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The Financial Conduct Authority (FCA)
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
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 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
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 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
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
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 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 and Police Collaborate in Arrests over Suspected Illegal Crypto Exchange
- Authorities seized devices and interviewed suspects, who were then released on bail.
- The exchange allegedly facilitated over £1 billion in unregistered crypto asset transactions.
Thursday, 20/06/2024 | 10:13 GMT by
Tareq Sikder
FCA Fines HSBC £6.28 Million over Customer Treatment Failures
- From June 2017 to October 2018, HSBC's actions resulted in insufficient consideration of customers' circumstances.
- The company invested £94 million and disbursed £185 million in redress payments to address the identified issues.
Thursday, 23/05/2024 | 11:04 GMT by
Tareq Sikder
Brokers Face Heavy Crackdown on Ads: Can Compliance Automation Be a Solution?
- A trading affiliate violated CAP codes by not including risk warnings in their marketing for reputable brands, as shown by Rightlander scans.
- In 2022, the UK financial watchdog blocked 8,600 ads on Instagram, YouTube, and Facebook promising quick profits and guaranteed returns.
Monday, 20/05/2024 | 10:37 GMT by
Sarafina Wolde Gabriel
FCA Approval Expands Stratiphy's Retail Offerings with Customized Portfolios
- The firm has become FCA's first approved independent wealth manager for retail client investments.
- It now can offer tailored portfolios to retail investors, diverging from tradition and unlocking growth.
Wednesday, 01/05/2024 | 08:46 GMT by
Tareq Sikder
FCA Acts: Kent Resident Faces £2.67M Investment Scheme Charges
- The allegations center around involvement in an unauthorized investment scheme named 'Kube Trading'.
- The FCA has planned to enhance transparency by divulging more about its investigations into companies earlier.
Tuesday, 23/04/2024 | 14:45 GMT by
Tareq Sikder
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