Tag: fca
The FCA has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated the financial promotions of all BNPL products must comply with the financial promotion rules. Unauthorised firms might be committing a criminal offence if they don’t have an FCA-authorised firm approve their financial promotions. Authorised firms selling […]
When introducing the Investment Firm Prudential Regime (IFPR) in January 2022, we renamed and moved the definition of ‘Significant IFPRU firm’ used as one of the criteria for identifying Enhanced Firms under the Senior Managers & Certification Regime (SM&CR). This was to retain the definition in our rules following deletion of the IFPRU sourcebook. A […]
Home News FCA encourages market participants to continue transition of LIBOR-linked bonds This statement is for issuers and bondholders of outstanding LIBOR-linked bonds. The FCA is strongly encouraging issuers and bondholders of outstanding LIBOR-linked bonds to consider this information and take the necessary action to transition outstanding LIBOR-linked bonds to fair alternative rates. Transition of […]
On 29 July 2022 at Southwark Crown Court, Mr Larry Barreto pleaded guilty to two counts of carrying on regulated activities without authorisation. The charges relate to advice provided and arrangements made regarding a series of regulated mortgage contracts between June 2014 and March 2018. Mr Barreto is an unauthorised and prohibited person and as […]
The Joint Regulatory Oversight Committee (JROC), a cross-authority taskforce responsible for, among other things, thinking about the future vision and governance of open banking, has announced the set-up of a strategic working group (SWG). The committee believes there is potential to build on the progress of open banking, to drive further benefits for consumers and businesses, […]
The FCA has appointed Ruairi O’Connell, OBE, as the new Director of International. Ruairi will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo. He will be responsible for helping to shape the FCA’s […]
The Financial Conduct Authority has fined Sir Christopher Gent, former non-executive Chairman of ConvaTec Group Plc, £80,000 for unlawfully disclosing inside information. While Chairman, Sir Christopher disclosed inside information to individuals in senior positions at two of ConvaTec’s major shareholders before this information had been announced properly to the market. The disclosures concerned an expected […]
The FCA confirms new rules to make authorised financial firms more responsible for their appointed representatives (ARs). ARs are not authorised by the FCA – they can offer certain financial services or products under the responsibility of authorised firms (known as principals). Principal firms are responsible for ensuring their ARs comply with our rules. While […]
The FCA has today released its latest statement on switching in the mortgages market. The number of mortgage borrowers not switching their mortgage deal when they could save money by doing so has declined significantly since 2016. We now estimate that borrowers of 370,000 mortgages could save money by switching their mortgage but do not, […]
Home News We consult on changes to redress calculations for unsuitable pension transfer advice We have today published a consultation proposing updates to how redress is calculated for unsuitable defined benefit transfers advice, following a periodic review. Redress aims to put consumers back in the position they would have been in had they remained in […]
