The Financial Conduct Authority (FCA) has launched criminal proceedings against Lee Steven Maggs of Sittingbourne, Kent, for 2 counts of fraud and 1 count of breaching the Financial Services and Markets Act 2000 (FSMA). Mr Maggs is alleged to have operated an unauthorised investment scheme called 'Kube Trading' which received around £2.67m from investors between […]

Link Fund Solutions (LFS) failed to act with due skill, care and diligence in its management of the Woodford Equity Income Fund (WEIF), according to findings published by the FCA. The FCA found that between 31 July 2018 and the fund's suspension on 3 June 2019, LFS failed to manage the liquidity of the fund […]

The Bank of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) (together ‘the Authorities’) have a joint-authority Memorandum of Understanding (MoU). The MoU continues to set out the high-level framework the Authorities use to cooperate in relation to payment systems in the UK. The Financial […]

We advise all former customers of SO FX Ltd who may have a claim to contact the firm’s liquidators, Evelyn Partners. In August 2020, we published a warning about SO FX on the Financial Services Register that it may be providing financial services or products in the UK without our authorisation. SO FX Ltd entered […]

On 27 March 2024, Larry Barreto and Tassib Hussain were sentenced for fraud offences following a prosecution brought by the FCA, which saw the pair convicted in November 2023. Mr Barreto was sentenced to a total of 2 years’ imprisonment, suspended for 2 years, with 120 hours of unpaid work, for 11 counts of fraud […]

Mr Stuart Bayes was today found guilty of 2 offences of insider dealing, following an 8-week trial at Southwark Crown Court in a prosecution brought by the Financial Conduct Authority (FCA). Mr Bayes was employed as a site manager at UK plastic manufacturer, RPC Group Plc (RPC). Through his employment he obtained confidential information, known […]

The Financial Conduct Authority (FCA) has secured court approval to obtain £1.6m from Argento Wealth Ltd (AWL) and its sole director Mr Daniel Willis, who promoted 2 alleged unlawful investment schemes. The FCA previously commenced civil proceedings against AWL and Mr Willis to recover investor funds linked to the firm’s alleged unlawful activity, with the […]

New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments, the picture has improved over the last year. The regulator found 7.4m people were struggling to pay bills and credit repayments in January 2024, down from 10.9m in January 2023. This is still higher than the […]

The FCA has put forward plans for a new way to pay for investment research. Analysis by the FCA shows that asset managers are largely getting the research they need under the current rules. However, the current options available to UK asset managers can be operationally complex and may, in some instances, favour larger asset […]

We are writing to motor finance firms to remind them they must maintain adequate financial resources at all times. We are currently reviewing the historical use of motor finance discretionary commission arrangements (DCA). We have observed firms taking different approaches to account for the potential impact of previous use of DCA on their financial resources. […]

The FCA has recovered funds from an unauthorised deposit-taking scheme operated by Bright Managment Solution Limited [sic] and others. Investors will receive money back totalling £533,000 after the High Court granted a distribution order to the FCA. The FCA recovered the money from Bright, Soccer League International Limited, and three individual defendants, Mohammed Zakir Hussain, […]

Speech by Sheree Howard, Executive Director, Authorisations. Speaker:Sheree Howard, Executive Director, Authorisations Event:PIMFA Women’s symposium conference Delivered: 16 April 2024 Note: This is the speech as drafted and may differ from the delivered version Highlights Our latest Financial Lives Survey finds more women than men are struggling to cope financially. To attract and retain women […]

Speech by Sarah Pritchard, Executive Director, Markets and Executive Director, Internationalat TheCityUK International Conference 2024. Speaker: Sarah Pritchard, Executive Director, Markets and Executive Director, International Event: TheCityUK International Conference 2024 Delivered:18 April 2024 Note: This is the speech as drafted and may differ from the delivered version Highlights We want to strike a balance between […]

We have cancelled the permissions of KBFS Financial Limited (KBFS), preventing them from providing any financial services. KBFS failed to engage with us in an open and cooperative way. KBFS also failed to pay redress awarded to former members of the British Steel Pension Scheme (BSPS) by the Financial Ombudsman Service. Our final decision notice […]

We've been investigating a number of complaints, under our complaints scheme, about our actions or inactions in relation to the British Steel Pension Scheme (BSPS). Members of the BSPS worked hard during their employment and have experienced significant worry regarding their financial security in retirement. We found that many BSPS members suffered financial loss after […]

The Financial Conduct Authority (FCA) is looking for expressions of interest from market participants to join our advisory committee. The committee was established in 2022 and we are renewing the membership in line with our terms of reference. The purpose of the committee is to support our work in wholesale secondary markets for equities, derivatives, […]

In a speech delivered today, the FCA's Chief Executive Nikhil Rathi announced the regulator's plans to examine how Big Tech firms’ unique access to large sets of data could unlock better products, more competitive prices and wider choice for consumers and businesses. The speech at a Digital Regulation Cooperation Forum (DRCF) event outlined Nikhil Rathi’s […]

Speech by Nikhil Rathi, FCA Chief Executive delivered at the Digital Regulation Cooperation Forum (DRCF). Speaker: Nikhil Rathi, Chief Executive Event: Digital Regulation Cooperation Forum (DRCF) Delivered: 22 April 2024 Note: This is a drafted speech and may differ from the delivered version Key points: Leading a co-ordinated and effective effort to make the most […]

Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives surveyshows significant consumer interest in […]

The Financial Conduct Authority (FCA) has identified shortcomings in how some motor insurance firms are valuing written-off or stolen vehicles. An FCA review has found evidence that suggests some firms are offering their customers less than their written-off or stolen vehicle is worth and, in some cases, are only increasing that offer when a customer […]