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Democratizing Investing: A Revolution in the Making?
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The Financial Conduct Authority (FCA)
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Retail FX
FCA Announces Joint Executive Directors for Enforcement and Market Oversight
Chambers and Smart will replace Steward.
Smart joins from the NCA, and Chambers has many years of experience from the FCA.
Thursday, 23/03/2023 | 12:31 GMT
by
Damian Chmiel
FinTech
FCA Scolds Payment Firms over 'Lack of Controls'
The regulator said some firms are posing "unacceptable risks" to customers.
The FCA has also seen evidence of "elevated fraud rates" among some firms.
Friday, 17/03/2023 | 20:43 GMT
by
Solomon Oladipupo
FinTech
Amidst Industry Rejig, UK Regulator Approves First Long-Term Asset Fund
The development dates back to finalization of rules for the new fund in October 2021.
The FCA worked with BoE and HM Treasury to break a barrier against long-term asset investment.
Thursday, 09/03/2023 | 13:23 GMT
by
Solomon Oladipupo
Institutional FX
Market Infrastructure Providers Greenlight BoE, FCA Supervision
The FCA is also seeking to enhance the UK's asset management laws.
Moreover, the markets supervisor is planning a new financial promotions regime.
Friday, 24/02/2023 | 16:22 GMT
by
Solomon Oladipupo
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Retail FX
FCA to Compensate 24HR Trading Academy Victims
The scheme operator had to declare bankruptcy after failing to pay the penalty.
The FCA initially brought the case against Mohammed Maricar in April 2020.
Friday, 24/02/2023 | 10:58 GMT
by
Arnab Shome
Retail FX
FCA Wants to Recover Money from Argento Wealth
The FCA commenced High Court proceedings against AWL.
AWL is not, and never has been, an FCA-authorised firm.
Tuesday, 07/02/2023 | 13:09 GMT
by
Damian Chmiel
CryptoCurrency
FCA Seeks Crypto Firms' Preparedness for Upcoming Promotions Regime
The new rules will apply to local and overseas crypto firms targeting UK consumers.
Breaches of the four promotional channels will bring criminal charges.
Monday, 06/02/2023 | 11:44 GMT
by
Arnab Shome
FinTech
UK Regulator Clamps Down on 1,400% More Rogue Financial Ads in 2022
The FCA published over 1,800 scam alerts last year.
The regulator says it will introduce new consumer duty obligations in July.
Friday, 03/02/2023 | 19:27 GMT
by
Solomon Oladipupo
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Retail FX
UK FCA Warns against Clone of FX Broker Axi
AxiCorp owns both Axi and One Financial Markets.
The FCA clamped down on a number of clone companies in 2022.
Thursday, 02/02/2023 | 15:11 GMT
by
Solomon Oladipupo
Retail FX
FCA’s Financial Ombudsman Zahida Manzoor to Serve Second Term
Manzoor was initially appointed as an FOS Chair in 2019.
The second term of office lasts until 2025.
Monday, 30/01/2023 | 11:40 GMT
by
Damian Chmiel
Institutional FX
Boutique Wealth Manager EXANTE Secures FCA License, Launches in UK
The boutique brokerage hopes to establish its headquarters in London.
A number of firms gained and lost their FCA licenses last month.
Friday, 20/01/2023 | 22:35 GMT
by
Solomon Oladipupo
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
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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
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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
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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
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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
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