FCA’s criminal prosecutions likely to increase: Lawyer

FCA’s criminal prosecutions likely to increase: Lawyer

Former FCA advanced associate lawyer Michael Ruck has warned that the FCA’s criminal prosecutions may well increase over the coming years.

Mr Ruck, who joined Pinsent Masons in 2014 as senior financial services enforcement lawyer, said the FCA’s 2015 Business Plan signalled a new development in preventing financial crime.

The plan, which was published in March, includes firms’ systems and controls in preventing financial crime as a new area of focus.

Article continues after advert

“When combined with the various statements made by the FCA and its senior management over recent weeks, it is clear that the FCA will be focussing increased resource on taking action in relation to anti-bribery, anti-money laundering and sanctions,” Mr Ruck said.

He added: “This will likely focus on the appropriateness of systems and controls and actual criminal conduct which has occurred. When combined with the increasing shift towards the criminalisation of corporate and senior management misconduct it appears extremely likely that criminal prosecutions within the financial services industry will only be on the increase.”