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The financial conduct authority fca
Europe's Economic Crossroads: Recession Fears and S&P Global's
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Will Blockchain Technology Mark a Turning Point in Fraud
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The Financial Conduct Authority (FCA)
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Retail FX
39% of Retail Investment Firms Cite Excessive FCA Data Requests, Survey Shows
2024-10-23T12:09:24.119+02:00
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.
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Retail FX
FCA Flags 38 Finfluencers amid Surge in Financial Scams Targeting Youth
2024-10-22T01:01:00.000+02:00
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.
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Retail FX
FCA Plans Temporary Permissions for BNPL Firms Ahead of New Rules
2024-10-17T18:07:25.675+02:00
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.
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FinTech
Starling Bank Faces £29 Million Fine from FCA over Financial Crime
2024-10-03T13:01:46.332+02:00
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.
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Retail FX
UK Government and FCA Set to Overhaul PRIIPs Regulation for Retail Investors
2024-09-19T11:27:22.679+02:00
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.
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CryptoCurrency
Nexo Aligns with FCA’s Guidelines: Resumes Onboarding UK Clients
2024-09-03T14:00:00.000+02:00
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.
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CryptoCurrency
UK Crypto Registration Applications Fall 51% over Three Years: FCA Data
2024-08-28T11:49:03.920+02:00
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.
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Retail FX
FCA Slaps £276K Fine on FXTB for Unauthorised Investment Advice
2024-08-14T11:56:21.135+02:00
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.
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Retail FX
FCA Intervenes on Over 3,000 Financial Promotions: 528 Alerts Issued
2024-08-08T10:40:23.672+02:00
11% of FCA alerts were for clone scams, where fraudsters used real firm details.
Registered crypto firms are monitored for compliance, with a focus on illegal promotions.
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CryptoCurrency
FCA Identifies Compliance Issues in Crypto Firms: Failures in Financial Promotions
2024-08-07T11:58:48.257+02:00
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.
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Retail FX
IG Ends PayPal Payments for UK Users Following FCA Discussions
2024-08-06T10:37:39.605+02:00
Users are advised to use Apple Pay for instant and smooth payments.
Two IG subsidiaries saw profit declines in FY23, while IG Trading and Investments turned around.
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Retail FX
UK’s FCA Gives Green Light to Kuwait-Based Broker NCM
2024-07-25T16:12:30.214+02:00
Consumers dealing with the firm may be eligible for protections under the FSCS.
The firm also operates in Jordan, Turkey, Malaysia, and the UAE.
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CryptoCurrency
FCA Penalizes Coinbase's CBPL £3.5 Million for Violating High-Risk Customer Restrictions
2024-07-25T11:37:36.712+02:00
Despite a voluntary requirement, CBPL onboarded 13,416 high-risk clients.
This is the FCA's first enforcement action under the Electronic Money Regulations 2011.
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Retail FX
UK's Digital Wallet Surge: PSR and FCA Examine Consumer and Business Effects
2024-07-15T16:41:05.266+02:00
More than half of UK adults now use digital wallets like Apple Pay, Google Pay, and PayPal.
Regulators are examining their market impact, with results expected by early 2025.
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Retail FX
Court Dates Fixed: Finfluencers Face FCA Trial for Unauthorized Forex Scheme
2024-07-11T18:33:14.932+02:00
Nine individuals are charged by the FCA for promoting unauthorized forex schemes on social media.
Trial dates are set for February 2027, one plea hearing in September 2024.
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Retail FX
FCA Revises UK Listing Rules, Investor Protections Maintained
2024-07-11T10:16:25.424+02:00
The new rules remove votes on some transactions but require shareholder approval for major events.
Effective July 29, 2024, the new rules aim to balance risk with economic growth needs.
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Retail FX
FCA and Police Collaborate in Arrests over Suspected Illegal Crypto Exchange
2024-06-20T12:13:41.159+02:00
Authorities seized devices and interviewed suspects, who were then released on bail.
The exchange allegedly facilitated over £1 billion in unregistered crypto asset transactions.
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Retail FX
FCA Fines HSBC £6.28 Million over Customer Treatment Failures
2024-05-23T13:04:43.774+02:00
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.
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Retail FX
FCA Reveals Scammers Imitating Finalto Financial Services
2024-05-21T18:07:02.640+02:00
The FCA advises verifying the authenticity of financial firms to avoid falling victim to scams.
Engaging with the fraudulent firm means no financial protection services are available.
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Retail FX
Brokers Face Heavy Crackdown on Ads: Can Compliance Automation Be a Solution?
2024-05-20T12:37:40.496+02:00
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.
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Retail FX
Instagram Forex Scheme: FCA Presses Charges against Nine Finfluencers
2024-05-16T12:30:54.537+02:00
From 2018 to 2021, an Instagram account provided unauthorized guidance on CFD trading.
The defendants are to appear before the Westminster Magistrates' Court on June 13, 2024.
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Retail FX
FCA Approval Expands Stratiphy's Retail Offerings with Customized Portfolios
2024-05-01T10:46:58.736+02:00
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.
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Retail FX
FCA Acts: Kent Resident Faces £2.67M Investment Scheme Charges
2024-04-23T16:45:52.998+02:00
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.
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Retail FX
FCA Wins Court Approval to Reclaim £1.6m from AWL and Director
2024-04-04T11:56:06.301+02:00
AWL gathered £2.8 million through unauthorized deposits and schemes, according to the FCA.
Further court proceedings will decide how the funds from the agreement will be distributed.
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FinTech
Alchemy Pay Invests in UK's LaPay to Expand Global Payment Solutions
2024-03-28T18:50:19.635+02:00
LaPay holds a UK Authorised Payment Institution License regulated by the FCA.
Alchemy Pay holds regulatory licenses across four continents, totaling six licenses.
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