Wed, Oct 3, 2018

Nick Bayley Featured in FT Adviser: Fined Firm Accepts Failings Uncovered by FCA

Nick Bayley, Managing Director in Duff & Phelps Compliance and Regulatory Consulting practice, was featured in a piece by the FT Adviser about how a fund manager was recently fined by the Financial Conduct Authority (FCA) for not adequately detecting and reporting market abuse.

"What’s clear is that the regulator is sending a message – all firms need to have appropriate surveillance in place, regardless of whether or not they directly participate in the markets, or do so via a broker. This case is particularly instructive, as there is no hard evidence of potentially abusive trades, merely the possibility that they could have happened. The FCA’s view here is decisive – inadequate controls will not be tolerated, irrespective of whether they lead to market abuse. What’s more, the onus is on each individual firm to take responsibility of their own systems, and not rely on the checks put in place by a proxy." says Nick

Read the full article in FT Adviser.