The Referral Committee is an internal LME committee that considers and makes decisions in respect of referrals of potentially suspicious activity and/or LME Rulebook (PDF) or notice breaches.
The committee receives referrals from various business functions within the LME.
Composition of the Referral Committee
The committee is comprised of senior members of staff from key business areas within the LME and meets weekly or more frequently, if required.
Decision making
All referrals of potentially suspicious activity and/or potential breaches of the LME Rulebook (PDF), are escalated to the Referral Committee and they are presented by a representative(s) from the relevant LME department.
Once a referral has been considered, the committee will decide on the appropriate course of action.
Such action includes (but is not limited to):
- taking no further action
- requiring further information
- commencing an investigation
- submitting a suspicious transaction and order report (STOR) to the FCA
- recording the activity as a near miss
A summary of the life cycle of a referral
The Referral Committee may decide that further information should be gathered before a decision is made.
Member oversight functions
Member Audit Programme
Investigations
