In addition, the UK regulator also requires BCMUK to pay redress to clients who have suffered loss as a result of its failings. BlueCrest has challenged the FCA’s decision and has referred the case to the Upper Tribunal, which will determine the appropriate action. The FCA added: The findings in the Decision Notice are provisional…
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Some of NatWest’s employees who handled these cash deposits shared their suspicions with the bank’s investigative staff but no action was taken. The warning signs included large amounts of Scottish bank notes deposited throughout England, as well as deposits of notes carrying a noticeable musty smell and individuals acting suspiciously when depositing the cash. Moreover,…
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Stephen Braviner Roman, said: I'm delighted to be joining the excellent team at the FCA. This is a crucial period for consumers, financial markets and the FCA and I’m looking forward to starting. The official announcement also revealed that Megan Butler will step down as Executive Director of Transformation in the spring. She joined FCA…
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The FCA warned: This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. Clone firm is a term the British financial authority uses for a company that uses details form an FCA-authorised firm in order to convince people that they are the real company. The UK watchdog…
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The FCA stated: We undertake many reviews of firms’ financial promotions, which are identified through multiple sources including both consumer and firm referrals. We look at every financial advert reported to us. The regulator noted that 38% of all complaints were about retail investing promotion, while retail lending and retail banking constituted 42% and 12%,…
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Randell will take up the role of Chair of FCA on 1 April 2018. Chancellor Rishi Sunak commented: I want to thank Charles Randell for his work as Chairman of both the Financial Conduct Authority and the Payment Systems Regulator during this important period. Both organisations undertake a vital role in ensuring that the UK…
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In its response, BDSwiss stated: With regards to the FCA announcement and the use of our group website domain, we would like to clarify that all visitors and potential clients are presented with all brand entities and regulators, they are prompted to register under their own jurisdiction, and are even explicitly warned when attempting to…
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The UK watchdog also discovered concerning details about BDSwiss’ sales and marketing practices such as use of misleading financial promotions, unrealistic claims about returns, failing to present clearly nature of the financial instruments being marketed and failing to describe the risks involved in trading CFDs. The regulator said that the company often contacted customers directly…
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IOSCO’s members include U.S. Securities & Exchange Commission (SEC), the Financial Conduct Authority in Britain (FCA), as well as regulators in the European Union, Asia, Latin America and Africa. The Commissions’ new SPAC network met on Monday to share information. Jean-Paul Servais, chairman of Belgium's markets watchdog and Vice-Chair of IOSCO's board, stated: I…
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The ban follows warnings and concerns that financial information from TikTok could be misleading. The FCA has also expressed its concerns over young individuals being at risk in investing, taking their information from social media. The growing pressure has driven Google and other internet companies to take measures against scam ads showing on their platforms…
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