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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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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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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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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Private companies that are keen to trade their shares but do not wish to become listed have gained another way to trade their shares. The U.K. government completed its initial review and published rules for the system in June.
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While the Trump administration may have shifted away from pursuing small, white-collar, financial crimes, its focus on health care fraud cases is as hot as ever.
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The U.K’.s financial regulator has given a strong indication that financial firms’ use of unauthorized devices and apps is under scrutiny and that policies around off-channel communications need to be tightened up.
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