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FCA and Bank of England Prioritize Payment Systems in Revised MoU
- Regulators identified improvements in data sharing and expertise exchange over the past year.
- The regulator committed to revising the MoU by the second quarter of 2025 to enhance cooperation.
Friday, 20/12/2024 | 20:56 GMT by
Jared Kirui
Racehorses and Nightclubs: UK Wealth Manager Charged in “Most Serious” FCA Investigation
- Former WealthTek partner John Dance faces nine criminal charges for allegedly defrauding clients of over £64 million over nearly a decade.
- However, the regulator claims that 84% of affected clients are expected to receive full compensation.
Thursday, 19/12/2024 | 08:10 GMT by
Damian Chmiel
Why Gen Z Treats Bitcoin Like Air Fryers—And Why It's Terryfing
- A new study reveals young people make investment decisions as casually as buying kitchen appliances.
- This alarming trend shows Gen Zers treating complex financial products with the same impulsivity as viral consumer goods.
Wednesday, 18/12/2024 | 09:57 GMT by
Damian Chmiel
FCA Seeks Feedback on Crypto Admissions and Disclosures Regime
- Crypto firms may need to share information to reduce fraud and improve market integrity.
- The regulator warns that crypto is largely unregulated in the UK, high-risk, and offers no protection.
Monday, 16/12/2024 | 10:37 GMT by
Tareq Sikder
FCA Begins £1 Trillion Market Reform That May Affect Every UK Investor
- FCA launches consultation to transfer EU investment firm rules into its handbook, preparing for future reforms.
- The overhaul affects thousands of UK firms and traders and marks a key step in post-Brexit regulation modernization.
Wednesday, 27/11/2024 | 10:34 GMT by
Damian Chmiel
FCA Reduces Enforcement Timelines by Nearly 70%, Targets Financial Crime and Innovation
- The regulator mentioned that recent cases were closed in 13 months from the previous average of 42 months.
- The FCA is now exploring digital identity tools to streamline anti-money laundering processes without compromising security.
Tuesday, 26/11/2024 | 17:29 GMT by
Jared Kirui
This 20-Something Trader Outsmarted a Global Bank's Risk System, And Cost Them $58 Million
- Macquarie Bank's London branch employee, Travis Klein, evaded detection for 20 months despite multiple controls in place.
- The FCA fined MBL £13m for control failures that enabled a junior trader to hide millions in losses through fictitious trades.
Tuesday, 26/11/2024 | 10:22 GMT by
Damian Chmiel
FCA Concludes 16-Year Barclays Qatar Case With £40 Million Fine
- The banking giant agrees to pay a penalty for failing to disclose Qatari payment arrangements during 2008 crisis fundraising.
- Settlement ends decade-long regulatory battle and follows earlier acquittal of executives in criminal case.
Monday, 25/11/2024 | 08:09 GMT by
Damian Chmiel
FCA Eases “Name and Shame” Policy Following Industry Pushback
- The revised plan now includes a 10-day notice period for companies before the FCA makes any public announcement.
- It also includes a public interest test to help determine when it is appropriate to disclose a company’s name during an investigation.
Wednesday, 13/11/2024 | 14:36 GMT by
Jared Kirui
UK Financial Regulators Introduce New Rules for Critical Third-Party Risks
- The additional authority will enable regulators to oversee third-party services that may impact financial stability.
- The rules align with international standards, such as the EU’s Digital Operational Resilience Act.
Tuesday, 12/11/2024 | 11:01 GMT by
Tareq Sikder
Metro Bank's £51bn Blind Spot Leads to 3rd Largest FCA Fine of 2024
- Metro Bank faces a £16.7m fine from the FCA for failing to properly monitor over 60m transactions between 2016 and 2020.
- The bank's automated monitoring system reportedly had significant unaddressed flaws despite early warnings.
Tuesday, 12/11/2024 | 07:46 GMT by
Damian Chmiel
FCA's New Disclosure Rules: What Every Regulated Firm Must Know Now
- The regulator implements reform of enforcement disclosure procedures following the Upper Tribunal recommendation.
- Changes include broader document review standards and enhanced staff training.
Monday, 11/11/2024 | 15:54 GMT by
Damian Chmiel
The UK Regulator Opens Doors for GTN's European Growth Push
- The company has secured FCA authorization, expanding its regulatory footprint.
- This move enables GTN to offer Tripartite Model B services, strengthening its position in the financial services sector.
Wednesday, 06/11/2024 | 09:43 GMT by
Damian Chmiel
FCA License Holders: Your 12-Month Countdown to New Market Rules Begins
- The regulator has unveiled major reforms to the bond and derivatives market, aiming to strengthen the UK's position as a global financial hub.
- The changes, effective December 2025, will simplify reporting requirements while improving investors' access to market data.
Tuesday, 05/11/2024 | 10:56 GMT by
Damian Chmiel
“Careless Rather Than Deliberate or Reckless” Approach Cost Wise CEO Another +£350K Fine
- Kristo Käärmann faces an FCA penalty for failing to disclose his deliberate tax default status.
- The regulatory action follows his failure to report a £720,425 capital gains tax liability.
Monday, 28/10/2024 | 07:33 GMT by
Damian Chmiel
39% of Retail Investment Firms Cite Excessive FCA Data Requests, Survey Shows
- Retail Banking and Digital Assets firms show the highest trust in FCA’s effectiveness at 71%.
- The survey includes responses from 25,000 firms across various financial sectors.
Wednesday, 23/10/2024 | 10:09 GMT by
Tareq Sikder
FCA Flags 38 Finfluencers amid Surge in Financial Scams Targeting Youth
- The regulator is questioning 20 finfluencers over potential illegal financial promotions.
- Two-thirds of 18- to 29-year-olds follow influencers, and most trust their financial advice.
Monday, 21/10/2024 | 23:01 GMT by
Tareq Sikder
FCA Has No Intention of Easing Its “Too Tough” Approach to Crypto Regulations
- Crypto innovations built on unsafe or unregulated bases, like houses built on sand, are likely to collapse.
- The market watchdog aims for “a crypto sector that's built on reliable, sturdy foundations” instead.
Monday, 21/10/2024 | 10:01 GMT by
Damian Chmiel
FCA Plans Temporary Permissions for BNPL Firms Ahead of New Rules
- The regulator supports the government's plan to regulate BNPL and will introduce rules after legislation is finalized.
- Firms will have time to prepare for regulations, set to take effect 12 months after the legislation passes.
Thursday, 17/10/2024 | 16:07 GMT by
Tareq Sikder
UK FCA Issues Warning on Clone Firm Mimicking APM Capital Markets
- The regulator urged investors to verify any financial firm’s authenticity using the Financial Services Register.
- FCA also mentioned that victims of clone scams are unable to access the Financial Ombudsman Service for complaints.
Wednesday, 16/10/2024 | 19:41 GMT by
Jared Kirui
FCA Chief Calls for Regulatory Reset: The Goal Is Not “To Step in When Things Go Wrong”
- Nikhil Rathi has called for a major overhaul of financial regulations to address an era of “predictable volatility.”
- His proposed reforms focus on embracing technological advancements.
Monday, 14/10/2024 | 06:54 GMT by
Damian Chmiel
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