Thistle Initiatives Newsletters - June 2024
Here's an overview of our monthly newsletter updates of our capital sectors - June 2024
Compliance and Enforcement Monthly Newsletter June 2024
Compliance and Enforcement Monthly Newsletter 2024
FCA publishes Decision Notices against two individuals for acting without integrity in relation to pensions business
Both individuals have referred the Decision Notices to the Upper Tribunal. Any findings in the...
Finfluencers Charged for Unauthorised Trading Scheme Promotion
The FCA has brought charges against nine individuals in relation to an unauthorised foreign...
Three charged over CFD trading pension fraud
The FCA has charged three individuals with fraud for their alleged involvement in a high-risk...
Thistle Initiatives Newsletters - May 2024
Here's an overview of our monthly newsletter updates of our capital sectors - May 2024
Compliance and Enforcement Monthly Newsletter May 2024
Compliance and Enforcement Monthly Newsletter 2024
FCA bans and fines James Lewis £120,300 for putting investors at risk
The former CEO of Shard Capital Partners has been fined £120,300 and banned by the Financial...
FCA secures £533,000 to return to investors
The FCA has recovered funds from an unauthorised deposit-taking scheme operated by Bright Managment...
Individual charged with investment fraud over unauthorised multimillion pound ‘Kube Trading’ scheme
The FCA has launched criminal proceedings against Lee Steven Maggs of Sittingbourne, Kent, for two...
Thistle Initiatives Newsletters - April 2024
Here's an overview of our monthly newsletter updates of our capital sectors - April 2024
Compliance and Enforcement Monthly Newsletter April 2024
Compliance and Enforcement Monthly Newsletter 2024
Competition Act 1998 decision: international money remittance
On 30 November 2023, we decided that 3 firms offering international money remittance services had...
FCA secures £1.6m for investors from alleged unlawful investment schemes
The Financial Conduct Authority (FCA) has secured court approval to obtain £1.6m from Argento...
Stuart Bayes found guilty of insider dealing
Mr Stuart Bayes was today found guilty of 2 offences of insider dealing, following an 8-week trial...
FCA finalised guidance on social media promotions
In March 2024, the FCA set out in its Finalised Guidance FG 24/1 how financial promotions made on...
Compliance and Enforcement Monthly Newsletter March 2024
Compliance and Enforcement Monthly Newsletter 2024
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FCA Fines Firm & Bans Advisers: British Steel Pension Scheme Scandal
The FCA has fined Inspirational Financial Management Ltd (IFM), which is in administration,...
House of Commons Treasury Committee’s ‘Sexism in the City’ report
As the Treasury Select Committee’s report sets out, there has been welcome progress on...
FCA to investigate use of personal guarantees in certain small business lending
The Financial Conduct Authority has today committed to investigate the use of personal guarantees...
FCA warns firms over anti-money laundering failings
We have written to CEOs of Annex 1 firms setting out our findings from our recent assessments of...
Cryptoasset AML/CTF Regime: Feedback on Applications - Quality Insights
The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of...
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CP24/4: Further consultation on the regulatory framework for pensions dashboard service firms
In March 2024, the FCA publicised that operating a pensions dashboard service is a new regulated...
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FCA asks Financial Advisers to review their processes in retirement income support
In March 2024, the FCA wrote to the Chief Executives of financial advice firms asking them to...
FCA business plan for 2024/25
In March 2024, the FCA issued its Business Plan for 2024/25, which it describes as “an ambitious...
Compliance and Enforcement Monthly Newsletter 2024
Compliance and Enforcement Monthly Newsletter 2024
GAP Insurers Suspend Sales Following FCA Concerns
The FCA has said that multiple insurance firms have agreed to pause sales of Guaranteed Asset...
FCA publishes latest authorisations service metrics
The FCA reports its authorisations metrics quarterly to provide greater transparency on its...
Firms Asked For Details About Ongoing Consumer Duty Services
The FCA is writing to a number of financial adviser firms requesting information about their...
FCA stops thousands of misleading ads and promotions
More than 10,000 financial advertisements and other promotions were withdrawn or changed in 2023...
Former LCF Director Fined Over Financial Promotions
The FCA has fined a former director of London Capital & Finance plc (LCF) £31,800 and banned him...
Compliance and Enforcement Newsletter - January 2024
Compliance and Enforcement Newsletter - January 2024
Financial Services & Markets Act 2000 - Amended Order 2024
HM Treasury has published a draft of The Financial Services and Markets Act 2000 (Regulated...
Expectations of firms selling client banks
The FCA, in this article, has taken the opportunity to express its expectations around the sale of...
The Berne Financial Services Agreement
In December 2023, the UK signed the Berne Agreement with Switzerland. The agreement uses...
Compliance and Enforcement Newsletter - December 2023
Compliance and Enforcement Newsletter - December 2023
Sustainability Disclosure & Labelling Regime Confirmed By FCA
The FCA has confirmed a substantial package of measures to improve the trust and transparency of...
