This programme looked at a number of new developments in particular around the increasing risk of abuse in the crypto markets, the risks from new technologies such as AI and the latest technologies to combat risk. It also addressed best practice in firms’ systems and controls; developments in the foreign exchange and commodities markets; enforcement trends particularly in the context of market manipulation and the proposals for reforming the criminal market abuse framework in the UK.

This event covered a number of new issues which have an impact on the risk of an investigation or enforcement action. These included the rise in online scams, cyber frauds and crypto risks including the risk to consumers and the risk of crypto being used for money-laundering, evading sanctions or other illicit purposes. With the cost of living crisis placing pressure on consumers, the focus will also be on consumer conduct and recent enforcement action in relation to customer communications and vulnerable customers. At a wholesale level it also covered some of the recent market abuse cases and related risks. The Summit also provided guidance on managing the practicalities of an investigation including dealing with internal investigations, the scope and remit of the FCA’s powers, preserving and analysing evidence and dealing with the international dimension in cross-border investigations.

The Financial Conduct Authority had to adapt its enforcement agenda to deal with the unforeseen consequences of the pandemic. Chief amongst these is the  challenge of monitoring conduct and behaviour where many market participants are working remotely. Ensuring effective supervision to prevent market abuse, money laundering and sanctions breaches will be imperative.