The Financial Conduct Authority (FCA) has today fined Towergate Underwriting Group Limited (Towergate) £2,632,000 for failings in relation to its protection of client and insurer money. Towergate, an insurance intermediary which holds both client and insurer money, accumulated a shortfall of £12.6 million in its client and insurer money bank accounts which, due to systems…
Read moreUK financial regulator the Financial Conduct Authority (FCA) has issued a warning regarding unlicensed binary options broker Limited Binary. The FCA believes that Limited Binary has been providing financial services or products in the UK without its authorisation. The FCA warns investors to be especially wary of dealing with this unauthorised firm and to learn how…
Read moreThe Financial Conduct Authority (FCA) is seeking input on which areas should be considered as part of its upcoming review of the rules surrounding both investment-based and loan-based crowdfunding. In 2015 an estimated £2.7 billion was invested on regulated crowdfunding platforms, up from £500 million in 2013, with more than 100 platforms either operating in…
Read moreThe Financial Conduct Authority has extended Sue Lewis Chair of the Financial Services Consumer Panel for a further two and a half years, from 1 July. Most recently in the past, Sue Lewis was Head of Savings and Investments at the Treasury, with responsibility for advising Ministers across a broad range of retail financial services…
Read moreDarwinex, the UK Financial Conduct Authority (FCA) regulated FX asset manager and brokerage today was glad to inform clients that its safety measures worked as planned: and...it's business as usual at Darwinex after the EU referendum. The company stated that increased margin requirements will remain in place until the dust settles, which could take a few more days for…
Read moreThe FCA's statement included phrases such as 'until the Government changes the applicable legislation'.
Read moreFollowing an investigation by UK financial regulator the Financial Conduct Authority (FCA), five people have been charged with operating a boiler room scam. The five people charged are: Michael Nascimento (DOB: 28/06/1977) Hugh Edwards (DOB: 13/07/1982) Stuart Rea (DOB: 12/02/1968) Ryan Parker (previously known as Ryan Sell DOB 26/11/1992), and Jeannine Lewis (DOB: 15/09/1967). All…
Read moreUK financial regulator the FCA has issued a warning regarding retail forex, CFDs and futures brokers TRD Brokers Limited at trdbrokers.net, and TRD Futures Group at trdfutures.com. The website of TRD Futures claims that the company is indeed FCA regulated (see below), giving FCA registration number 493131. That number does exist in the FCA's registry,…
Read moreSingaporean officials and FinTech companies gathered with UK FinTech companies in Downing Street on Wednesday to mark the launch of the UK’s first ever FinTech Bridge, which included the signing of a regulatory cooperation agreement between the Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS). The new FinTech Bridge will assist UK…
Read moreThe UK Financial Conduct Authority (FCA), today announced the opening of its regulatory sandbox to applicant firms. The sandbox is a ‘safe space’ in which businesses can test innovative products, services, business models and delivery mechanisms while securing necessary protection to consumers. A part of Project Innovate, which was launched in October 2014, the regulatory sandbox…
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