FCA News

In addition, the Court ordered Choucair to pay £403,552 in prosecution costs to the FCA. In June 2019, Walid Choucair (04/03/1979) was sentenced to 3 years’ imprisonment in respect of five offences of insider dealing alongside Fabiana Abdel-Malek (17/09/1982) taking place in 2013/4. The trial was brought by the FCA. The amount of the confiscation […]

The Financial Conduct Authority (FCA) has published proposals to introduce a price cap on the fees claims management companies (CMCs) charge their customers in relation to claims for financial products and services. Some consumers currently pay fees of more than 40% of the redress they receive. The proposed cap restricts this, and will mean CMCs […]

RegData is central to our data strategy which sets out our plan to harness the power of data and advanced analytics to transform financial regulation. We started moving firms over to RegData in October 2020, with their moving dates determined by the nature of their reporting obligations and schedules.  Firms still using Gabriel should make […]

What action you need to take If you have a Part 4A permission, but have not carried on any regulated activities for 12 months or more and have no current plans to do so, please apply for cancellation using Connect. If you have a Part 4A permission and have not used and no longer need […]

Access the DBAAT The DBAAT is used to assess advice given before October 2020. An updated tool that incorporates rule changes that came into force on 1 October 2020 will be published in the coming months. We used the DBAAT in the latest phase of our review assessing the suitability of DB transfer advice. The […]

On Tuesday 12 January we updated our consumer warning against an unauthorised online trader using Instagram, known as chloefxtrades / chloehenx, to include a further account xchloesworld. This account has been promoted widely on social media and we want consumers to be aware that it is not authorised by us. We have requested that the […]

This included guidance for firms on the treatment of mortgage and consumer credit customers facing repossession. This provided that firms should generally not enforce repossessions before 31 January 2021. We now publish draft guidance setting out our proposed approach to repossessions from 31 January 2021.  We invite comments on the draft guidance by 10am on […]

As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in, the risks associated with investing, and any regulatory protections that apply. For cryptoasset-related investments, consumers are unlikely to have access to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) if something goes wrong. Consumers can […]

On 1 February 2019, we announced the agreement of Memoranda of Understanding (MoUs) with the European Securities and Markets Authority (ESMA) and EU regulators covering cooperation and exchange of information.  The MoUs are:  A multilateral MoU with EU and EEA National Competent Authorities (NCAs) covering supervisory cooperation, enforcement and information exchange. An MoU with the […]

Passporting between the UK and EEA states has ended and the temporary permissions regime (TPR) has now come into effect for those firms and funds that notified us that they wanted to enter this regime. This allows EEA-based firms that had been passporting into the UK to continue new and existing regulated business within the scope […]