The proposed extension would allow firms more time to handle complaints efficiently and effectively and help prevent disorderly, inconsistent and inefficient outcomes for consumers and firms. The FCA is seeking feedback on proposals to extend the time firms have to respond to motor finance complaints where a non-discretionary commission arrangement was involved. The regulator previously […]

Following a review, we have improved our disclosure processes in regulatory enforcement cases. In Seiler and others v FCA [2023] UKUT 00133, the Upper Tribunal recommended that we should review certain elements of the disclosure process in regulatory enforcement cases. This relates to disclosure of evidence as part of any regulatory case.We have completed the […]

The FCA has set out a package of measures to reinforce the UK’s leading position in the bond, derivatives and asset management sectors, supporting growth. New transparency rules for bonds and derivatives markets will give investors more information and reduce costs for firms. And under new proposals, asset managers for pooled investment funds will be […]

The FCA has started criminal proceedings against Anthony Hay, Laura Hay, Tim Stewart, Premier Finance GB Ltd and Proserv GBR Limited, for allegedly engaging in unauthorised business. Anthony Hay, Laura Hay and Tim Stewart are jointly charged for their involvement in the conduct of two Bristol firms, Premier Finance GB Ltd and Proserv GBR Limited, […]

Speech by Emily Shepperd, FCA chief operating officer, delivered at the UK Sustainable Investment and Finance Association (UKSIF) Leadership Summit, IET London.

Two individuals have been convicted for their roles in an £1.5m investment fraud following a prosecution brought by the FCA. Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga, defrauded at least 65 investors out of £1,541,799. The group cold-called consumers, directing them to a professional-looking website where they were offered high returns […]

Vacation Finance Limited, trading as VFL Finance Solutions, was placed into administration on 20 November 2024. Dina Devalia and Frank Wessely of Quantuma Advisory Limited were appointed as joint administrators. Vacation Finance Limited provided finance for timeshares. The firm is no longer offering finance to new customers.The joint administrators will write to customers with live […]

The FCA has banned Leigh Mackey from working in financial services and fined him £1,102,879 for misleading the FCA and misusing funds due to insurers. Between 12 September 2011 and 8 December 2019, Mr Mackey had sole management control of Inspire Insurance Services Ltd (Inspire), an insurance broker for the construction sector.Mr Mackey used funds […]

UK financial regulators have confirmed new rules to bolster the resilience of technology and other third parties providing key services to financial firms. Financial firms and financial market infrastructures (FMIs), such as payment systems, have become increasingly reliant on the services of a small number of third party providers, known as critical third parties. While […]

The FCA has fined Metro Bank PLC (Metro) £16,675,200. Between June 2016 and December 2020, Metro failed to have the right systems and controls to adequately monitor over 60m transactions, with a value of over £51bn, for money laundering risks. Metro automated the monitoring of customer transactions for potential financial crime in June 2016. However, […]

The FCA is improving the accuracy of the market cleanliness statistic (MCS), used in its annual report to measure insider trading. The MCS is based on abnormal stock price movements before takeover offer announcements.In future, the FCA will:detect abnormal price movements that happen on the same day as an announcement because the price information used […]

The decision to consult follows the Court of Appeal’s judgment in Hopcraft v Close Brothers Ltd, Johnson v Firstrand Bank Ltd, and Wrench v Firstrand Bank Ltd. The FCA will consult on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved, and for consumers to […]

We have set out the next steps in our work on closing the advice gap, following feedback on our Discussion Paper (DP23/5). We want people to be able to make informed decisions about their finances with confidence – and for people to have access to the help, guidance and advice to do so.We want to […]

The Financial Conduct Authority (FCA) and Financial Ombudsman Service have published a joint call for input to seek views on how to modernise the redress system, so it better serves consumers and provides greater stability for firms to invest and innovate.The organisations will also improve how they work together, and with industry and consumer groups […]

Craig Buchan and Martin Cooke, former partners of MedDen Financial Services LLP (MedDen), have been fined £6,037 and £6,020 (respectively) and banned by the FCA for recklessly breaching an asset requirement imposed on the firm. The FCA imposed an asset requirement on MedDen, meaning the firm could not diminish the value of any of its […]

We share the vision of an innovative, safe and competitive payments sector, embracing technological change to better serve people and business.The changes announced today will help ensure better coordination and clearer regulatory responsibilities. We will continue to work closely with the Payment Systems Regulator (PSR), the Bank of England and the government to deliver the […]

The FCA welcomes the Government’s publication of their consultation response and the draft legislation on bringing environmental, social and governance (ESG) ratings providers into regulation. This is widely supported by industry. As financial services firms integrate ESG into their activities and expand their products in this space, they are increasingly reliant on third party ESG […]

The FCA is committed to supporting growth. The financial services sector is the engine of the country’s economy. A successful sector drives prosperity for companies, getting money to flow to small and medium-sized businesses allowing them to invest and grow.The UK is a magnet for talent and investment, with London ranking as the world’s second […]

The FCA has banned Mr Ari Harris from working in financial services. In July 2020, Mr Harris was convicted of inflicting grievous bodily harm without intent after stabbing a man twice in the neck. He was sentenced to 3 years’ imprisonment in July 2022. Mr Harris and Reeds Motors Ltd (the firm), of which he […]

Project Guardian is an international collaboration of industry and regulators, led by the Monetary Authority of Singapore, that explores the use of fund and asset tokenisation. We welcome the first industry-led Project Guardian report on tokenisation in the asset management sector, delivered through Project Guardian’s asset and wealth management workstream.Read the report: Guardian Funds FrameworkIn […]