We have written to investors in Novus Black Fund UK Ltd about the firm's unreported losses. We have written to investors in Novus Black Fund UK Ltd (Novus Black Fund), an alternative investment fund based in the UK.Novus Black Fund is managed by MCI Global Investment Advisors Limited (MCI). UK regulations require this type of […]

The FCA has announced a package of work in the insurance market amid concerns about rising prices, alongside the launch of the Government motor insurance taskforce. The FCA has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive […]

The Court of Appeal has upheld the FCA’s power to require redress from firms. In December 2021 the FCA announced that it planned to fine BlueCrest Capital Management (UK) LLP (BlueCrest) for conflicts of interest failings and impose a requirement on the firm to pay redress to clients. BlueCrest referred the case to the Upper […]

The FCA has started a criminal prosecution against Matthew and Nikolas West for insider dealing. Matthew and Nikolas West are jointly charged with conspiracy to deal in 4 stocks while having inside information.Matthew West has additionally been charged with insider dealing in relation to 2 stocks. He has been charged with disclosing to and encouraging […]

Speech by Nikhil Rathi, FCA Chief Executive, delivered at FCA International Capital Markets Conference 2024. Speaker: Nikhil Rathi, Chief ExecutiveEvent:FCA International Capital Markets Conference 2024, LondonDelivered: 8 October 2024Note: This is a drafted speech and may differ from the delivered versionHighlightsWe are living in an era of predictable volatility but we must now expectto face […]

Speech by Ashley Alder, our Chair, at the International Capital Markets Conference. Highlights:Opportunities unique to market-based finance explain why we delivered the most significant reforms of the UK’s public equity markets in a generation.Our review of the financial advice and guidance boundary aims to unlock innovation so people can get the support that suits their […]

The FCA has fined TSB Bank plc (TSB) £10,910,500 for failing to ensure customers who were in arrears were treated fairly. It also lacked suitable systems and controls to secure fair outcomes. TSB has paid £99.9m in redress to the 232,849 mortgage, overdraft, credit card and loan customers affected.Between June 2014 and March 2020, TSB’s […]

Speech by Nick Hulme, head of department, advisers, wealth and pensions, consumer investments, delivered at the Consumer Duty Alliance — Future Strategy for Personal Finance Professionals event in Birmingham.

Evolving client needs and industry challengesThe financial advice sector is adapting to profound shifts: an ageing adviser and client population, a massive transfer of wealth, the rise of defined contribution (DC) pensions over defined benefit (DB). In addition to a younger generation that engages with financial advice very differently from their parents, often through apps […]

Speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer delivered at an FCA Innovation 10th anniversary event.

Twenty finfluencers are being interviewed under caution by the FCA, as it launches targeted action against finfluencers who may be touting financial services products illegally. The FCA also issued 38 alerts against social media accounts operated by finfluencers which may contain unlawful promotions. Increasing numbers of young people are falling victim to scams, and finfluencers […]

We often get asked about the number of firms we’ve registered, as well as the process itself. Some have suggested we’re too tough on crypto firms, setting the bar too high for registration. It’s even been said our approach could stunt innovation and call into question the UK’s position as a global financial leader.We never […]

We welcome the report and recommendations from the Transition Finance Market Review (TFMR). This is an important area and we’re encouraged to see a significant number of firms across the economy start to set out plans for how they will decarbonise.Read the TFMR reportMeeting the UK’s net zero target will require a significant increase in […]

We need data and evidence to inform how we can support economic growthThe FCA has always been about supporting economic growth. Trusted liquid markets support growth. Reducing financial crime supports growth. Accessible products for consumers supports growth. Competition supports growth.Last year, to emphasise its importance, Parliament set the FCA a new secondary objective to support […]

We welcome the government's consultation on the regulation of currently-exempt buy now pay later (BNPL) products. We have long called for these products to be brought into our remit. In 2021, the FCA board backed the Woolard Review recommendation that BNPL be brought into regulation.BNPL can provide benefits for consumers by giving them more payment […]

Speech by Nikhil Rathi, FCA Chief Executive, delivered at the City Dinner, Mansion House. Speaker: Nikhil Rathi, Chief ExecutiveEvent:City Dinner, Mansion HouseDelivered: 17 October 2024Note: This is a drafted speech and may differ from the delivered versionHighlightsGrowth is urgent but it has always been part of the FCA’s story.We are seeking answers about what more […]

The FCA has fined Volkswagen Financial Services (UK) Limited (Volkswagen Finance) £5,397,600 for failing to treat its customers in financial difficulty fairly. Volkswagen Finance has agreed to pay over £21.5m in redress to around 110,000 customers who may have suffered harm because of its failings. Between 1 January 2017 and 31 July 2023, Volkswagen Finance […]

The FCA and the Practitioner Panel have published a report from our 2023/24 joint survey of FCA regulated firms. We have published the findings of the FCA and Practitioner Panel 2023/24 survey (PDF).The survey provides us with valuable feedback on how firms feel about the FCA’s performance. We use the results to get a better […]

The FCA has placed restrictions on Business Agent Limited. The action follows concerns about the firm’s failings related to its 'Nextcrowd' platform. The move to restrict Business Agent Limited came on 22 July 2024, after our review exposed significant regulatory breaches. Following a review of the firm’s representations, we issued a Second Supervisory Notice on […]

The FCA has fined Starling Bank Limited £28,959,426 for financial crime failings related to its financial sanctions screening. It also repeatedly breached a requirement not to open accounts for high-risk customers. Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace […]