These three individuals face several charges, including fraud through deceptive representations and trading, as they convinced people to invest their pension savings in CFDs. In its press statement, the FCA explained that CFDs are “a high-risk investment product used to bet on the price of an asset”. Victims of this alleged fraud reportedly said that…
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According to the financial watchdog, it banned Arthur Cobill, an IFM adviser, and William Hofstetter, an IFM director, from advising customers on pension transfers and opt-outs. Hofstetter was also prohibited from holding a senior position at any regulated financial company. Cobill agreed to pay £120,000 and Hofstetter £40,000 to compensate IFM’s customers. The regulator said…
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The FCA investigation was launched in January this year, following complaints from members of the public who believe they were charged too much commission to arrange finance for car purchases. According to the Financial Ombudsman, around 17,000 complaints have been received so far. This raises the prospect of the bank being forced to pay compensation…
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The arrests comprised a significant operation involving more than 38 FCA and NCA officers across three residential sites. During this exercise, the authorities also seized several tech devices. After interviewing the suspects, two were released under investigation and one on unconditional bail. The fourth, a 48-year-old man, also remains under investigation. Don’t miss out the…
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The Financial Conduct Authority (FCA) has announced yesterday that it has fined Standard Chartered Bank £102,163,200 for Anti-Money Laundering (AML) breaches. This is the second financial penalty for AML controls failings in less than 5 moths imposed by the regulator. In December 2018, the FCA fined the former Chief Executive Officer of Sonali Bank (UK)…
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The UK Financial Conduct Authority (FCA) has just confirmed that all companies acting in or from the United Kingdom are prohibited from selling, marketing or distributing binary options to retail consumers. Back in January 2018, the regulator has urged the public to be vigilant to the threat of online investment fraud, revealing that last year investors…
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Swiss multinational investment bank and financial services company UBS AG has been fined £27,599,400 by the UK financial regulator the Financial Conduct Authority (FCA). The company failed relating to 135.8 million transaction reports between November 2007 and May 2017. Mark Steward, FCA Executive Director of Enforcement and Market Oversight said: Firms must have proper systems…
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The UK’s Financial Conduct Authority (FCA) announced the appointment of Richard Lloyd to its Board of Directors as a non-executive Director. Richard Lloyd is one of the founding trustees of the Money and Mental Health Policy Institute and is the current Chair of the consumer complaint resolution entity known as Resolver. He will serve a…
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The UK’s Financial Conduct Authority (FCA) today made a decision using its powers to enforce competition laws by ruling that three asset management companies violated competition law. The ruling as made against the following firms: River and Mercantile Asset Management LLP (RAMAM) Newton Investment Management Limited Hargreave Hale Ltd The FCA imposed a £306,300 fine…
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The UK’s Financial Conduct Authority (FCA) has today named Wanda Goldwag as the new Chairperson of the autonomous Financial Services Consumer Panel for an initial 3-year term starting on 1 March 2019; her nomination was approved by Her Majesty’s Treasury. In her new role, Wanda Goldwag will provide strategic direction to the FCA by communicating…
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