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The Financial Conduct Authority (FCA)

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Institutional FX

FCA Alarms Wholesale Brokers of Wind Down Risks in Adverse Markets

  • It warned that many brokers are working to wind down in an adverse market.
  • The regulator wants the CEOs of the brokers to discuss the concerns with the Boards.
Thursday, 12/01/2023 | 09:15 GMT by Arnab Shome
Institutional FX

FCA Fines GT Bank £7.67M for AML Lapses

  • The bank had lapses in AML systems and controls between October 2014 and July 2019.
  • It did not rectify the lapses despite multiple internal and external flags.
Tuesday, 10/01/2023 | 10:58 GMT by Arnab Shome
Retail FX

Union Standard International (Previously USGFX) Loses FCA Licenses

  • The license was withdrawn on 16 December 2022.
  • The broker still operates with an offshore license.
Thursday, 29/12/2022 | 10:28 GMT by Arnab Shome
Executives

CXM Prime Gains FCA License, Appoints Muinmos’ Ashraf Agha as CEO

  • The broker also hired Peter Wilson as the Head of Compliance.
  • Agha brings over three decades of industry experience to the role.
Tuesday, 27/12/2022 | 19:22 GMT by Solomon Oladipupo
FinTech

UK FCA Extends 10% Depreciation Notifications Rule Pending Alternative

  • The regulator initially planned to stop enforcing the policy by December 31, 2022.
  • The FCA started adapting the temporary measure in March 2020.
Thursday, 22/12/2022 | 16:42 GMT by Solomon Oladipupo
Retail FX

FCA Revokes First TPR Approval for Authorization Application Failure

  • TPR approval allows EU firms to operate in the UK until they get FCA approval.
  • Earlier, the FCA revolved TPR approval of several CFDs brokers for regulatory violations.
Wednesday, 21/12/2022 | 12:11 GMT by Arnab Shome
Institutional FX

FCA Fines Metro Bank £10M for Compliance Breach

  • Two former top executives were penalized for knowing about the incorrect data publication.
  • Both of the former executives appealed against the FCA's decision.
Monday, 12/12/2022 | 09:14 GMT by Arnab Shome
Institutional FX

FCA Fines Santander UK £108 Million for Prolonged AML Breaches

  • The bank failed to monitor the activities of more than 560,000 business customers properly.
  • The inadequate system was in place for about five years.
Friday, 09/12/2022 | 09:45 GMT by Arnab Shome
CryptoCurrency

TP ICAP Gains UK Registration for Institutional Crypto Exchange

  • TP ICAP partnered with Fidelity to launch the cryptocurrency exchange.
  • It will only offer services to institutions.
Thursday, 01/12/2022 | 11:45 GMT by Arnab Shome
Institutional FX

FCA Fines Julius Baer £18 Million for Business Integrity Failure

  • The investment bank agreed to settle with the regulator at an early stage.
  • It also banned three former Julius Baer employees.
Wednesday, 30/11/2022 | 11:58 GMT by Arnab Shome
Retail FX

Eurotrader Boosts UK Presence with FCA License

  • The broker hired several London-based executives in the past few months.
  • Eurotrader gained a license in South Africa last year.
Thursday, 24/11/2022 | 17:31 GMT by Solomon Oladipupo
Institutional FX

The FCA Proposes 'Synthetic' Dollar LIBOR Rate

  • The temporary rates will cease at the end of September 2024.
  • The rates are only for use in some legacy contracts.
Thursday, 24/11/2022 | 06:07 GMT by Arnab Shome
FinTech

FCA Opts for Public Censure of Sonali Bank UK Ex-CEO for AML Failure

  • The UK regulator fined Mohammad Prodhan, the former CEO, £76,400 in 2018.
  • However, the FCA is replacing that as a result of certain 'exceptional circumstances'.
Friday, 18/11/2022 | 17:58 GMT by Solomon Oladipupo
FinTech

UK FCA Rejects 20% of Firms Applying for Authorization

  • The regulator recently halted the operations of 16 CFD operators
Friday, 28/10/2022 | 15:07 GMT by Solomon Oladipupo
Retail FX

Mark Steward Leaves FCA after Seven Years as Enforcement Director

  • Steward joined the UK regulator in 2015.
  • He worked previously with financial watchdogs in Hong Kong and Australia.
Tuesday, 18/10/2022 | 13:05 GMT by Damian Chmiel
FinTech

Dutch Central Bank Loses AML Case to Neobank Bunq

  • Bunq charged the apex bank to court earlier in the year.
  • The neo bank supports the use of AI, machine learning and other modern tech.
Tuesday, 18/10/2022 | 12:58 GMT by Solomon Oladipupo
Retail FX

FCA Stops 16 Suspected CFDs Providers

  • The regulatory watchdog states that its action saved consumers £100 million a year.
  • Overall, the FCA has stopped 33 consumer investment firms.
Tuesday, 18/10/2022 | 11:55 GMT by Damian Chmiel
Institutional FX

London’s Gatehouse Bank Fined £1.58M for AML Failures

  • The failures happened even though the bank had AML policies in place.
  • It has now taken steps to correct the lapses.
Friday, 14/10/2022 | 11:27 GMT by Arnab Shome
Payments

ePayments to Shutter after 3 Years of FCA-Ordered Business Suspension

  • It was ordered to suspend activities due to weaknesses in our financial crime controls.
  • It processed online payments for high-risk clientele.
Tuesday, 13/09/2022 | 11:21 GMT by Arnab Shome
Institutional FX

Citigroup’s Brokerage Subsidiary to Pay £12.6M for Failure to Detect Market Abuse

  • Citigroup Global Markets breached Article 16(2) of MAR, FCA's Principles for Businesses.
  • The institutional brokerage firm has agreed to resolve the case, the FCA says.
Friday, 19/08/2022 | 14:15 GMT by Solomon Oladipupo
Executives

UK FCA Appoints Home Office's Director to Lead Its Global Strategy

  • O'Connell is bringing “extensive experience of international affairs" to the role.
  • He joined the UK Home Office as Director of International, in 2020.
Friday, 05/08/2022 | 13:45 GMT by Solomon Oladipupo
CryptoCurrency

The FCA Is Introducing New Guidelines on Promoting High-Risk Investments

  • Refer-a-friend will be banned from marketing promotions.
  • A 24-hour period is required for a client to be able to place funds for the investment.
Tuesday, 02/08/2022 | 06:47 GMT by Matti Williamson
Analysis
Analysis
FinTech
Analysis
Analysis

Is the UK FCA Doing Enough to Stop Investment Scams?

  • According to UK Finance, investment scam victims lost £171.7 million in 2021.
  • The FCA says it can only prosecute fraud as a private prosecutor.
Monday, 01/08/2022 | 08:30 GMT by Solomon Oladipupo
Institutional FX

Digital Broker GCEX Introduces 24/7 Forex Trading

  • The FX trading is mirrored after the company's cryptocurrency trading.
  • GCEX already offers all-hour crypto trading.
Wednesday, 20/07/2022 | 07:30 GMT by Solomon Oladipupo
Institutional FX

FCA Fines TJM £2 Million for Lapses in AML Controls

  • The fine was related to the cum-ex trading scam.
  • It was the third case brought by the FCA related to that scam.
Friday, 15/07/2022 | 10:47 GMT by Arnab Shome
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