, PwC

Sarah Minor-Massy is a trained behavioural scientist with 15+ years of management consulting experience. Sarah helps clients to refine their understanding of their current DE&I challenges, and develop DE&I strategies that are aligned with overall business strategy. Sarah has extensive experience in inclusive leadership development, working with leaders to deepen their understanding of DE&I, connect to the topic on a personal level, increase their confidence and competence to engage with stakeholders, and role model inclusion throughout their organisation.

Rupert Allen – Barrister, Fountain Court

Rupert has a broad commercial and civil practice, and frequently acts for and against regulators in professional disciplinary and regulatory investigations (particularly in relation to solicitors, accountants and matters concerning financial services), including where there are allegations of discrimination and/or offensive communications.    

Natalie Lewis – Partner, Travers Smith LLP

Natalie leads the Fintech, Market Infrastructure and Payments Group at Travers Smith, and is the executive sponsor of the firm’s Gender Balance Group.

Michael Raymond – Partner, Travers Smith LLP

Michael is a partner in the Financial Services and Markets Group at Travers Smith, and an active member of the firm’s LGBTQ+ Group.

A panel discussion will be followed by networking drinks and is open to any lawyers with an interest in financial services and/or ED&I within financial services (including students, private practice lawyers and in-house lawyers).  The event is not restricted to FSLA members.

The event will be hosted by Travers Smith at their offices at 10 Snow Hill, London EC1A 2AL.

The event will start at 6pm and the panel discussion will start at 6:30pm.

You can register to attend at this link.

If you have any queries or special requirements, please contact us at events@fsla.org.uk

We look forward to seeing you on 23 May 2024.

FSLA – Equality, Diversity and Inclusion Working Group

Essay Competition 2023: Winners

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Winners of the FSLA Essay Competition 2023

We are delighted to announce the winners of the FSLA Essay Competition 2023.  The title was: “Can the risks and opportunities of AI in financial services be managed by fine-tuning existing regulation, or is a new approach required?“ 

Congratulations to Ella Higgs-Sharrock, our first placed essayist and winner of the Chris Stallard Memorial Prize.  Ella will receive £1,500 and a legal internship with the FCA.

Many congratulations also to second placed Francesca Jackson (winning £750), and third placed Hubert Florianczyk (winning £500).

We are grateful to our esteemed judging panel, (Professor Eva Lomnicka KC (hon), recently retired Upper Tribunal Judge Tim Herrington, and Tracey McDermott, CBE (Group Head of Conduct, Financial Crime and Compliance at Standard Chartered)), who were impressed with the standard of entries across the board. 

FSLA is grateful to all of the individuals who entered their work.

The top three essays are available to read at the links below, with thanks to our winners who allowed us to share them.

https://drive.google.com/drive/folders/12Ufb8Kzx9238I8GclbEBwDDUb0_dphTO?usp=drive_link

100 days of the Consumer Duty

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FSLA panel discussion at Fox Williams on Wednesday 8 November 2023 at 6:30pm

On behalf of the Financial Services Lawyers Association (FSLA), we invite you to attend a panel event which seeks to examine and reflect on the first 100 days of the FCA’s new Consumer Duty – a duty which signals a significant shift in the FCA’s expectations and seeks to impose higher and clearer standards for consumer protection across financial services and requires firms to act to deliver good outcomes for customers.

The panel shall examine the success stories and challenges faced by firms and practitioners tasked with delivering the Consumer Duty and offer some lessons learned for the future.   

The event panel will include:

  • Peter Finch – Partner in the Financial Services and FinTech team at Fox Williams LLP  
  • Rebecca Irving – Head of Regulatory Legal, Close Brothers Bank and formerly of the FCA
  • Mark Turner – Head of Regulatory Consulting, Kroll

The discussion will be followed by a networking event which is open to all attendees.  

The event will be hosted at Fox Williams LLP at 10 Finsbury Square, London, EC2A 1AF.  

You can register to attend the event at the link below. Please do not register again if you have registered before.

