Consultation on the Regulatory Framework for Approval of Financial Promotions
The current requirement for an authorised firm to approve the financial promotion of an unauthorised firm may not operate as a strong enough safeguard to ensure such financial promotions are […]
FCA Dear CEO Letter: Inappropriate use of title transfer collateral arrangements and regulatory permissions for financing transactions
The FCA published a Dear CEO letter to authorised firms acting as brokers in wholesale financial markets, who currently, or may in the future, offer services (including clearing broker and prime broker […]
Press Release – Regulators Are Failing To Supervise Firms Proactively And Ensuring Separation Of Client Money
Leading compliance and regulatory consultant, CEO of Complyport Paul Grainger, calls on lessons to be learnt from the collapse of Wirecard AG, “fundamental flaws” in the supervisory roles of regulators. […]
Extension of the Senior Managers & Certification Regime (SM&CR) implementation periods for solo-regulated firms
The deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons has been delayed from 9 December 2020 until 31 March 2021. […]
High Court finds against illegal pension introducers, Avacade and others
The High Court ruled in favour of the FCA in a civil action against 2 firms and their directors who provided pension services to consumers without FCA authorisation. The FCA’s […]
FCA sets out next steps to improve defined benefit pension transfer market
The FCA has set out a package of measures designed to address weaknesses across the defined benefit (DB) transfer market. It includes steps to reduce conflicts of interest by banning […]
FCA fines Lloyds Bank, Bank of Scotland and The Mortgage Business £64,046,800 for failures in mortgage arrears handling
The FCA fined Lloyds Bank plc, Bank of Scotland plc and The Mortgage Business plc (the banks) £64,046,800 for failures in relation to their handling of mortgage customers in payment […]
FCA bars Cypriot firms that used unauthorised celebrity endorsements
The FCA has taken action to stop four Cypriot investment firms from continuing to offer high risk contracts for difference (CFDs) to UK investors. It appears that these firms used […]
FCA proposes to make permanent its ban on mini-bond marketing
Following the temporary ban that was introduced in January 2020, the FCA released proposals to put a permanent ban on the mass-marketing of speculative mini-bonds and other products with similar […]
FCA confirms further support for consumer credit customers
The FCA confirmed the support users of certain consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus (Covid-19). The measures outline the options […]