Day: December 27, 2021
In a prosecution brought by the Financial Conduct Authority (FCA), Craig Whyte has been charged with failing to provide passwords for various laptops and phones. Mr Whyte appeared today at Manchester and Salford Magistrates’ Court, having been arrested at Manchester Airport yesterday at the request of the FCA by officers from Greater Manchester Police. The […]
The FCA’s Board has asked for a consultation to be prepared on a redress scheme, under s404 of the Financial Services and Markets Act, for former members of the British Steel Pension Scheme (BSPS) who transferred their pension. Subject to final approval of the consultation documents by its Board, the FCA expects to consult by […]
Viola Money (Europe) Limited (Viola) is an authorised electronic money institution, authorised by the FCA under the Electronic Money Regulations 2011 (EMRs). On 21 December 2021, a special administration order was made by the Court in relation to Viola under the Payment and Electronic Money Institution Insolvency Regulations 2021 and Edward George Boyle and James […]
The Financial Conduct Authority has published a Decision Notice against BlueCrest Capital Management (UK) LLP (BCMUK) setting out its decision to impose a financial penalty of £40,806,700 on the firm. BCMUK has elected to refer the case directly to the Upper Tribunal which will determine the appropriate action, if any, for the FCA to take. […]
Since March 2020 we have adopted temporary measures on the requirement for firms to issue 10% depreciation notifications to investors (COBS 16A.4.3 UK). The measures were put in place initially to help firms support consumers during market volatility linked to Covid-19 and the Brexit transitional period. We said we would show supervisory flexibility to firms’ ongoing compliance with the requirement so […]
Home News Statement on supervision of commodity derivatives position limits Statements First published: 20/12/2021 Last updated: 20/12/2021 In December 2020, we published a Supervisory Statement setting out our approach to operating the MiFID markets regime after the end of the EU withdrawal transition period. This approach included a change to our supervisory and enforcement actions for commodity derivative position limits in the light of evidence […]
The FCA has fined HSBC Bank plc (HSBC) £63,946,800 for failings in its anti-money laundering processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC’s transaction monitoring systems showed serious weaknesses over a period of eight […]
Home News FCA’s new rules on climate-related disclosures to help investors, clients and consumers News stories First published: 17/12/2021 Last updated: 17/12/2021 The FCA has published two Policy Statements confirming final rules and guidance to promote better climate-related financial disclosures. Better corporate disclosures will help inform market pricing and support business, risk and capital allocation […]
The Financial Conduct Authority (FCA) has fined GAM International Management Limited £9.1m and Timothy Haywood £230,037 for conflicts of interest and gifts & entertainment matters. Both the Firm and Mr Haywood agreed to resolve all issue of fact and liability and so they qualified for a 30% discount. The financial penalties would have been £13m […]
The FCA has issued a Decision Notice to Finablr plc refusing the company’s application for cancellation of its premium listing with reference to LR 5.2.7R. This rule allows for cancellation without a shareholder vote if certain conditions are met. Premium-listed issuers ordinarily require shareholder approval (according to LR 5.2.5R) to cancel the listing of its […]
