The FCA seeks a declaration that the Defendants have contravened, or been knowingly concerned in, contraventions of sections 19 and 21 of the Financial Services and Markets Act 2000 (FSMA). The FCA also seeks a restitution order against the Defendants under s. 382 FSMA enabling the orderly return of consumer funds and holding the Defendants liable to pay any shortfall in those funds, together with an injunction under s. 380 FSMA restraining the Defendants from future contraventions.
Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm. This is what we call a ‘clone firm’; and fraudsters usually […]
The London insurance market is one of the world’s leading centres for large scale, complex commercial and specialist risks, controlling more than £68bn in gross written premium. There have been significant changes in the wholesale insurance sector in recent years which has seen brokers developing new services and business practices. The FCA plans to explore […]
Speaker: Rob Gruppetta, Head of the Financial Crime Event: FinTech Innovation in AML and Digital ID regional event, LondonDelivered: 06 December 2017Note: this is the speech as drafted and may differ from the delivered version Highlights Criminals must be confident the money cannot be traced back to their crimes; they make huge efforts to launder dirty funds while banks and other financial firms […]