The U.K. government is giving the financial and banking regulators more flexibility to make regulations without submitting these to a full consultation process.
Financial Services
Posted inTop Stories
Former AstraZeneca due diligence member settles insider trading allegations
A former AstraZeneca employee and member of a company due diligence team has agreed to settle insider trading charges brought by the Securities and Exchange Commission (SEC). Weiguo Zhai allegedly engaged in illegal insider trading prior to AstraZeneca’s announcement in 2023 that it would acquire Icosavax. Zhai was a member of the due diligence […]
Posted inArtificial Intelligence
No new rules as U.K. financial services sector champions AI
There are no new rules on the horizon as U.K. financial services firms embrace “AI-enabled, continuous and delegated services,” but a report warns that the technology could reshape the sector by 2030 in terms of how firms operate, consumers make decisions, markets compete, and risks emerge.
Posted inData Privacy
Amazon fined $2.25M for failing to respond to identity theft victim requests
Amazon has agreed to pay $2.25 million for failing to provide records to customers who were victims of identity theft, as required by the Fair Credit Reporting Act (FCRA), the Federal Trade Commission (FTC) said. The fine, described in a proposed order, is the largest ever levied for an FCRA violation, the FTC said in a […]
Posted inRegulatory Enforcement
Merrill Lynch to pay $7.5M for failure to file Suspicious Activity Reports
Bank of America’s Merrill Lynch brokerage unit has agreed to pay $7.5 million to settle SEC charges that it failed to file numerous Suspicious Activity Reports between April 2020 and September 2024 due to gaps in its transaction monitoring threshold.
Posted inRegulatory Enforcement
U.K. regulator forces third FS firm to pay $42M for financial crime failures related to wealth management company collapse
The U.K. banking regulator has censured asset servicing bank CACEIS UK for failing to operate adequate financial crime controls. The bank agreed to pay $41.9 million in compensation to clients.
Posted inCryptocurrency and Digital Assets
Experts weigh up challenges for firms, FCA under U.K. plan to regulate crypto
The U.K. has set itself a path to regulate crypto from the end of next year that is different to the rest of Europe. While the EU has created sector-specific rules for the industry under the Markets in Crypto Assets Regulation, the U.K. will instead make crypto firms subject to the same rules as every other financial services provider.
Posted inWhistleblowers
Exclusive: Former Docusign executive sues company for whistleblower retaliation
A former Docusign executive alleged in a federal whistleblower lawsuit that the software company constructively discharged her after she blew the whistle on the company’s mishandling of sensitive data for customers, including Bank of America and Wells Fargo.
Posted inCryptocurrency and Digital Assets
U.K. sets out parameters of crypto regulation in guidance consultation
Crypto firms are set to be regulated by the United Kingdom’s key financial watchdog from late 2027, but the rules around how it will do so are still being ironed out.
Posted inFinancial Services
U.K. seeks to unlock $108B investment by relaxing banking ring-fencing rules
The U.K. government has committed to relaxing its stringent ring-fencing requirements for banks in forthcoming financial legislation.