Registration will be open from 6pm and the panel discussion will start at 6:30pm.
If you have any queries or special requirements, please contact us at events@fsla.org.uk

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Recent Developments and Future Trends in the Regulation of Cryptoassets

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Tuesday 24 October 2023 at 5.45pm

Taking place at Taylor Wessing LLP, 5 New St Square, London EC4A 3TW

On behalf of the Financial Services Lawyers Association (FSLA), Taylor Wessing LLP and Outer Temple Chambers would like to invite you to attend our in-person event on Recent Developments and Future Trends in the Regulation of Cryptoassets to held on Tuesday, 24 October 2023 from 5.45pm to 8pm.

The panel event will feature the following speakers:

  • Victoria McLoughlin, Interim Head of Digital Assets Department at the Financial Conduct Authority 
  • Charlotte Hill, Partner and Head of Financial Services Regulation and Fintech at Taylor Wessing LLP 
  • Justina Stewart, Barrister at Outer Temple Chambers 
  • Ijeoma Okoli, Co-Director at the Digital Economy Initiative and Strategic Adviser, Digital Assets

The 1 hour event will focus on the latest developments, future trends and areas of concern in the fast-evolving and increasingly topical field of cryptoasset regulation. We expect that it will be of interest to all financial services lawyers of all levels of PQE. It will conclude with an audience Q&A session that will finish by 7.30pm and shall be held pursuant to the Chatham House Rule.  


Venue: Taylor Wessing LLP, 5 New St Square, London EC4A 3TW


Date:    Tuesday 24 October 2023

Time:     5.45pm – Registration

               6.15pm – Introduction, panel discussion and Q&A

               7.30pm – Drinks 

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FSLA Essay Competition 2023

By | Junior Lawyers, Students | No Comments

The Financial Services Lawyers Association is pleased to announce its annual essay competition.

The title for this year’s competition is: “Can the risks and opportunities of AI in financial services be managed by fine-tuning existing regulation, or is a new approach required?

The purpose of the essay competition is to provide students, trainees, and pupil barristers with the opportunity to apply their studies to issues that are of particular relevance to the financial services industry and wider society. 

Essays should be no longer than 1,500 words, and the deadline for entries is midnight on Friday 6 October 2023.

Prizes

The Chris Stallard Memorial (First) Prize: £1,500 and a legal internship at the FCA

Second Prize: £750

Third prize: £500

We hope to present the prizes at FSLA’s winter social event.  In any case, winners will be notified by the end of 2023.

There is no requirement that entrants be FSLA members; however, free membership is offered to all students.  Please email fslalondon@gmail.com for further details.

The full rules for the competition, including submission details, can be found here.

The Bank of England’s Approach to Enforcement

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Tuesday 20 June 2023 at 6pm

Taking place at The Law Society, 113 Chancery Lane, London WC2A 1PL

Members are invited to join Olie Dearie, Head of the Enforcement and Litigation Division at the Bank of England, for a discussion on the proposed changes to their enforcement policies. The changes – which are subject to consultation – are designed to create a single statement of policy identifying the various enforcement policies and procedures across its remit.

This will contain an updated version of the ‘PRA Approach to Enforcement’, as well as signposting the Bank’s other enforcement policies relating to financial market infrastructures, banknotes and in the context of the special resolution regime. The consultation also includes changes which are designed to facilitate earlier cooperation by subjects and faster investigatory outcomes, including via the introduction of an ‘Early Account Scheme’ and a revised approach to calculating the starting point for penalties for firms.
 
Agenda:

  • Introduction by Farhaz Khan KC, 3VB
  • Keynote speech by Olie Dearie, BoE
  • Q&A led by Andrew Spink KC, Outer Temple Chambers
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Non-Financial Misconduct Training Session

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A training session on non-financial misconduct hosted at Clifford Chance LLP on 27 April 2023.

