Category: Regulation

The violations, which spanned several years, are said to have highlighted lapses in advertising practices, supervision, and privacy compliance. According to FINRA’s findings, retail trading platform Moomoo Financial paid social media influencers to promote its services but failed to ensure these promotions were "fair and balanced." FINRA said some influencer posts made misleading claims about…

The regulator said that between June 2020 and February 2022, Travis Klein, a trader at the bank, was able to record and conceal these fraudulent trades to mask his mounting losses.  Despite previous warnings about weaknesses in its systems, Macquarie Bank failed to implement effective measures to prevent such misconduct, according to the FCA. “Despite…

The FCA announced the decision and said it follows Barclays’ withdrawal of its referral of the case to the Upper Tribunal.  “The action was based on findings which included that Barclays' conduct in its October 2008 capital raising was reckless and lacked integrity,” stated the FCA. The regulator explained that it first issued warning notices…

Metro Bank has been fined £16.67 million by the Financial Conduct Authority (FCA) for serious financial crime failings, the regulator revealed on Tuesday. The FCA said that between June 2016 and December 2020, Metro failed to implement adequate systems and controls to monitor over £51 billion worth of transactions for potential money laundering. They explained…

The financial giant was found to have breached several rules, including a failure to implement sufficient pre-trade controls and a lack of adequate monitoring of trading activity. The incident that led to the fine occurred on May 2, 2022, when a significant price drop was observed across multiple financial instruments and indices traded on Nasdaq…

The CFPB said it found that Apple failed to send tens of thousands of consumer disputes to Goldman Sachs, the issuing bank for Apple Card. When disputes were eventually sent, Goldman Sachs did not follow federal requirements for investigating them, leading to delays in refunds and negative credit reporting. Additionally, Apple and Goldman Sachs reportedly…