The FSA has published its first Financial Crime Newsletter of the year, and the first since Margaret Cole took over responsibility for this area following the retirement of Philip Robinson.
Readers are left in no doubt that despite the changes to the regulatory system, the FSA will continue with its commitments that were highlighted in the current Business Plan – including addressing financial crime issues through enforcement activity and increasing intensive supervision of regulated firms.
The Newsletter encourages firms to review ‘The Small Firms Financial Crime Review’ published in May which arose from a thematic review – see Regulatory Roundup #15 for further details. There is also reference to the Bribery Act 2010 and a reminder to us that the Government will publish non-statutory guidance on what will constitute ‘adequate procedures’ by firms to prevent such conduct. See Regulatory Roundup #13, and the Unofficial guidance on Bribery Act article above for further details.
One interesting item in the Newsletter (page 5) concerns firms with digital photocopiers which have hard disk drives that saves the details of all information put through the machine. This could include a large quantity of personal information (possibly including images from the last office party which would allow individual persons to be identified) and therefore needs to be taken into consideration when disposing of hardware.
