Clare Cole, the Director of Market Oversight at the Financial Conduct Authority, said: The London market is trusted the world over by companies looking to raise capital and those wishing to invest in them. That trust is created by strong standards and a world-leading concentration of buyers, sellers and the advisers who support them. The…
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Additionally, the study found that a quarter of adults that hold investments, prefer to invest in an “investment opportunity” with a limited time frame, which poses a risk of a scam. 22% of the participants in the research say they have not checked or they do not know if their investment is FSCS-protected. This is…
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The “Share my screen” scam According to the FCA, the scammers are targeting people between the age of 18 and 70. The regulator explained that the scammers gain control of the victim’s computer with screen-sharing software in order to steal information or access the financial accounts. The potential victims are usually contacted “out of the…
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The UK regulator has appointed David Philip Soden, Robert Scott Fishman and Matthew Steven Roe, all of Teneo Financial Advisory Limited, as joint special administrators of Sberbank CIB. The special administration is a form of creditor protection that often precedes bankruptcy. The FCA said in a statement that the sanctions have led Sberbank's investment arm…
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Barclays served as Premier FX’s sole banker in the UK. The bank failed to identify that Premier FX’s internal controls were deficient and because of that, failed its due diligence conduct. Mark Steward, Executive Director of Enforcement and Market Oversight, said: Premier FX, which handled money on behalf of other people, presented particularly high risks…
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SONIA is the most used alternative to LIBOR in the UK. Since 2018, Its floating rate note issuance in cash markets surpassed £120 billion. New SONIA lending has exceeded £100 billion in a diverse range of sectors. The Bank of England estimates that less than 2% of the total sterling LIBOR legacy stock remains and…
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The FCA expressed concerns that Falcon and Thestral may also be offering investments and customers that invest with them could lose their money. The warning stated: We believe these firms may be part of a network of credit brokers/payment services firms that are offering investments to consumers which may not be protected. Additionally, the regulator…
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Under the new rules FCA is proposing, the regulator would ensure firms that approve and communicate financial marketing have relevant expertise and understanding of the investments being offered. The FCA will also have them improve risk warnings on ads and ban incentives to invest such as new joiner or refer-a-friend bonuses. Moreover, customers looking to…
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Around 2.3 million people in the UK are thought to be holding crypto assets, according to an estimate. This move will hopefully ensure that cryptoasset advertisements are “fair, clear, and not misleading.” Chancellor of the Exchequer, Rishi Sunak said: Cryptoassets can provide exciting new opportunities, offering people new ways to transact and invest – but…
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FCA stated in the official warning: We believe this firm may be providing financial services or products in the UK without our authorisation. The warning added: This firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the…
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