fca
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
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
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