FCA warns crypto execs could face two years in jail for breaching financial promotion rules February 6, 2023 The Financial Conduct Authority (FCA) has warned crypto businesses that breaching new financial promotion regulations could lead to executives facing up to two years in prison. The FCA said that crypto companies which fail to meet its financial promotion rules will breach the Financial Services and Markets Act, “a criminal offence punishable by up to [...]
UK shouldn’t start a ‘regulatory race to the bottom’ to lure Arm into London float, top City group warns February 5, 2023 A top City lobby group has hit out at the UK’s financial watchdog over claims it is planning to bend its own rules to persuade microchip designer Arm to float on the London Stock Exchange. The Institute of Directors (IoD) warned the Financial Conduct Authority’s (FCA’s) offer to waive market rules “undermines the integrity of both [...]
Scam warning: FCA removes over 5,800 misleading ads and warns consumers to be on their guard February 3, 2023 The Financial Conduct Authority (FCA) said it has ramped up efforts to protect consumers from misleading financial promotions, according to a report published today. The UK’s leading financial watchdog required firms to amend or remove a staggering 8,582 promotions during 2022, compared to just 573 in the previous year. It also posted more than 1,800 [...]
FCA’s new sustainability rules to establish UK as world leader on anti-greenwashing January 25, 2023 Industry figures today claimed the UK was set to become a global leader in the fight against so-called greenwashing after the conclusion of a consultation by the financial regulator. The new rules aim to clamp down on greenwashing, when firms make exaggerated or misleading claims about the environmental credentials of their investment products. The Financial [...]
Former Janus Henderson analyst charged in £1.5m insider trading case January 25, 2023 The UK’s financial watchdog has launched criminal proceedings against five individuals over claims they used insider information from an analyst at a top asset manager to illegally generate profits of £1.5m. The Financial Conduct Authority (FCA) claims Redinel Korfuzi, a former analyst at asset manager Janus Henderson, and his associates allegedly used confidential information from [...]
FCA calls out consumer duty laggards as deadline for new rules approaches January 25, 2023 The Financial Conduct Authority (FCA) has said that many financial firms still had a long way to go on implementing its incoming Consumer Duty, as it issued its review of the implementation of the scheme. While regulator found that many firms had “understood and embraced the shift to focus on consumer outcomes”, it noted that [...]
PPI scandal: Supreme Court case could ‘open door’ for hundreds-of-thousands of new claims for UK banks January 12, 2023 British banks could face a new wave of payment protection insurance (PPI) claims following a hearing at the UK’s Supreme Court. The Supreme Court will decide whether to expand the reach of a six-year time limit to let thousands more PPI claims be heard in UK courts. PPI policies cover the costs of debt repayments [...]
FCA says more than 750,000 at risk of mortgage default as interest rates rise January 11, 2023 The Financial Conduct Authority (FCA) has warned that more than 750,000 people are at risk of defaulting on their mortgage in the next two years. In a letter sent to the Treasury Select Committee on December 14, the regulator said that at the end of June 2022, there were nearly 200,000 regulated mortgages in payment [...]
Watchdog woes: One in 10 positions at FCA yet to be filled despite summer hiring splurge January 11, 2023 The City watchdog managed to fill more than 100 vacancies during the summer and autumn, but one in 10 positions still remain empty, new figures show. Data released by the Financial Conduct Authority (FCA) in response to a Freedom of Information request, shows that there were 449 vacancies at the end of November. At the [...]
City watchdog slaps Al Rayan Bank with £4m fine for ‘egregious’ anti-money laundering failures January 11, 2023 The Financial Conduct Authority issued a £4m fine to Al Rayan Bank on Wednesday for “egregious” failures in its anti-money laundering rules. The FCA said that between April 2015 and November 2017, Al Rayan allowed money to pass through the bank and be used within the UK “without carrying out appropriate checks.” Al Rayan is [...]
