The FCA has set out a package of measures designed to help strengthen the UK’s capital markets and position as a global and vibrant financial centre. Proposals for new public offers and admissions to trading regime Key to the package are proposed rules to establish the new Public Offers and Admissions to Trading Regime (POATRs), […]

We issue a reminder of the expected cessation of the remaining synthetic US dollar LIBOR settings at the end of September 2024. It’s now 3 months to go until the 1-, 3- and 6-month synthetic US dollar LIBOR settings are expected to cease after publication on Monday 30 September 2024.  These are the last remaining synthetic […]

The FCA, working with the Metropolitan Police Service, has conducted an operation to arrest 2 individuals, aged 38 and 44, suspected of running an illegal cryptoasset exchange. More than £1 billion of unregistered cryptoassets are believed to have been bought and sold through this business. The FCA inspected the offices associated with the suspects and […]

Last year, we launched a review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms. We had been on track to publish the findings from this review in line with the end of June deadline set in the Financial Services and Markets Act 2023. However, we do not think it is […]

On 19 June 2024, PCF Bank Limited (PCF), together with its subsidiaries PCF Credit Limited and Azule Limited, entered into creditors' voluntary liquidation. Peter Dickens and Edward Macnamara of PricewaterhouseCoopers LLP (PwC) were appointed joint liquidators. PCF made the decision to cease trading and wind down its operations in 2021. As PCF is no longer […]

On 18 June 2024, LCC Trans-Sending Limited (LCC) entered special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021. Payment services firm LCC entered special administration on 18 June 2024 and has now ceased trading. Christine Mary Laverty, Russell Simpson and Jarred Erceg of Grant Thornton UK LLP, have been appointed as joint […]

Demetrios Hadjigeorgiou and David Stephen have referred their Decision Notices to the Upper Tribunal where they will each present their respective cases. Any findings in these individuals’ Decision Notices and the descriptions of those findings in this press release are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers […]

We've appointed the members of our advisory committee on secondary markets for the period June 2024 to June 2026. The UK Secondary Markets Advisory Committee supports our work in wholesale secondary markets in equities, fixed income, foreign exchange, and commodities markets across securities, futures, swaps, and options markets. It supports our work by: helping to […]

Speech by Steve Smart, joint executive director of enforcement and market oversight, delivered at the Financial Services Investigationsand Enforcement Summit. Speaker: Steve Smart, joint executive director of enforcement and market oversight Event: City and Financial Global – Financial Services Investigationsand Enforcement Summit Delivered: 26 June 2024 Note: this is the speech as drafted and may […]

The new rules are the biggest changes to the listing regime in over 3 decades. They aim to support a wider range of companies to issue their shares on a UK exchange, increasing opportunities for investors. In rules published today, the Financial Conduct Authority (FCA) has set out a simplified listings regime with a single […]

CB Payments Limited (CBPL) has been fined £3,503,546 by the Financial Conduct Authority (FCA) for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers. CBPL is part of the Coinbase Group, which operates a prominent cryptoasset trading platform that is accessible globally. CBPL does not undertake cryptoasset transactions for customers […]

On 11 July 2024, the directors of Donre Advisory Limited (Donre Advisory) appointed Sean Bucknall and Andrew Hosking of Quantuma Advisory Limited (Quantuma) as joint liquidators. Donre Advisory (firm reference number (FRN) 513993) has entered creditors’ voluntary liquidation (CVL). It was previously known as Basi & Basi Financial Planning Limited. The firm advised on and […]

Trials have been scheduled after the FCA charged 9 individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media. On 11 July 2024 at a plea and trial preparation hearing at Southwark Crown Court, Holly Thompson, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou and Scott Timlin each pleaded […]

The Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA)are seeking views on the benefits and risks digital wallets bring to people and businesses. The use of digital wallets has grown rapidly over the last few years, and it’s likely that more than half of UK adults now use one. With Apple Pay, Google Pay […]

On 15 July 2024, London Court Limited (LCL) appointed Rehan Ahmed and Tauseef Rashid of Quantuma Advisory Limited (Quantuma) as joint liquidators. LCL (firm reference number (FRN) 146522) has entered creditors’ voluntary liquidation. LCL is a regulated firm that acted as the bond administrator and Individual Savings Account (ISA) manager for a number of bonds […]

The FCA has told financial firms – including banks, payment firms and lenders – to do more to ensure parliamentarians, senior public servants and their families are not treated unfairly. Under legislation adopted by Parliament, financial firms are required to do extra checks on so-called politically exposed persons (PEPs). This follows global standards set by […]

£106m in redress has now been offered to 1,870 former British Steel Pension Scheme (BSPS) members to put them back in the position they would have been at retirement. More than 6,500 former members have been supported by the Financial Ombudsman Service (FOS), Financial Services Compensation Scheme (FSCS) or through our redress scheme. We have […]

Banks and building societies will need to weigh up if local communities lack access to cash services, like branches and ATMs, and plug significant gaps, under new FCA rules. From 18 September, banks and building societies will need to: assess cash access and understand if additional services are needed, when changes are being made to […]

On 23 July 2024, Mr Justice Rajah in the High Court of Justice approved the Joint Special Administrators' (JSAs) plan for returning client money and custody assets to WealthTek clients. This follows action taken by the FCA last year to protect clients from further harm after discovering serious regulatory and operational issues. The JSAs will […]

The FCA urges victims to come forward by 3 July 2024 after the court ordered compensation for victims of fraudulent trading and regulated activities carried on without authorisation. Following a hearing before His Honour Judge Tomlinson in Southwark Crown Court, the FCA has secured a confiscation order, under the Proceeds of Crime Act 2002, against […]