Bastion Capital London Limited (in liquidation) has been fined £2.45 million by the FCA for serious financial crime control failings related to cum-ex trading.
The Financial Conduct Authority recently found that 7.4 million people had difficulty contacting their financial services providers in the past twelve months, and is introducing new measures designed to improve trust and support vulnerable customers.
The revised scheme changes the way financial and non-financial losses are compensated if the regulators make a clear and significant error, while continuing to provide statutory immunity as per Parliament.
The FCA has implemented temporary measures for the reporting of certain fields in UK MiFIR transaction reports, including disabling validation rules and not taking action against firms which fail to populate these fields.
The FCA successfully prosecuted Peter and Andrew Currie, two directors of the now collapsed P2P firm Collateral, to 5.5 and 2.5 years in prison respectively for fraud and money laundering, as well as disqualifying them from managing any business.
Our supervisory approach to certain mortgage disclosure requirements involves firms providing as much required information as possible and taking all reasonable steps to make customers informed of the risks, while our rules remain in place, and firms must comply by the end of January 2024.
The FCA is taking action to combat illegal and non-compliant financial promotions, such as introducing measures to ban incentives to invest in crypto and requiring firms to introduce risk warnings and a cooling off period.