FCA Proposes Regulatory Approach For Overseas Funds
In preparation for the new Overseas Funds Regime (OFR), the FCA has set out its proposals in CP...
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Personal Investment Firms To Hold Capital For Redress
The FCA has announced proposals to require personal investment firms to set aside capital so that...
Compliance and Enforcement Newsletter - November 2023
Compliance and Enforcement Newsletter - November 2023
Global regulators foster digital innovation with Project Guardian
The FCA has announced that it is partnering with regulators around the world as part of the...
FCA secures confiscation order against convicted CFO
On 2 November, Southwark Crown Court imposed a Confiscation Order of £355,369 on Timothy Coleman,...
Seriously incompetent pensions advisor handed ban and £200k fine
The FCA has banned Geoffrey Armin from advising customers on pension transfers and opt-outs and...
Compliance and Enforcement Newsletter - October 2023
Compliance and Enforcement Newsletter - October 2023
FCA premieres innovative ad ahead of GameStop movie
The FCA has adopted an innovative approach to cinema advertising as it attempts to raise awareness...
WealthTek LLP ordered to cease operations
The FCA has taken action to protect consumers after identifying serious regulatory and operational...
Two banned over British Steel Pension Scheme advice failings
Keith Dickinson and Andrew Allen of Mansion Park Limited (in liquidation) have been banned from...
Compliance and Enforcement Newsletter - September 2023
Compliance and Enforcement Newsletter - September 2023
Two banned and fined over pension transfer advice failings
The FCA plans to fine Toni Fox and David Price £681,536 and £632,594 respectively for their roles...
ICO fines This Is The Big Deal Limited over PECR contraventions
The Information Commissioner’s Office (ICO) has fined energy provider and switching service This Is...
FCA given new powers to protect access to cash
The Financial Services & Markets Act 2023 has granted the FCA new powers to help it maintain the...
Compliance and Enforcement Newsletter - August 2023
Compliance and Enforcement Newsletter - August 2023
FCA Wins Civil Case Against Care Home Investment Scheme
The High Court has ruled in favour of the FCA against Robin Forster, the director of a company...
FCA secures confiscation order against convicted money launderer
Southwark Crown Court recently imposed a confiscation order of £562,636 against Richard Faithfull...
FCA responds to NatWest Board announcement on account closures
Commenting on the NatWest Board’s announcement on allegations relating to account closures and...
FCA continues crackdown on unregistered crypto ATMs
The FCA says it has visited and inspected 34 locations across the UK this year suspected of hosting...
Compliance and Enforcement Newsletter - July 2023
Compliance and Enforcement Newsletter - July 2023
FCA outlines concerns about sustainability-linked loans market
Sustainability-linked loans (SLLs) aim to support sustainable economic activity and growth, with...
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Regulators combine to call on firms to help struggling customers
Following a roundtable meeting with Chancellor Jeremy Hunt the FCA has joined other regulators in...
Morgan banned over British Steel Pension Scheme advice failings
The FCA has banned Denis Lee Morgan of Pembrokeshire Mortgage Centre Limited (in liquidation) (PMC)...
ClientEarth fails in judicial review against FCA
ClientEarth, an environmental charity that seeks to bring legal challenges in respect of entities...
Compliance and Enforcement Newsletter - June 2023
Compliance and Enforcement Newsletter - June 2023
Three charged over unauthorised sale-and-rent-back schemes
The FCA has initiated criminal proceedings against three individuals for carrying out regulated...
JROC sets out next steps to help UK open banking grow
The Joint Regulatory Oversight Committee (JROC) has set out an ambitious programme of work to take...
FCA Fines Firm For Enabling Illegitimate Tax Reclaims
The FCA has fined ED&F Man Capital Markets Ltd (MCM) £17.2m for serious failings in its oversight...
Brothers guilty of taking £750k from failed investment firm
In a prosecution brought by the FCA, Peter Currie (59) was convicted at Southwark Crown Court of...
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FCA introduces new rules for marketing cryptoassets
In June 2023, the FCA announced in its Policy Statement PS 23/6 new rules that mean crypto firms...
FCA bans referral fees for debt packages
In June 2023, the FCA announced that it is banning, through its Policy Statement 23/5, certain...
Compliance and Enforcement Newsletter - May 2023
Compliance and Enforcement Newsletter - May 2023
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FCA Issues Notice For Banque Havilland & 3 Former Employees
The FCA has decided to fine Banque Havilland £10m; its former London branch CEO, Edmund Rowland,...
FCA Announces Plan To Deliver Redress To Woodford Investors
Following an investigation by the FCA, Link Fund Solutions (LFS) has agreed to provide, with a...
Joint Committee Sets Direction For Next Phase Of UK Open Banking
Today [17/04/2023], the Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the...
The FCA To Introduce A New Principle & Code Of Conduct Rule
On 31st July 2023, the FCA will implement the Consumer Duty, which is intended to fundamentally...
