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Consumer Duty at One: FCA Pushes Firms for Evidence of Progress
- The regulator now requires companies to commit to a data-driven approach for the success of the Consumer Duty.
- This standard faces persistent issues, particularly in administration and customer service.
Monday, 07/10/2024 | 10:17 GMT by
Harriet Christie
Starling Bank Faces £29 Million Fine from FCA over Financial Crime
- The bank's growth from 43K to 3.6 million customers outpaced improvements in its financial crime controls.
- In January 2023, Starling found its screening system inadequately screened customers against sanctions.
Thursday, 03/10/2024 | 11:01 GMT by
Tareq Sikder
UK Financial Regulator Warns Against IC Markets Global's Services
- In a notice, the FCA said it had not authorized the company to offer services in its jurisdiction.
- The regulator added that investors engaging with IC Markets Global might not be compensated in the event of losses.
Tuesday, 01/10/2024 | 17:07 GMT by
Jared Kirui
Crypto ATM Network: First UK Conviction for Illegal Operation Valued at £2.6M
- Olumide Osunkoya pleaded guilty to operating an illegal network of crypto ATMs in the UK.
- This marks the first conviction of its kind in the country, with sentencing pending at Southwark Crown Court.
Monday, 30/09/2024 | 12:48 GMT by
Damian Chmiel
FCA Wants to Tighten Grip on Regulated Firms to Better Shield Customer Cash
- The UK's regulator has proposed new rules to strengthen safeguarding practices in payments and e-money services.
- It plans to replace the current regime with a CASS-style framework, with final interim rules expected in early 2025.
Wednesday, 25/09/2024 | 09:46 GMT by
Damian Chmiel
UK Government and FCA Set to Overhaul PRIIPs Regulation for Retail Investors
- Legislation for the new CCI regime will be introduced to improve transparency for retail investors.
- The regulator will not enforce PRIIPs regulations against investment trusts until new legislation is enacted.
Thursday, 19/09/2024 | 09:27 GMT by
Tareq Sikder
This London Man's £2.6M Crypto ATM Scheme Just Blew Up in His Face
- The UK's watchdog has charged a 45-year-old businessman for operating illegal BTC machines.
- It marks FCA's first criminal prosecution for unregistered crypto activities in the ATM sector.
Tuesday, 10/09/2024 | 09:14 GMT by
Damian Chmiel
Nearly 9 in 10 Crypto Registration Applications Failed UK AML Standards: FCA
- Only four applications were approved out of 35 reviewed in the fiscal year ending March 31.
- The challenging registration process has reportedly prompted some crypto companies to leave the UK.
Thursday, 05/09/2024 | 21:16 GMT by
Jared Kirui
Nexo Aligns with FCA’s Guidelines: Resumes Onboarding UK Clients
- The platform stopped onboarding new clients last year, days before the regulator’s new financial promotions rules became effective.
- It has now introduced the mandatory Investor Categorisation questionnaire and Appropriateness Assessment questionnaire for all users.
Tuesday, 03/09/2024 | 12:00 GMT by
Arnab Shome
UK Crypto Registration Applications Fall 51% over Three Years: FCA Data
- Withdrawn crypto applications decreased by 78% in the past year, reflecting compliance with FCA rules.
- UK crypto regulation faces challenges with fewer applications and lengthy approval times.
Wednesday, 28/08/2024 | 09:49 GMT by
Tareq Sikder
UK Treasury and FCA Sound Alarm on Looming Fraud Refund Scheme: Report
- The scheme requires banks and fintech firms to fully reimburse victims of authorized push payment fraud up to £415,000.
- However, there are concerns that the scheme could deter investment in the fintech sector.
Thursday, 22/08/2024 | 13:28 GMT by
Jared Kirui
FCA Slaps £276K Fine on FXTB for Unauthorised Investment Advice
- Customers were pressured into CFD trading and encouraged to borrow from friends and family, FCA claims.
- The initial fine of £1.21 million was reduced due to FXTB's demonstration of serious financial hardship.
Wednesday, 14/08/2024 | 09:56 GMT by
Tareq Sikder
FCA Steps Up Crypto Enforcement: Over 1,000 Warnings and 48 Apps Removed since October
- The regulator's actions reflect its commitment to protecting consumers from unregistered and potentially harmful crypto promotions.
- The FCA has published new guidance for registered firms, highlighting the importance of properly verifying consumer classifications before making financial promotions.
Wednesday, 07/08/2024 | 15:12 GMT by
Jared Kirui
FCA Identifies Compliance Issues in Crypto Firms: Failures in Financial Promotions
- The FCA found mixed results, with some firms meeting standards while others failed to comply.
- Firms need to enhance their systems and controls to avoid regulatory consequences.
Wednesday, 07/08/2024 | 09:58 GMT by
Tareq Sikder
FCA Imposes Restrictions on London Stone Securities over Excessive Fees
- The firm reportedly charged some of its clients fees exceeding 65% of their portfolio value.
- The FCA also found that London Stone Securities issued non-compliant financial promotions targeting vulnerable individuals.
Wednesday, 31/07/2024 | 12:40 GMT by
Jared Kirui
UK's Regulator Seeks Industry Feedback on Easing Financial Rules
- FCA is focusing on simplifying regulations in various sectors, including the commercial insurance market.
- The watchdog has reportedly improved its authorization process, now assessing 98% of cases within statutory deadlines.
Monday, 29/07/2024 | 16:54 GMT by
Jared Kirui
The UK Faces Potential “Crypto Catastrophe” Due to Staff Shortages at FCA
- The FCA has expanded its crypto workforce to over 100, but according to Quant, its policy team remains understaffed.
- The company forecasts, that this staffing imbalance poses challenges for effective crypto regulation in the UK.
Wednesday, 17/07/2024 | 12:50 GMT by
Damian Chmiel
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