FCA News

The Financial Conduct Authority (FCA) has today imposed fines on three money transfer firms after they admitted to fixing prices charged to consumers in Glasgow. Dollar East (International Travel & Money Transfer) Ltd; Hafiz Bros Travel & Money Transfer Limited; and LCC Trans-Sending Limited (including its parent company, Small World Financial Services Group Limited), trading […]

On 29 November 2023, Rational Foreign Exchange Limited (RFX) entered special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021. Ed Boyle and Kristina Kicks of Interpath Ltd have been appointed joint special administrators (JSAs). RFX provides foreign exchange and payment services to corporate and retail clients. It is authorised by the FCA […]

The FCA has announced today proposals to require personal investment firms to set aside capital so that they can cover compensation costs and ensuring the polluter pays when consumers are harmed. The proposals would require personal investment firms – often referred to as investment advisers – to calculate their potential redress liabilities at an early […]

The FCA has confirmed a substantial package of measures to improve the trust and transparency of sustainable investment products and minimise greenwashing. With an estimated $18.4 trillion of ESG-orientated assets now being managed globally, the FCA is putting in place new Sustainability Disclosure Requirements and an investment labels regime after detailed engagement with a range […]

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 […]

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 […]

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 […]

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 […]

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 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 […]