FCA Will Conduct Firm Evaluations With Little To No Warning
The FCA has stated that it will conduct assessments on firms with little or no notice when it has...
Compliance and Enforcement Newsletter - April 2023
Compliance and Enforcement Newsletter - April 2023
Four individuals face fraud charges
The FCA has started criminal proceedings against four individuals for conspiracy to commit fraud...
FCA imposes restrictions on Lisa Campbell
In April 2023, the FCA imposed conditions on Lisa Campbell's approval as a senior manager of...
FCA updates on its operating service metrics for authorisations
The FCA has published an update on its operating service metrics for authorisations timelines.
FCA welcomes publication of criminal market abuse regime review
The FCA has welcomed the UK government’s recently issued statement on the completion of the...
FCA to collect Treasury’s economic crime levy from July
The government’s new economic crime levy (ECL) will be jointly collected by HMRC, the FCA, and the...
Compliance and Enforcement Newsletter - March 2023
Compliance and Enforcement Newsletter - March 2023
FCA Takes Further Action Against Unregistered Crypto ATMs
The FCA has used its powers to inspect several sites in East London suspected of hosting illegally...
FCA To Tackle Competition Problems With The Trade Data Market
A new Financial Conduct Authority report has found that competition in some parts of the wholesale...
FCA To Compensate Consumers Following Unlawful CFD Forex Trading
The FCA has secured money that will be paid to consumers that were subject to illegal contracts for...
FCA Takes Action Against Unregistered Crypto ATM Operators
The Financial Conduct Authority has used its powers to enter and inspect several sites around Leeds...
FCA starts court process to recover money for investors
The FCA has commenced High Court proceedings against an unauthorised investment firm and its sole...
Compliance and Enforcement Newsletter
Compliance and Enforcement Newsletter
FCA issues statement of objections to three money transfer firms
In a recently issued statement of objections, the FCA alleged that three money transfer firms fixed...
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Michael Nascimento Sentenced After Not paying Confiscation Order
Michael Nascimento has been sentenced to almost four additional years in prison for failing to pay...
TSB fined £48.6m for operational resilience failings
The FCA and the PRA have fined TSB Bank plc a total of £48.6m over operational risk management and...
Compliance and Enforcement Newsletter January 2023
Enforcement monthly newsletter January 2023
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FCA Publishes Decision Notices Against Bond Traders
The FCA has published Decision Notices for market abuse that have been issued to bond traders Diego...
FCA issues Final Notice on Carlo Palombo
The FCA has issued a Final Notice prohibiting Carlo Palombo from performing any function in...
Newly Authorised Firms Get FCA Support On Financial Promotions
The FCA has created a new function to help newly authorised firms adapt to its supervision as they...
FCA Concern Over Problem Behaviours Linked To Trading App Design
The FCA has warned stock trading app operators to review design features such as game-like elements...
Final Notice To Former CEO For Anti-money Laundering Failings
The FCA has publicly censured Mohammad Ataur Rahman Prodhan, the former Chief Executive Officer of...
Compliance and Enforcement Newsletter December 2022
Enforcement monthly newsletter December 2022
FCA Obtains Judgement Against Unauthorised Mortgage Brokers
The FCA has obtained a judgment against London Property Investments (U.K.) Limited (LPI) and NPI...
FCA bans director with violent criminal conviction
The FCA has banned Ashkan Zahedian from working in financial services after he was convicted of...
FCA progresses market abuse claim against Globo Plc chiefs
The FCA has commenced civil proceedings against the former CEO and CFO of Globo Plc for alleged...
FCA Prosecutes 5 People Over 'All-or-nothing’ Investment Scheme
Following an application at Southwark Crown Court on 31 October 2022, two prosecutions for alleged...
FCA cancels Umuthi Healthcare Solutions shares
Earlier this year, the FCA issued Umuthi Healthcare Solutions PLC (UHS) with a First Supervisory...
Compliance and Enforcement Newsletter November 2022
Enforcement monthly newsletter November 2022
FCA fines Sigma Broking Limited £530,000 and bans and fines its former directors following market abuse reporting failures
Sigma Broking Limited has been fined £531,000 for failing to make reports crucial in fighting...
Appointed Representatives 165 request
As part of the improved reporting requirements, the FCA will be sending principal firms a Section...
Temporary permission regime deadline
In its October 2022, regulation roundup, the FCA announced that EEA-based firms in the temporary...
Enforcement Newsletter October 2022
Enforcement monthly newsletter October 2022
FCA sets out potential reforms to multi-occupancy buildings insurance market
The FCA recently set out a range of recommendations and potential remedies designed to give...
FCA to impose £50m fine on Link Fund Solutions over Woodford failings
The FCA has issued Link Fund Solutions with a draft Warning Notice proposing a £50m penalty fee in...
FCA announces Consumer Duty webinars
The FCA announced in July that it was planning to introduce a new Consumer Duty setting higher and...