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The Financial Conduct Authority (FCA)
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FinTech
UK Regulator Clamps Down on 1,400% More Rogue Financial Ads in 2022
2023-02-03T21:27:15.869+02:00
The FCA published over 1,800 scam alerts last year.
The regulator says it will introduce new consumer duty obligations in July.
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Retail FX
UK FCA Warns against Clone of FX Broker Axi
2023-02-02T17:11:31.314+02:00
AxiCorp owns both Axi and One Financial Markets.
The FCA clamped down on a number of clone companies in 2022.
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Retail FX
FCA’s Financial Ombudsman Zahida Manzoor to Serve Second Term
2023-01-30T13:40:35.819+02:00
Manzoor was initially appointed as an FOS Chair in 2019.
The second term of office lasts until 2025.
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Boutique Wealth Manager EXANTE Secures FCA License, Launches in UK
2023-01-21T00:35:26.038+02:00
The boutique brokerage hopes to establish its headquarters in London.
A number of firms gained and lost their FCA licenses last month.
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Institutional FX
FCA Alarms Wholesale Brokers of Wind Down Risks in Adverse Markets
2023-01-12T11:15:28.395+02:00
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.
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Institutional FX
FCA Fines GT Bank £7.67M for AML Lapses
2023-01-10T12:58:08.059+02:00
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.
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Retail FX
Union Standard International (Previously USGFX) Loses FCA Licenses
2022-12-29T12:28:58.389+02:00
The license was withdrawn on 16 December 2022.
The broker still operates with an offshore license.
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Executives
CXM Prime Gains FCA License, Appoints Muinmos’ Ashraf Agha as CEO
2022-12-27T21:22:12.590+02:00
The broker also hired Peter Wilson as the Head of Compliance.
Agha brings over three decades of industry experience to the role.
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FinTech
UK FCA Extends 10% Depreciation Notifications Rule Pending Alternative
2022-12-22T18:42:05.035+02:00
The regulator initially planned to stop enforcing the policy by December 31, 2022.
The FCA started adapting the temporary measure in March 2020.
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Retail FX
FCA Revokes First TPR Approval for Authorization Application Failure
2022-12-21T14:11:25.453+02:00
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.
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Institutional FX
FCA Fines Metro Bank £10M for Compliance Breach
2022-12-12T11:14:52.134+02:00
Two former top executives were penalized for knowing about the incorrect data publication.
Both of the former executives appealed against the FCA's decision.
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FCA Fines Santander UK £108 Million for Prolonged AML Breaches
2022-12-09T11:45:25.948+02:00
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.
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CryptoCurrency
TP ICAP Gains UK Registration for Institutional Crypto Exchange
2022-12-01T13:45:32.217+02:00
TP ICAP partnered with Fidelity to launch the cryptocurrency exchange.
It will only offer services to institutions.
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Institutional FX
FCA Fines Julius Baer £18 Million for Business Integrity Failure
2022-11-30T13:58:54.257+02:00
The investment bank agreed to settle with the regulator at an early stage.
It also banned three former Julius Baer employees.
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Retail FX
Eurotrader Boosts UK Presence with FCA License
2022-11-24T19:31:27.842+02:00
The broker hired several London-based executives in the past few months.
Eurotrader gained a license in South Africa last year.
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Institutional FX
The FCA Proposes 'Synthetic' Dollar LIBOR Rate
2022-11-24T08:07:21.785+02:00
The temporary rates will cease at the end of September 2024.
The rates are only for use in some legacy contracts.
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FinTech
FCA Opts for Public Censure of Sonali Bank UK Ex-CEO for AML Failure
2022-11-18T19:58:43.508+02:00
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'.
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FinTech
UK FCA Rejects 20% of Firms Applying for Authorization
2022-10-28T17:07:15.637+02:00
The regulator recently halted the operations of 16 CFD operators
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Retail FX
Mark Steward Leaves FCA after Seven Years as Enforcement Director
2022-10-18T15:05:02.694+02:00
Steward joined the UK regulator in 2015.
He worked previously with financial watchdogs in Hong Kong and Australia.
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FinTech
Dutch Central Bank Loses AML Case to Neobank Bunq
2022-10-18T14:58:03.162+02:00
Bunq charged the apex bank to court earlier in the year.
The neo bank supports the use of AI, machine learning and other modern tech.
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Retail FX
FCA Stops 16 Suspected CFDs Providers
2022-10-18T13:55:32.101+02:00
The regulatory watchdog states that its action saved consumers £100 million a year.
Overall, the FCA has stopped 33 consumer investment firms.
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Institutional FX
London’s Gatehouse Bank Fined £1.58M for AML Failures
2022-10-14T13:27:47.039+02:00
The failures happened even though the bank had AML policies in place.
It has now taken steps to correct the lapses.
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Payments
ePayments to Shutter after 3 Years of FCA-Ordered Business Suspension
2022-09-13T13:21:25.382+02:00
It was ordered to suspend activities due to weaknesses in our financial crime controls.
It processed online payments for high-risk clientele.
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Institutional FX
Citigroup’s Brokerage Subsidiary to Pay £12.6M for Failure to Detect Market Abuse
2022-08-19T16:15:13.992+02:00
Citigroup Global Markets breached Article 16(2) of MAR, FCA's Principles for Businesses.
The institutional brokerage firm has agreed to resolve the case, the FCA says.
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Executives
UK FCA Appoints Home Office's Director to Lead Its Global Strategy
2022-08-05T15:45:19.831+02:00
O'Connell is bringing “extensive experience of international affairs" to the role.
He joined the UK Home Office as Director of International, in 2020.
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