2017年-FCA英国金融行为监管局_enforcement_annual_performance_account_2016_17_40页_717kb

Enforcement Annual Performance Account Summary (2016/17)

Core Content

The Enforcement Annual Performance Account for 2016/17 outlines the FCA's efforts in investigating and addressing misconduct in the financial services sector. It highlights the outcomes of enforcement actions, including criminal convictions, financial penalties, and the use of legal tools like confiscation orders and redress schemes. The report emphasizes the FCA's commitment to maintaining market integrity, protecting consumers, and ensuring compliance with financial regulations.

Main Outcomes

• Total Enforcement Actions: 180 final notices issued (155 against firms, 25 against individuals).
• Outcomes Secured: 209 outcomes using enforcement powers (198 regulatory/civil, 11 criminal).
• Financial Penalties: 15 penalties totaling £181 million.
• Criminal Convictions: 6 convictions for insider dealing, including the longest sentence (4.5 years) for such an offense.
• Confiscation Orders: 8 orders totaling £2,440,413, with £2,127,675 allocated to victim compensation.
• Redress Orders: The first redress order under section 384 of the Financial Services and Markets Act 2000, requiring Tesco to pay £85 million to affected investors.

Key Areas of Focus

1. Retail Conduct

• The FCA focused on protecting consumers from unfair treatment by retail firms.
• Cases involved breaches of the Client Assets Sourcebook (CASS) rules, particularly regarding the management and safeguarding of client assets.
• Case Study: Aviva was fined £8.25 million for failing to properly oversee its Third-Party Administrators (TPAs), resulting in under- and over-segregation of client money.
• Statistics: 59 cases opened, 34 closed, 119 open at the end of the financial year. 7 financial penalties totaling £13.9 million.

2. Wholesale Conduct

• The FCA continued to investigate and take action against misconduct in wholesale markets, particularly in relation to benchmarks and money laundering.
• Case Study: Deutsche Bank was fined £163 million for serious failings in its anti-money laundering (AML) controls, allowing the transfer of $10 billion from Russia to offshore accounts.
• Statistics: 20 cases opened, 16 closed, 48 open at the end of the financial year. 3 financial penalties totaling £163.2 million.

3. Financial Crime

• Financial crime remains a key priority, with a focus on preventing money laundering and other illicit activities.
• Case Study: Sonali Bank (UK) Ltd and Mr. Steven Smith were fined for serious AML control weaknesses and failure to report significant fraud.
• Statistics: 43 cases opened, 7 closed, 56 open at the end of the financial year. 3 financial penalties totaling £166.3 million.

4. Market Abuse

• The FCA actively investigated and prosecuted cases of market abuse, including insider dealing and false trading updates.
• Case Study: Tesco agreed to pay £85 million in compensation to investors affected by a misleading trading update in 2014.
• Statistics: 120 cases opened, 52 closed, 122 open at the end of the financial year. 3 financial penalties totaling £0.6 million, 6 criminal convictions.

5. Confiscation Orders

• Confiscation proceedings were initiated against 99 individuals, with 8 orders issued.
• Confiscated funds are used to compensate victims, with over 40% of the total amount allocated to this purpose.
• Case Study: Operation Cotton led to the conviction of eight individuals, with confiscation orders totaling £2,195,496 issued.

6. Unauthorised Business

• The FCA detected and took action against 8,612 reports of unauthorised activity, including investment fraud, pension scams, and binary options trading.
• 285 consumer alerts were issued to warn the public about unauthorised firms and activities.
• Case Study: The FCA initiated criminal proceedings against an unlicensed consumer credit lender, marking the first such action in this area.
• Statistics: 18 cases opened, 6 closed, 69 open at the end of the financial year. 285 consumer alerts issued.

Other Key Sections

• Threshold Conditions: The FCA outlined its approach to setting thresholds for enforcement actions.
• International Co-operation: Collaborative efforts with international agencies were highlighted as crucial in addressing cross-border financial crime.
• Pension Scams: The FCA continued to monitor and address pension-related fraud, especially through unauthorised introducers.
• Law and Policy: The report includes updates on regulatory and legal developments affecting enforcement.
• Joint Financial Analysis Centre (JFAC): JFAC plays a vital role in analyzing financial data and supporting enforcement decisions.
• Joint Money Laundering Intelligence Taskforce (JMLIT): JMLIT enhances the FCA's ability to detect and prevent money laundering.
• Firm Feedback: The FCA received feedback from firms and used it to improve its enforcement processes.
• Enforcement Statistics: Detailed statistics on enforcement activities are provided in Chapter 17.

Conclusion

The FCA's enforcement activities in 2016/17 were focused on maintaining market integrity, protecting consumers, and holding firms and individuals accountable for misconduct. While financial penalties decreased compared to previous years, the number of criminal convictions remained steady, and the FCA continued to improve its processes and strategies to enhance efficiency and effectiveness in enforcement. The report also highlights the importance of legal clarity, international collaboration, and consumer education in preventing and addressing financial misconduct.