Archives

April 26, 2024 @ 9:01 am By Omar Faridi  |  

Ahead of the anti-greenwashing rule coming into force on 31 May, the UK’s Financial Conduct Authority (FCA) is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers “by ensuring sustainable products and services they are sold… Read More

April 25, 2024 @ 4:13 pm By Omar Faridi  |  

Commenting on the UK Financial Conduct Authority (FCA)’s strategic approach to the use of Artificial Intelligence in the UK financial services sector, Karim Haji, global and UK head of financial services at KPMG, said: “It’s hard to overstate the potential capabilities of AI for a… Read More

April 13, 2024 @ 2:30 pm By Michael Wong  |  

The UK’s Financial Conduct Authority (FCA) has called for the establishment of a new industry body to enhance the functioning of Britain’s “highly concentrated” consumer credit ratings market, which it says is currently not serving consumers well, Reuters has reported. The consumer credit ratings market,… Read More

April 10, 2024 @ 11:33 pm By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a report on consumer debt. The FCA states that 7.4 million people are struggling to pay bills and credit card debt (January 2024).  While this is lower than the 10.9 million in January 2023 who were encountering… Read More

April 3, 2024 @ 5:00 pm By JD Alois  |  

While everyone understands that securities will inevitably become digital, policymakers have been slow to provide an ecosystem to support the nuances intrinsic to the transition from analog. Eventually, digital securities will become the dominant sector of digital assets, and clear-cut rules are needed. Today, the… Read More

April 1, 2024 @ 8:46 am By Omar Faridi  |  

The Bank of England and FCA are leading a joint transformation program with industry to transform data collection from the UK financial sector. They published a future strategy for “achieving this, encompassing the regulator’s response to industry’s recommendations.” The Bank of England and the Financial… Read More

March 27, 2024 @ 11:56 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a warning to “Finfluencers” individuals who use social media to promote financial services. While influencers may be a popular source of information, few of these individuals actually have any notable experience within the financial services industry. Yet… Read More

March 1, 2024 @ 2:12 am By Omar Faridi  |  

Portofino Technologies, one of the cryptocurrency market makers, announces its successful registration as a cryptoasset firm with the Financial Conduct Authority (FCA), enabling the business to trade cryptocurrencies with institutional investors in the UK. Since its inception, Portofino Technologies, a crypto-native high frequency trading firm,… Read More

February 19, 2024 @ 6:40 pm By JD Alois  |  

Bryan Zhang, the co-founder and Executive Director of the Cambridge Centre for Alternative Finance (CCAF), has been appointed to the Board of the UK Financial Conduct Authority (FCA). Zhang commenced his initial three-year term as a non-executive Director today (February 19, 2024). The FCA is… Read More

January 17, 2024 @ 8:37 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has appointed Daniel Godfrey as chair and Julia Dreblow as vice-chair of a new working group focused on building capability in sustainable finance across the financial advice sector. The Personal Investment Management & Financial Advice Association (PIMFA) will “provide… Read More

January 12, 2024 @ 8:31 am By Omar Faridi  |  

Ransomware incidents reported to UK financial regulators doubled in 2023, according to an extensive update shared with CI. A Picus Security FOI analysis of cyber incidents reported “to the Financial Conduct Authority reveals an increase in ransomware incidents in the first half of 2023.” Picus… Read More

January 8, 2024 @ 8:21 am By Tony Zerucha  |  

The United Kingdom’s Financial Conduct Authority (FCA) has imposed fines on three money transfer firms after they admitted to fixing prices charged to consumers in Glasgow, Scotland. Dollar East (International Travel & Money Transfer) Ltd; Hafiz Bros Travel & Money Transfer Limited; and LCC Trans-Sending… Read More

January 6, 2024 @ 8:22 am By Tony Zerucha  |  

The United Kingdom’s Financial Conduct Authority (FCA) is taking steps to ensure folks maintain access to physical currency in an increasingly digital society. The agency proposed new rules to maintain reasonable access to cash for personal and business customers across the UK. This follows new… Read More

January 5, 2024 @ 9:37 am By Omar Faridi  |  

Digital securities are broadly acknowledged as the future of all securities. Yet, progress has been slow for regulators around the world to craft the needed rules to enable digital to replace existing analog securities. The advent of distributed ledger technology (DLT), or blockchains, is expected… Read More

December 28, 2023 @ 9:53 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) Chief Executive Nikhil Rathi has issued a statement on the agency’s key achievements in the past couple of years. The update is part of a three-year strategy by the FCA to support financial services development while providing ample protection…. Read More

December 12, 2023 @ 9:01 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has been pounded the drums for some time now on the interest earned by consumers on cash balances held on various platforms. While interest rates have risen dramatically in the past couple of years, many financial institutions have been… Read More

December 10, 2023 @ 9:28 pm By Omar Faridi  |  

More people could access advice or support to help make their money “work harder” under proposals set out today by the Financial Conduct Authority (FCA) and the Government. The potential options aim to help more people benefit from investment opportunities, provide for later life, “save… Read More

December 4, 2023 @ 8:24 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) announced that it is setting out forbearance measures for investment company cost disclosure. The FCA says it has now set out temporary measures “to give investment companies greater ability to explain their costs and charges to help consumers make… Read More

November 30, 2023 @ 8:47 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has announced proposals to require personal investment firms to set aside capital so that they can “cover compensation costs and ensuring the polluter pays when consumers are harmed.” The proposals from the FCA would “require personal investment firms –… Read More

November 24, 2023 @ 8:16 am By Omar Faridi  |  

Prior to the UK leaving the EU, EEA-based firms were able “to operate in the UK without our direct authorization.” The UK’s Financial Conduct Authority (FCA) notes that the Temporary Permissions Regime, which allowed EEA firms to continue “to operate in the UK while transitioning… Read More