There has been commentary over the weekend about the redress scheme for people who invested in the Woodford fund. It is vital that as people vote they receive accurate information. This scheme represents the best way for most people to get money back. Any other routes are highly uncertain, would take much longer and be […]

Ulrike Hotopp and Claire Whyley have been appointed to the FCA’s and Payment Systems Regulator's (PSR) Competition Decisions Committees (CDCs). These two committees are responsible for taking certain competition law decisions on behalf of the FCA and PSR. Committee members are selected on the basis of their experience of making independent evidence-based decisions, and their […]

We are working with payment service providers to do more to protect consumers from fraud, including authorised push payment (APP) fraud. While our review of firms’ fraud controls and complaint handling found examples of good practice, we were also disappointed with the way some firms supported customers who were the victims of fraud. In the […]

This page provides updates on the Settlement Scheme (the Scheme) proposed by Link Fund Solutions Limited (LFS) in relation to the LF Equity Income Fund (WEIF or the Fund). If approved, the Scheme will create a Settlement Fund of up to £230 million for relevant investors that hold shares in the WEIF. Scheme Creditors have […]

On 23 October 2023, we imposed a number of restrictions on KBFS Financial Limited (KBFS/the Firm), preventing it from carrying on any regulated activities and restricting access to its assets. This is due to concerns that the Firm has failed to pay redress awarded to former members of the British Steel Pension Scheme by the […]

A review by the FCA has found that while most Authorised Fund Managers (AFMs) have made efforts to comply with the FCA’s expectations on the design, delivery, and disclosure of their ESG and sustainable funds, further improvement is needed. The FCA is publishing this review ahead of its final rules and guidance on Sustainability Disclosure […]

On 8 November, the FCA sought and obtained a Restraint Order under the Proceeds of Crime Act 2002. The purpose of a restraint order is to preserve assets to make them available for a future confiscation order, an order which can only be made following a conviction in criminal proceedings. The FCA has 'replaced' the […]

Larry Barreto, based in the East Midlands, has been found guilty today of 11 charges of fraud by false representation following a prosecution brought by the FCA. At an earlier hearing, Mr Barreto pleaded guilty to 2 offences of arranging and advising on regulated mortgages without FCA authorisation. At the beginning of the trial, Mr […]

We have recently reviewed our interpretation of the consumer credit legislation for Limited Permission secondary credit brokers.Specifically, how the legislation applies to credit broking firms whose main business activity is the supply of non-financial services. As part of this review, firms that were authorised as a Full Permission credit broker firm may be eligible to […]

On 17 November 2023, Morses Club Limited and its wholly owned subsidiary Shelby Finance Ltd (trading as Dot Dot Loans) entered administration.Ed Boyle and Robert Spence of Interpath Ltd have been appointed as joint administrators of both firms.  Morses Club Limited is a home collected credit lender. Its wholly owned subsidiary, Shelby Finance Ltd, is […]

The Financial Conduct Authority (FCA) has banned Nigel Lewis and Susan Jones of West Wales Financial Services Limited (in liquidation) (WWFS) from advising customers on pension transfers and pension opt outs. Mr Lewis has also been banned from holding any senior management functions in a regulated firm. Mr Lewis and Ms Jones will also pay […]

The Financial Conduct Authority (FCA) has censured NMC Health Plc (NMC) for misleading the market about its debt. NMC was a healthcare operator headquartered in the United Arab Emirates. It entered the FTSE100 in 2017. Between March 2019 and February 2020, NMC published a series of financial statements and several clarification announcements which contained materially […]

We welcome the Technology Working Group’s report on fund tokenisation models. The report sets out how firms can develop such models within the existing legal and regulatory framework. We do not believe there are any obvious or significant barriers in our rules for a ‘baseline approach’,and we have set out our view in a letter […]

Speech bySheree Howard, Executive Director of Risk and Compliance Oversight. Speaker:Sheree Howard, Executive Director of Risk and Compliance Oversight Event:XLOD Global London Delivered: 15 November 2023 Note: This is the speech as drafted and may differ from the delivered version Highlights Heightened financial pressures mean making careful judgements around risk but should not mean dropping […]

The Bank of England and the FCA co-operate on the supervision of financial market infrastructures (FMIs). To review the Memorandum of Understanding (MoU) which provides the framework for supervisory co-operation the Bank and FCA held a consultation with FMIs to review their co-operation regarding market infrastructure in 2022. The authorities concluded that overall the MoU’s […]

All pension savers need to be confident that their scheme delivers value regardless of where they’re invested. We know that short term cost can dominate decision making in the context of defined contribution (DC) schemes, and whilst cost matters investment choices also significantly impact consumer outcomes. In spring 2024 the FCA will consult on detailed […]

Prior to the UK leaving the EU, EEA-based firms were able to operate in the UK without our direct authorisation. The Temporary Permissions Regime, which allowed EEA firms to continue to operate in the UK while transitioning to the full UK regulatory regime, is coming to an end after 3 years. We are assessing the […]

Speech by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations at City & Financial's Culture and Conduct Forum. Speaker: Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations Event:City & Financial's Culture and Conduct Forum Delivered: 23 November 2023 Note: This is the published version of the speech which may differ to […]

We have today published the final report on our multi-firm review into firms’ progress in implementing the internal capital adequacy and risk assessment (ICARA) process and reporting requirements under the Investment Firms Prudential Regime (IFPR). This final report must be read together with the report on our initial observations published in February 2023. The IFPR […]

On 2 November 2023, Southwark Crown Court imposed a Confiscation Order of £355,369 against Timothy Coleman, former Chief Financial Officer of Redcentric Plc, following his convictions in February 2022 for false accounting and making misleading statements to the market. Mr Coleman is currently serving a 5 and a half year prison sentence for these offences. […]