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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 […]