The Financial Conduct Authority (FCA) and the Hong Kong Securities and Futures Commission (SFC) have entered into a Memorandum of Understanding on Mutual Recognition of Funds (MoU), which will allow eligible Hong Kong public funds and United Kingdom retail funds to be distributed in each other’s market through a streamlined process. The MoU also establishes…
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UK financial regulator the FCA has announced that Michael Nascimento was today sentenced to 11 years’ imprisonment for his role in a share fraud carried out through a series of boiler room companies which led to the loss of more than £2.8 million of investors’ money. He was the controlling mind, instigator and the main…
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The Financial Conduct Authority (FCA) has just informed the public that it has appointed Sheldon Mills as its new director of competition. Sheldon Mills is currently senior director, mergers and state aid at the Competition and Markets Authority (CMA). At the FCA, Mills will be a central figure in delivering one of the organisation’s operational…
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The Financial Conduct Authority (FCA) has just informed the public that it is consulting on rules and guidance to improve conduct standards and communications in the payment services and e-money sectors. The Consultation Paper proposes to extend the application of the Principles for Businesses and certain specific rules about promotions and communications so that they…
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UK financial regulator The FCA has issued a statement targeted to brokers, regarding the selling of high-risk speculative investments to retail clients following ESMA’s action on CFD products. In June 2018, the European Securities and Markets Authority (ESMA) finalised temporary measures to restrict the sale, marketing and distribution of contracts for difference (CFDs) to retail…
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UK financial regulator The FCA has announced that it will be proposing changes to rules for crowdfunding platforms. Following a post-implementation review of its crowdfunding rules, the FCA is opening a consultation on new rules for loan-based crowdfunding platforms. The FCA is asking for responses to this consultation by October 27, 2018 before publishing rules in…
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However, the FCA noted that there is no reciprocal “TPR” arrangement from the EU, for UK firms looking to continue doing business with EEA clients. How might this temporary permissions regime look? What else is concerning the FCA at this stage, less than nine months before a Hard Brexit might take hold? The full text of Nausicaa…
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Competition is working well for most consumers using investment platforms, according to interim findings of the Financial Conduct Authority (FCA)'s market study into investment platforms, published today. However, the FCA's interim findings reveal concerns about how platforms compete for particular groups of consumers. Given the rapid growth in this market, the FCA has proposed measures…
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A financial services Alliance with a combined global membership of 200,000 has announced that it is challenging UK's Financial Conduct Authority (FCA) to do more to support professionalism in UK financial services. The Chartered Body Alliance, which is composed of the Chartered Insurance Institute, the Chartered Institute for Securities & Investment and the Chartered Banker…
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The Financial Conduct Authority (FCA) has today issued a consultation paper on new guidance about the handling of certain regular premium payment protection insurance (PPI) complaints. In March 2017 the FCA has made rules in relation to the Supreme Court judgment in Plevin. That judgment and the rules say that a lenders failure to disclose…
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