All Financial Conduct Authority articles – Page 4
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Article
FCA cracking down on challenger banks after review
Challenger banks must improve how they assess financial crime risk following a review by the U.K. Financial Conduct Authority that found some fail to carry out even basic customer checks.
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Article
FCA puts U.K. fintech firms on notice with QPay forfeiture
The U.K. Financial Conduct Authority used its powers under the Proceeds of Crime Act to force fintech firm QPay Europe to forfeit £2 million (U.S. $2.5 million) alleged to be linked to a U.S.-based wire fraud conspiracy.
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Article
Learning points from HSBC’s fine for AML failings
Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.
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Article
Barclays fined $1.05M for Premier FX oversight failures
The U.K. Financial Conduct Authority fined Barclays Bank £783,800 (U.S. $1.05 million) for “oversight failings” in its relationship with collapsed money remittance firm Premier FX.
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Article
FCA proposes expanding scope of financial crime reporting obligations
The U.K. Financial Conduct Authority seeks comment on a new proposal that would widen the scope of its annual financial crime reporting obligations to include firms whose regulated activities potentially pose a higher money laundering risk.
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Article
Don’t count on European regulators to relax rules during coronavirus crisis
European businesses may be putting themselves at risk because they mistakenly believe regulators are prepared to loosen the rules so companies can operate more easily as the coronavirus pandemic lingers on.
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Article
FCA seeks comment on proposed climate-related disclosure requirements
The U.K. Financial Conduct Authority is asking for comment on newly published proposals outlining climate-related disclosure requirements for premium listed issuers.
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Article
FCA fines UBS £27.6M for transaction reporting failures
The U.K. Financial Conduct Authority has fined UBS £27.6 million (U.S. $36.6 million) for failings relating to 135.8 million transaction reports.
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Blog
U.K.-U.S. authorities reach post-Brexit derivatives trading deal
The U.S. Commodity Futures Trading Commission and the Bank of England—including the Prudential Regulation Authority and the U.K. Financial Conduct Authority—on Monday issued a joint statement finalizing a post-Brexit derivatives trading deal.
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Article
FCA’s limited powers give Royal Bank of Scotland a pass
The Royal Bank of Scotland has escaped penalties for its alleged abuse of small businesses, due to the Financial Conduct Authority’s admitted lack of sway.
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Blog
U.K., EU must work together to ensure post-Brexit stability
Now is the time, FCA chief Andrew Bailey said, for the U.K. and EU authorities to jointly work on solutions to reduce the risks to financial stability that Brexit could pose.
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Blog
PPI complaints against financial services firms on the rise
Complaints about payment protection insurance (PPI) created a significant spike in the number of complaints made to financial services firms in the second half of 2017, according to recent figures published by the U.K. Financial Conduct Authority, serving as a warning to the broader financial services industry about the future ...
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Blog
Financial Conduct Authority 2018/19 business plan focuses on Brexit
The Financial Conduct Authority published its Business Plan for 2018/19, setting out its key priorities for the coming year, much of which reflects the resources needed to prepare for withdrawal from the European Union.
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Blog
The importance of a transitional period in financial services
Financial Conduct Authority Chief Executive Andrew Bailey in a recent speech spoke about the importance of a transitional period for the financial services industry concerning Brexit. A key issue, he said, is the need for continuing authorisation for firms that are undertaking cross-border business between the United Kingdom.
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Blog
FCA publishes discussion paper on transforming culture in financial services
The U.K. Financial Conduct Authority has published a discussion paper on transforming culture in financial services, presenting views from academics and industry thought leaders. The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector.
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Blog
FCA publishes new credit card rules
The Financial Conduct Authority has published its final policy statement on new rules for the credit card market, which will come into force on 1 March 2018. Firms have until 1 September to comply.
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Blog
Financial Conduct Authority fines Vanquis £2 million
The U.K. Financial Conduct Authority has imposed a fine of £2 million on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan. It must also pay nearly £170 million in compensation to customers.
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Blog
U.K. and U.S. to collaborate on FinTech initiatives
The U.K. Financial Conduct Authority and the U.S. Commodity Futures Trading Commission have signed a first-of-its-kind arrangement with one another to collaborate and support innovative firms through each other’s FinTech initiatives.
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Blog
FCA fines and bans former RBS trader
The Financial Conduct Authority imposed a financial penalty of £250,000 on a former Royal Bank of Scotland interest rate derivatives trader, Neil Danziger, and prohibited him from performing any function in relation to any regulated financial activity.
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Blog
Financial Conduct Authority fines Bluefin £4m for misleading customers
The Financial Conduct Authority today fined Bluefin Insurance Services Limited £4 million for having inadequate systems and controls and failing to provide information to its customers about Bluefin’s independence in a way that was clear, fair, and not misleading.