By
Aaron Nicodemus2024-12-19T16:17:00
The U.K. Financial Conduct Authority (FCA) apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
The FCA received over 300 complaints from investors about the FCA’s failures when dealing with the firm, including “a failure to maintain the correct information on the register and a failure to alert investors when the regulator became aware of the incorrect information,” the FCA said.
The FCA offered a formal apology for its shortcomings, and offered to pay Collateral customers 500 pounds ($629) to investors in Collateral, along with another 150 pounds ($189) for delays in complaint handling.
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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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New rules that have recently come into effect across the EU will allow for greater transfers of data between companies, though experts fear the changes could conflict with Europe’s strict privacy legislation, which protects personal information.
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