Data sharing agreements between the UK and EU play a critical role in fighting financial crime.
The chair of the Financial Conduct Authority (FCA), Charles Randall, has warned that the United Kingdom won’t be able to deal with the risks of crime in the finance industry should a no-deal Brexit occur. This is because data sharing agreements between Britain and the European Union (EU) play a critical role in fighting financial crime.
During the financial regulator’s annual general meeting, Randall said that the UK had routed around 3.1 billion transaction reports to other EU authorities by the start of Summer. These are sent through European transaction reporting mechanisms.
At the meeting, Randall said: "Whatever shape Brexit eventually takes, maintaining and deepening our partnerships with international regulators and law enforcement agencies will remain vital.
It is important to stress that we cannot manage the risks of financial crime successfully unless we can share data in this way. Data sharing provides both the UK and EU countries with a vital foundation to tackle cross-border market abuse, including insider dealing and cross-market manipulation."
In Brussels, where the Brexit negotiations are taking place, UK negotiators are fighting for preferential treatment over other non-EU bodies once the UK leaves the economic region. In particular, they warn that a break in data sharing deals could pose a significant threat to both parties.
At present, negotiations are still in the air. Whilst a transition deal has been agreed upon, it is not yet legally binding. Because of this, the watchdog has set aside £30 million ($39 million) to its EU withdrawal budget.
Randall added: "Our business plan for the next year explains that we will continue to devote a considerable part of our resources to Brexit. I think it is important to say that meeting this funding requirement has required us to take difficult decisions elsewhere."
FCA continues to safeguard consumers
One of the FCA’s main roles is to protect consumers against scams, fraud and other types of financial crime. One of the ways the watchdog does this is by publishing warnings on its website against unauthorised and clone firms.
Only today, the regulator has added two firms to its warning list - InstaFX24 and clone firm SP Financial Management Limited. InstaFX claims to provide Forex and contracts-for-difference (CFD) trading through its several platforms.
However, the watchdog has warned that this firm is not authorised to provide financial services or products in the United Kingdom and consumers should take extreme caution when dealing with this firm.
SP Financial Management Limited, trading as Ubanka, has also been blacklisted by the watchdog. This is because it is claiming to be the legitimate firm SP Financial Management Limited (Firm Reference Number: 171137), an authorised mortgage broker, to scam investors.
The fake firm claims to be registered at Vajnorska, 100/B Bratislava, 831 04, Slovakia and operates through https://ubanka.eu/. Consumers should remain alert and avoid contact with the fraud company.
The chair of the Financial Conduct Authority (FCA), Charles Randall, has warned that the United Kingdom won’t be able to deal with the risks of crime in the finance industry should a no-deal Brexit occur. This is because data sharing agreements between Britain and the European Union (EU) play a critical role in fighting financial crime.
During the financial regulator’s annual general meeting, Randall said that the UK had routed around 3.1 billion transaction reports to other EU authorities by the start of Summer. These are sent through European transaction reporting mechanisms.
At the meeting, Randall said: "Whatever shape Brexit eventually takes, maintaining and deepening our partnerships with international regulators and law enforcement agencies will remain vital.
It is important to stress that we cannot manage the risks of financial crime successfully unless we can share data in this way. Data sharing provides both the UK and EU countries with a vital foundation to tackle cross-border market abuse, including insider dealing and cross-market manipulation."
In Brussels, where the Brexit negotiations are taking place, UK negotiators are fighting for preferential treatment over other non-EU bodies once the UK leaves the economic region. In particular, they warn that a break in data sharing deals could pose a significant threat to both parties.
At present, negotiations are still in the air. Whilst a transition deal has been agreed upon, it is not yet legally binding. Because of this, the watchdog has set aside £30 million ($39 million) to its EU withdrawal budget.
Randall added: "Our business plan for the next year explains that we will continue to devote a considerable part of our resources to Brexit. I think it is important to say that meeting this funding requirement has required us to take difficult decisions elsewhere."
FCA continues to safeguard consumers
One of the FCA’s main roles is to protect consumers against scams, fraud and other types of financial crime. One of the ways the watchdog does this is by publishing warnings on its website against unauthorised and clone firms.
Only today, the regulator has added two firms to its warning list - InstaFX24 and clone firm SP Financial Management Limited. InstaFX claims to provide Forex and contracts-for-difference (CFD) trading through its several platforms.
However, the watchdog has warned that this firm is not authorised to provide financial services or products in the United Kingdom and consumers should take extreme caution when dealing with this firm.
SP Financial Management Limited, trading as Ubanka, has also been blacklisted by the watchdog. This is because it is claiming to be the legitimate firm SP Financial Management Limited (Firm Reference Number: 171137), an authorised mortgage broker, to scam investors.
The fake firm claims to be registered at Vajnorska, 100/B Bratislava, 831 04, Slovakia and operates through https://ubanka.eu/. Consumers should remain alert and avoid contact with the fraud company.
TradeStation and Coincheck Drive Monex's 850% Profit Surge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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