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The financial conduct authority fca
Europe's Economic Crossroads: Recession Fears and S&P Global's
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The Financial Conduct Authority (FCA)
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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 to prevent onboarding high-risk customers, CBPL onboarded 13,416 such 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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Sarafina Wolde Gabriel
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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CryptoCurrency
LSE Opens Doors to Bitcoin and Ethereum ETN Applications
2024-03-25T19:49:12.246+02:00
The proposed commencement date for trading these Crypto ETN securities is May 28.
The Exchange's decision hinges on the FCA's approval of base prospectuses.
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Retail FX
Regulators Tackle Debt Collection Challenges amidst Cost of Living Surge
2024-03-18T12:19:34.602+02:00
In 2020, firms paid £570 million in compensation for treatment deficiencies.
Banks are advised to improve the treatment of small business owners in debt collection.
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Retail FX
FCA Naming Firms under Probe May “Cause Circumstances to Spiral out of Control”
2024-03-05T17:29:52.802+02:00
Deterrence is a key factor in enforcement, but it is not a goal that stands alone.
With regard to the FCA’s initiative, deterrence will probably grow, but it comes at a price.
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FinTech
FCA Grants UK EMI Licence to Volt for Global Payment Expansion
2024-02-29T11:00:00.000+02:00
The license advances Connect, issuing virtual accounts for account-to-account payments.
Research found that 50% of UK businesses struggle with payment processing control and visibility.
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Retail FX
Intricacies of Regulatory Reporting: "AI Helps, but Brings Its Own Set of Challenges"
2024-02-20T15:40:00.000+02:00
Finance Magnates talked to several regtech experts to know the nuances of regulatory reporting.
"Each regulator is putting their own spin on things... for no discernibly necessary reason," Quinn Perrott said.
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Arnab Shome
Retail FX
FCA Alert: Organised Crime Groups Exploiting Equity Markets Raises Concerns
2024-02-16T14:03:58.961+02:00
Suspicious trading in the UK and international equities significantly impacts market integrity.
Key indicators of OCG exploitation include clients generating STORs, pre-M&A trading, and new security trading.
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Institutional FX
Odey Asset Management Receives FCA Clearance amid Allegations of Sexual Misconduct
2023-12-19T16:52:57.860+02:00
The inquiry into Crispin Odey and his firm was started in 2021.
In June, amidst allegations from thirteen women, the situation unfolded, leading to significant repercussions.
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Retail FX
Premier FX Collapse: FCA's Reply to Commissioner's Report
2023-12-18T18:45:24.108+02:00
The regulator will not provide additional compensation to the victims for complaint delays.
All 167 customers received reimbursements, with Barclays contributing £10,076,943.75.
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Retail FX
'Double Dipping': FCA Wants Investment Platform to Cease the Controversial Practice
2023-12-12T10:20:00.000+02:00
Many investment firms retain interest in customers' cash balances and charge fees for cash management.
UK firms have until 29 February to address the issues raised by the FCA.
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Retail FX
Regulatory Sloth: FCA Sluggish in Adapting to Financial Market Crimes
2023-12-11T12:39:58.196+02:00
The FCA is undergoing major reform to combat financial crime faster.
A National Audit Office report has highlighted the need to effectively manage these changes.
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Damian Chmiel
News
FCA Flags Poloniex: Affiliation with Justin Sun Raises Concerns
2023-12-07T14:46:25.277+02:00
Platforms, including HTX, experienced four hacks in the last two months.
Despite security efforts, Poloniex will gradually resume services for more cryptocurrencies.
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