All FCA articles – Page 2
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PremiumFCA faces criticism for email retention policy critics say risks erasing evidence
The UK’s financial regulator has come under fire for its announcement that it is going to delete emails after a year in an effort to become a more “efficient” regulator, raising concerns that it might accidentally erase evidence in the process.
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Premium‘Abject failure’: U.K. lawmakers sound off on FCA’s failed 'naming and shaming' enforcement
U.K. lawmakers slammed the country’s chief financial regulator’s hopes of “naming and shaming” firms as part of its efforts to beef up enforcement, denting its credibility in the process and questioning the leadership of its chief executive.
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PremiumFCA fine against Infinox Capital may signal widening risk for smaller financial services firms
The decision by the U.K.’s financial regulator to fine a small trading platform around ten percent of its annual profits under previously unenforced rules has wider ramifications for the sector.
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News BriefFCA fines Mako $2.1M for ineffective financial crime monitoring program
Mako Financial Markets Partnership will pay $2.1 million (1.7 million pounds) in penalties to the U.K. Financial Conduct Authority to settle allegations that its financial crime prevention program was ineffective.
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PremiumExperts: U.K. digital market reforms a ‘watershed moment,’ could speed up enforcement
The U.K.’s competition regulator has outlined new plans to regulate Big Tech firms that will enable it to take a much more flexible and proactive approach towards investigations.
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News BriefFCA dings Infinox in first fine under U.K. capital market reforms of 2018
The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.
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PremiumTPRM critical as DORA, new FCA third-party engagement rules come into effect in 2025
New rules that push IT firms providing “critical” services to the U.K.’s financial sector to share more data about cyberattacks and resiliency measures have been welcomed by industry experts. However, concerns remain over how suppliers will be classified and how key data might be gathered and shared.
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PremiumCriticism mounts against FCA amid growing calls for regulatory reform
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
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News BriefFCA apologizes for mishandling fraud allegations against Collateral
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
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News BriefFCA fines Macquarie Bank $16M for control failures that allowed fake trades
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
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News BriefGovernment contractor fined $307K after third-party hack compromised personal data
It was a double whammy of cybersecurity no-nos for a federal contractor hit with a data breach: The personal data of Medicare beneficiaries contained in unencrypted screenshots were allegedly compromised when their third-party vendor’s server was hacked.
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News BriefFCA fines TSB $14.2M for poor treatment of financially strapped retail customers
TSB Bank has been fined 10.9 million pounds (U.S. $14.2 million) for treating retail customers poorly while they were in arrears on mortgages, credit cards, loans, and overdraft accounts, the Financial Conduct Authority said.
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News BriefStarling Bank fined $38.5M for repeatedly onboarding high-risk customers
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
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News BriefFCA delays compliance date for certain parts of ESG rule package
The U.K. Financial Conduct Authority is pushing back the date for some firms to comply with its naming and marketing rule amid struggles to prepare for it, the FCA said Monday.
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PremiumRaytheon parent to pay $200M in fines, remediation over export control violations
RTX Corp., the parent company of Raytheon, agreed to pay $200 million in fines and remediation to address hundreds of export control violations that led to the disclosure of sensitive military secrets.
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News BriefFCA fines PwC $19.5M for failing to report fraud at London Capital & Finance
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
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News BriefFCA fines Cyprus trading company $355K for unfair customer treatment
The U.K. Financial Conduct Authority fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
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News BriefFCA wants input on how Consumer Duty overlaps with existing rules
The U.K. Financial Conduct Authority is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.
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News BriefFCA fines Coinbase subsidiary $4.5M over providing service to high-risk customers
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
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PremiumFCA: Most banks don’t subject U.K. politicians to excessive risk checks
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.