Archives

February 15, 2023 @ 6:54 am By Omar Faridi  |  

The Financial Conduct Authority (FCA) has used its powers “to enter and inspect several sites around Leeds suspected of hosting illegally operated crypto ATMs.” The FCA gathered evidence from several sites “around the city as part of a joint operation with West Yorkshire Police’s Digital… Read More

December 6, 2022 @ 11:07 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has outlined new rules to stymie financial promotions that are misleading, illegal or unfair. Simultaneously, the FCA has kicked off a consultation to garner feedback on the new rules. The goal is to halt “rogue financial promotions.” Currently, any… Read More

November 22, 2022 @ 11:58 pm By JD Alois  |  

The Financial Conduct Authority (FCA) is worried about investment apps that are designed to encourage trading. The regulator issued a statement and report yesterday, warning securities trading firms that offer apps to review the design of these services that are crafted to boost trading leveraging… Read More

October 31, 2022 @ 8:13 am By JD Alois  |  

Financial Conduct Authority (FCA) CEO Nikhil Rathi delivered a speech last week that reflected upon the ever-changing regulatory environment. Rathi re-affirmed the FCA’s mission of fostering competition stating, “we will continue to embed competitiveness throughout our regulatory approach,” while noting this will not come to… Read More

October 25, 2022 @ 10:56 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) is commencing a review of “Big Tech” providing financial services. The FCA will be reviewing firms like Google, Amazon, Apple, Facebook, and others that have emerged as top financial services providers in sectors like digital wallets and payments. The… Read More

August 19, 2022 @ 9:02 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a warning to Buy Now – Pay Later (BNPL) providers pertaining to misleading advertisements. A copy of the “Dear CEO” letter sent to BNPLs is viewable here. BNPL platforms offer point of sale credit to consumers which… Read More

August 3, 2022 @ 9:44 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued stronger rules in regards to promoting what is deemed to be high risk investments. As anticipated, the FCA expects firms to use “clearer” and “more prominent risk warnings.” The tactic of offering a refer a friend bonus… Read More

July 14, 2022 @ 9:52 pm By JD Alois  |  

In a speech delivered early today by the Financial Conduct Authority Chief Executive Nikhil Ratha, the top UK regulator addressed the future of regulation. Of course, the digitization of financial services, including crypto assets was in the mix. Ratha noted that the FCA has invested… Read More

July 6, 2022 @ 9:20 pm By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has appointed six directors as it “expands its headcount to meet a growing remit and to achieve its ambitious strategy, which launched in April.” The appointments announced recently, which fill a mix of new and existing roles, “draw on… Read More

June 16, 2022 @ 8:50 am By JD Alois  |  

The cost of living is rising higher and credit is along for the ride. With no end in sight to rising interest rates and inflation, the UK Financial Conduct Authority (FCA) is asking lenders to help consumers during a difficult time. In a release, the… Read More

May 22, 2022 @ 6:48 pm By JD Alois  |  

This past week, Financial Conduct Authority (FCA) Chairman Charles Randell reviewed the challenges of securities regulation in a speech delivered at the Centre for Commercial Law Studies, Queen Mary University of London.  The FCA has played a key and vital role in enabling Fintech innovation… Read More

May 13, 2022 @ 11:45 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has posted another warning about digital assets or cryptoassets. The FCA points to “recent social media posts” promoting digital assets including NFTs. The FCA tells consumers to be ready to lose all of their money when participating in a… Read More

May 6, 2022 @ 9:48 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has distributed a Dear CEO letter to firms pitching credit in relation to their potentially misleading advertising. The FCA states that it has issued almost 28,000 consumer credit firms warning them not to use terms such as “no credit… Read More

April 22, 2022 @ 5:23 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has published an expected report on challenger banks and financial crime controls which states that some are falling short when it comes to diligence against malfeasance such as money laundering. The review, conducted during 2021, said that some challenger… Read More

April 21, 2022 @ 9:48 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has received a forfeiture order for £2,000,000 regarding erstwhile Fintech QPay Europe Limited, a firm that at one point sought to be regulated by the FCA. The money was initially frozen in “urgent proceedings” initiated by the FCA in… Read More

April 5, 2022 @ 9:51 am By JD Alois  |  

The UK Financial Conduct Authority has made several new hires according to a release. The appointments include a Fintech executive who steps into the Finance Director role. According to the FCA, Craig Chapman will join the regulator as Finance Director in May. Chapman is currently… Read More

March 31, 2022 @ 9:55 am By JD Alois  |  

Today is the deadline (March 31, 2022) for crypto firms to be registered with the UK Financial Conduct Authority. Reports have filtered in that multiple UK-based crypto firms have abandoned the effort with some planning a departure from Great Britain. The list of UK crypto… Read More

March 31, 2022 @ 8:45 am By Omar Faridi  |  

The UK’s FCA recently revealed that they are interested in what the industry “sees as the role of the regulator in the provision of synthetic data.” The FCA pointed out that they are particularly interested in synthetic data when it comes to their “competition remit,… Read More

March 25, 2022 @ 8:58 am By Tony Zerucha  |  

The United Kingdom’s Financial Conduct Authority (FCA) this week again warned consumers about some of the risks it sees associated with cryptocurrencies. While acknowledging benefits cryptoassets bring, such as the abilities to reduce costs and increase efficiencies, the FCA said they also present risks to… Read More

March 16, 2022 @ 9:30 am By Omar Faridi  |  

The Financial Conduct Authority (FCA), the United Kingdom’s financial services industry regulator, is reportedly looking for a professional to head the digital assets unit and build up a new team. This, according to a job posting via LinkedIn. The department head will be required to… Read More