Systems and Controls strike again

Ian Mason (+44 (0)20 7643 7265, imason@blg.co.uk) is a partner and Head of the Financial Services & Regulatory team at Barlow Lyde & Gilbert LLP.

In 2009, a number of FSA enforcement cases involved systems and controls, notes Ian Mason of Barlow Lyde and Gilbert. The last significant Enforcement case of 2009 (Toronto Dominion Bank) was in fact a systems and controls case on the theme of mismarking, a subject also highlighted in a number of earlier Enforcement actions (see, for example, the UBS and Nomura cases).