On behalf of the Financial Services Lawyers Association (FSLA) and Clifford Chance LLP, we would like to invite our junior members (students and those with less than 5 years’ relevant experience), and those looking for a refresher, to attend a training session on non-financial misconduct hosted by Philip Cox, Murray Tabeart, Emily Goddard, and Amy Bird of Clifford Chance LLP. The increasing risk of regulatory enforcement in relation to non-financial misconduct may concern firms and, in particular, senior managers who themselves might face regulatory scrutiny.

This is especially so given that the exact scope of behaviour which may give raise to regulatory concern is not clear. The session will provide an overview of non-financial misconduct, the FCA’s recent approach to the issue (including the ways it might seek to take further action and the scope of its authority to do so) and possible future developments in the area.

The presentation will be followed by drinks and canapés, giving our junior members the chance to network in an informal and relaxed setting.

Location: Clifford Chance LLP, 10 Upper Bank Street, London, E14 5JJ

Date: 27 April 2023

Timings:

·       6 pm – registration

·       6.30 pm – session starts

·       7.30 pm – networking

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FSLA and Blackstone Chambers Trends in Enforcement Seminar

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The annual FSLA and Blackstone Chambers Seminar at RSA House on Thursday 23 February 2023 at 6:00pm

Blackstone Chambers, together with the Financial Services Lawyers Association (FSLA), is hosting its annual ‘Trends in Enforcement‘ seminar on Thursday, 23 February.

The seminar will comprise a panel chaired by Javan Herberg KC, Blackstone Chambers, and will also feature Mark Steward, Director of Enforcement and Market Oversight, Financial Conduct Authority, Daniel Chumbley, Head of Litigation, HSBC UK Bank plc and Andrew George KC, Blackstone Chambers. Further panelists will be announced in due course.

Registration will open at 6pm, with the talks starting at 6.30pm, followed by drinks and canapes at 8pm.

During the 90 minute seminar, the speakers will discuss the latest thinking on how to tackle some of the most difficult enforcement issues facing those working in the financial services sector, followed by a Q&A.

Members of Blackstone Chambers and the ExCo of FSLA would be pleased if you would join them and the panelists for a drinks reception following the seminar.

Please register for the event below.

We very much hope you will be able to join us and look forward to seeing you on 23 February. If you have any further queries or special requirements, please email the events team at events@blackstonechambers.com.

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Financial services: How can it deliver on Equality, Diversity and Inclusion

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A FSLA panel discussion at Norton Rose Fulbright on Wednesday 3 May 2023 at 6:30pm

On behalf of the Financial Services Lawyers Association (FSLA), we invite you to attend a panel event which seeks to examine the role of, and challenges faced by, financial services firms and practitioners in the Equality, Diversity & Inclusion space.

The event panel will include:

  • Elise Sabran (Chair) (UK Head of Governance and Culture & Conduct, Societe Generale)
  • Sharon Blackman OBE (Managing Director & General Counsel, EMEA Head of FX & Local Markets Legal, Citi)
  • Peter Curtis-Valino (Manager, Governance and Cross-Cutting Standards team, FCA)
  • Anna Jernova (Senior Policy Manager Governance, Remuneration & Controls team, PRA)
  • Daniel Winterfeldt MBE KC (Managing Director and General Counsel for EMEA and Asia, Jefferies)
  • Khasruz Zaman (former Global Head of M&A Legal, Barclays Bank and partner of Simmons & Simmons, now Secondary School Maths teacher)

The discussion will be followed by networking drinks and is open to any lawyers with an interest in financial services and Equality, Diversity & Inclusion within financial services (including students, private practice lawyers and in-house lawyers).

The event will be hosted at Norton Rose Fulbright in their Terrace Suite, 3 More London Pl, London SE1 2AQ.

You can register to attend the event at the link below. Please do not register again if you have registered before.

Registration will be open from 6pm and the panel discussion will start at 6:30pm.

If you have any queries or special requirements, please contact us at events@fsla.org.uk

We look forward to seeing you on 3 May 2023.

FSLA – Equality, Diversity and Inclusion Sub-Committee

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