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Four go on trial over alleged £1.2m binary trading investment fraud
Four men at London-based Bespoke Markets Group face a two-month criminal trial at Southwark Crown Court next year, accused by the FCA of defrauding £1.2 million from investors by offering a binary options investment scheme.
Online Published Date:
02 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Action threatened over poor practice by lenders, as consumers struggle with bills
As many as 70 per cent of lenders could be failing to meet FCA expectations on how repayment agreements should be adapted for millions of borrowers who are struggling during the cost-of-living crisis.
Online Published Date:
04 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
UK Court of Appeal denies judicial review for crude oil traders under US investigation
A group of traders resident in the United Kingdom have failed in their second attempt in the courts to prevent the FCA from assisting a United States probe into their activities.
Online Published Date:
04 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Aggressive US action against 'off-channel communications' sends sharp message across Atlantic
United States regulators recently targeted 11 financial institutions, as well as five affiliates, for breaches of record-keeping requirements conducted on employees' personal devices - fines of over $1.8 billion and remediation obligations were imposed. Firms here in the UK should revisit their response to the relevant rules, guidance and regulatory expectations, cautions David Rundle.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
FCA steps up crackdown on market abuse controls
Recent enforcement penalties reflect a wider push by the regulator to upgrade its data, analysis and supervision of potential abuse in the financial markets. As industry experts suggest that a significant number of laggards have yet to implement the Market Abuse Regulation fully, more fines may follow, reports Neasa MacErlean.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Fast-developing voice-recording tech opens new possibilities
Gone are the days when monitoring communications with customers meant analysing a small sample of voice recordings. Now, data gathered from multiple voices and video channels can be made accessible and searchable in real-time and on-demand, as well as combined with other artificial intelligence capabilities, writes Nigel Cannings.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
The FCA and PRA - better together or apart?
Liz Truss's brief and turbulent reign as Prime Minister raised the prospect of the UK's financial conduct, prudential and payment systems regulators being amalgamated into one body - prompting alarm as well as some serious 2000s déj? vu. Adam Samuel ponders the merits of the notion.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Education, education, education
IOSCO has published a report on retail investor education in the context of sustainable finance, making a series of recommendations to regulators as to how to improve retail investors' engagement with sustainable finance and related investment products. Charlotte Hill and Daniel Hirschfield review its findings.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
Citibank broker-dealer fined £12.5m for bungled MAR roll-out
It took Citigroup Global Markets 18 months after the implementation date to identify "significant gaps" in its compliance with the Market Abuse Regulation. The regulator was unimpressed that a "key market participant" mishandled a "significant and well-publicised piece of legislation for which the Authority issued clear advice". Denis O'Connor examines the final notice.
Online Published Date:
07 November 2022
Appeared in issue:
Vol 35 No 3 - 01 November 2022
FCA civil action against directors clears High Court hurdle
The FCA has been allowed to continue its civil proceedings against the former CEO and CFO of a listed IT company after the High Court rejected a claim from the defendants to stop the case.
Online Published Date:
11 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Credit brokers targeted on misleading promotions
Credit brokers made over 3,800 amendments and withdrawals on their promotions in Q3 this year after the FCA contacted the 37 authorised firms involved.
Online Published Date:
11 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
ESG Conduct Code for data and ratings providers could be ready in 2023
A voluntary Code of Conduct for data and ratings providers on ESG (Environmental, Social and Governance) is expected to be ready for consultation in the second half of next year, coming into effect four months afterwards.
Online Published Date:
24 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Credit reference agencies set for more collaboration on consumer data access
A new industry body for credit reference agencies is expected to be established in 2023 as the prelude to improving competition and providing better information to consumers.
Online Published Date:
24 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Stock trading app providers told to review gaming features, over fears of problem-gambling
Some consumers using stock trading apps with gaming features are exhibiting "behaviours similar to problem-gambling", according to the FCA. As a result, the regulator is telling firms to review and improve their app products.
Online Published Date:
24 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Censure replaces £76k fine for former bank CEO
The previous CEO of a bank has escaped a £76,400 FCA fine because of "exceptional circumstances". Mohammad Prodhan has received a public censure instead, for two years of anti-money laundering failings at Sonali Bank (UK) Limited. The London-based bank served the Bangladeshi community.
Online Published Date:
24 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
Transfer advisers to use FCA calculation process for compensation review
Firms that advised British Steel staff to transfer out of their employers' pension scheme are being required to follow special redress rules in order tocalculate compensation sums.
Online Published Date:
29 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022
"Corrupt" relationships prompt £18m fine for Julius Baer wealth managers
Julius Baer International has beenpenalised just over £18 millionfor a lack of reasonable care that led to senior managers ignoring "obvious signs" of "corrupt" relationships.
Online Published Date:
30 November 2022
Appeared in issue:
Vol 35 No 4 - 01 December 2022