Archives

November 13, 2023 @ 8:22 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) says it is working with payment service providers to do more “to protect consumers from fraud, including authorized push payment (APP) fraud.” While FCA‘s review of firms’ fraud controls and complaint handling found examples of good practice, they were… Read More

November 6, 2023 @ 8:17 am By Omar Faridi  |  

The Financial Conduct Authority (FCA) and the Bank of England are requesting feedback on their proposed approach to regulating stablecoins. The Bank’s proposals cover “any payment systems in the future that use stablecoins in the UK at systemic scale.” Stablecoins are a new type of… Read More

October 30, 2023 @ 11:15 am By JD Alois  |  

The Monetary Authority of Singapore (MAS), the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA) will partner on digital asset innovation, including pilots in fixed income, foreign exchange and asset management products…. Read More

October 19, 2023 @ 8:15 am By Omar Faridi  |  

The most common scams this year have been revealed – “with more than seven in 10 adults targeted by scams in the last 12 months, being hit on average three times each week – over 150 times a year.” Scams through digital platforms, social media… Read More

October 18, 2023 @ 7:20 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has reportedly agreed with Fintech Modulr to place customer onboarding restrictions until the service provider adheres to applicable regulatory guidelines. At the start of this month, the FCA had placed a restriction for the firm, which prevents it from… Read More

October 11, 2023 @ 9:22 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has censured London Capital & Finance (LCF) for misleading promotions in regard to mini-bonds. The FCA said it did not make sense to assess a financial penalty as LCF is effectively bankrupt and in administration. LCF went into administration… Read More

October 9, 2023 @ 12:58 pm By Tony Zerucha  |  

United Kingdom regulators, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), have proposed measures to boost diversity and inclusion in financial services. In consultation papers published this month, the financial regulators have proposed to “boost diversity and inclusion to support healthy work cultures, reduce… Read More

September 19, 2023 @ 8:36 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has released its initial report on potential discrimination at UK banks. The report follows the saga of Nigel Farage, a vocal political personality and former UKIP leader, who had his account shuttered at Coutts after management decided his values… Read More

September 7, 2023 @ 9:28 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has indicated its willingness for a certain amount of leeway for registered crypto firms to adhere to forthcoming rules. The regulator says that registered or authorized firms may “apply for flexibility”  on implementing a cooling off period when other… Read More

September 5, 2023 @ 10:01 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) indicated it is moving forward with a review of the treatment of “politically exposed persons” (PEPs). The FCA distributed today a list of areas it will review in regard to the treatment of accounts at financial services firms, including:… Read More

September 1, 2023 @ 12:17 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has announced it will analyze “lenders’ fair value assessments” to determine if they are providing consumers with appropriate savings products. Earlier this year, the FCA commented on the spread between what banks receive in interest rate returns and what… Read More

August 14, 2023 @ 11:44 pm By Omar Faridi  |  

Following a review of fund managers’ value assessments, the UK Financial Conduct Authority (FCA) has found “that while many firms have better practices in place, some still require improvement.” In 2017, the FCA published its Asset Management Market Study, which “found evidence of weak demand-side… Read More

July 31, 2023 @ 9:20 am By JD Alois  |  

The Financial Conduct Authority  (FCA) now has a higher duty when it comes to “consumer protection.”  As of today, the regulator has a new standard when it comes to financial services oversight. As outlined by the FCA: “You should expect:  helpful and accessible customer support,… Read More

July 25, 2023 @ 1:23 pm By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a statement on the recent bust-up over Coutts canceling a high-profile account due to its internal “values.”  Coutts, which is owned by NatWest, shut down the account of former UKIP leader and noted Brexit supporter Nigel Farage… Read More

July 24, 2023 @ 10:42 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) published final guidance on the new Consumer Duty initiative last year. Firms are expected to implement the requirements by the end of this month. Consumer Duty sets a “standard of care” for financial services firms in retail markets aiming… Read More

July 12, 2023 @ 12:55 pm By JD Alois  |  

The Chief Executive of the UK Financial Conduct Authority (FCA), Nikhil Rathi, addressed in a speech the emergence of Artificial Intelligence (AI) and the role of Big Tech in financial services. The speech was delivered today at the Economist Impact Finance Transformed event. Rathi said… Read More

July 10, 2023 @ 7:01 pm By JD Alois  |  

The Financial Conduct Authority (FCA) has issued a statement on its ongoing crackdown of crypto ATMs in the UK that are not authorized. The FCA says it has investigated 34 locations in the UK since the start of the year, typically working with other law… Read More

July 7, 2023 @ 12:34 pm By JD Alois  |  

The UK Financial Conduct Authority (FCA) has commented on the rate spread between what banks are receiving in interest rate returns and what they are giving their deposit holders.  The regulator said in a studied, underwhelming tone that the “decision-making has been slow” for banks… Read More

April 6, 2023 @ 11:33 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) and Advertising Standards Authority (ASA) have posted a notice putting influencers on notice not to promote “get rich quick” schemes or pursue “illegal financial promotions.” The FCA recently reported they pursued interventions 8582 times in 2022, more than 14X… Read More

March 8, 2023 @ 8:50 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has announced taking action against “unregistered crypto ATMs.” Last year, the FCA announced it would shut down crypt ATMs that were not registered with the agency and in compliance with anti-money laundering rules. At that time, none of the… Read More