Tagged: financial conduct authority

December 4, 2023 @ 8:24 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) announced that it is setting out forbearance measures for investment company cost disclosure. The FCA says it has now set out temporary measures “to give investment companies greater ability to explain their costs and charges to help consumers make… Read More

November 30, 2023 @ 8:47 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has announced 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 from the FCA would “require personal investment firms –… Read More

November 24, 2023 @ 8:16 am By Omar Faridi  |  

Prior to the UK leaving the EU, EEA-based firms were able “to operate in the UK without our direct authorization.” The UK’s Financial Conduct Authority (FCA) notes that the Temporary Permissions Regime, which allowed EEA firms to continue “to operate in the UK while transitioning… Read More

November 13, 2023 @ 8:22 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) says it is working with payment service providers to do more “to protect consumers from fraud, including authorized push payment (APP) fraud.” While FCA‘s review of firms’ fraud controls and complaint handling found examples of good practice, they were… Read More

November 6, 2023 @ 8:17 am By Omar Faridi  |  

The Financial Conduct Authority (FCA) and the Bank of England are requesting feedback on their proposed approach to regulating stablecoins. The Bank’s proposals cover “any payment systems in the future that use stablecoins in the UK at systemic scale.” Stablecoins are a new type of… Read More

November 5, 2023 @ 2:22 pm By Omar Faridi  |  

Mollie, one of the fastest growing payment service providers in Europe, announced it has been granted a Payment Institution license in the UK by the Financial Conduct Authority (FCA). Mollie originally launched in the UK in early 2021, “serving merchants both domestically and those expanding… Read More

November 2, 2023 @ 10:51 am By Omar Faridi  |  

PayPal (NASDAQ:PYPL) has reportedly been registered to provide crypto-asset services in the UK. This, according to the UK Financial Conduct Authority’s (FCA) update posted on its website. The news comes as the international payments firm builds a post-Brexit base in the country. Although the cryptocurrency… Read More

November 1, 2023 @ 9:18 am By Omar Faridi  |  

Mangopay, a platform-specific payment infrastructure provider, announces that it has been authorized by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). MangoPay is a successful, France-based Fintech that was acquired by a French bank in 2015. The new e-money license from the… Read More

October 31, 2023 @ 11:38 am By JD Alois  |  

Yesterday, CI reported that multiple regulators around the world had announced a partnership to collaborate on digital asset, or crypto asset, innovation. The goal is to enable innovation to thrive while protecting investors. The agencies participating in the partnership include the UK Financial Conduct Authority… Read More

October 18, 2023 @ 7:20 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has reportedly agreed with Fintech Modulr to place customer onboarding restrictions until the service provider adheres to applicable regulatory guidelines. At the start of this month, the FCA had placed a restriction for the firm, which prevents it from… Read More

October 16, 2023 @ 5:19 pm By JD Alois  |  

Binance UK will stop accepting new users as of today (Monday, October 16, 2023). The announcement follows the denial of approval for a third party to provide marketing services to the UK iteration of the world’s largest crypto exchange. This month, the UK Financial Conduct… Read More

October 13, 2023 @ 11:10 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has fined Equifax Ltd £11,164,400 for a security breach that exposed UK consumer’s information. The FCA says the security breach is one of the largest cybersecurity breaches in history. The FCA notes that in 2017, hackers accessed the personal… Read More

October 10, 2023 @ 5:18 pm By JD Alois  |  

Posted on the UK Financial Conduct Authority (FCA) registry today, peer-to-peer lender Rebuildingsociety was denied the ability to approve any financial promotion for a “Qualifying Cryptoasset for communication by an unauthorized person” and must withdraw any current promotion by tomorrow. After Rebuildingsociety has withdrawn all… Read More

October 9, 2023 @ 12:58 pm By Tony Zerucha  |  

United Kingdom regulators, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), have proposed measures to boost diversity and inclusion in financial services. In consultation papers published this month, the financial regulators have proposed to “boost diversity and inclusion to support healthy work cultures, reduce… Read More

October 6, 2023 @ 5:00 pm By JD Alois  |  

Komainu, a digital asset platform for institutions, says it is now registered with the UK Financial Conduct Authority (FCA) and will provide a custodial wallet service for clients.  Komainu must adhere to AML/KYC rules. Komainu will offer crypto-custody services in the UK, including collateral management… Read More

October 4, 2023 @ 9:55 am By Omar Faridi  |  

Digital bank Revolut is under scrutiny from the UK’s Financial Conduct Authority (FCA) for allegedly allowing money to “leave accounts flagged as potentially being used by scammers.” The Lending Standards Board (LSB) oversees the CRM Code, which is reportedly “the only set of protections requiring… Read More

October 1, 2023 @ 7:35 pm By Omar Faridi  |  

Digital bank Revolut is reportedly engaged in discussions with the UK’s financial regulator regarding potential failures that enabled funds to be released from customer accounts identified by the National Crime Agency as suspicious. This latest development is now part of several issues that impact the… Read More

September 23, 2023 @ 6:14 pm By Omar Faridi  |  

UK Finance recently commented on the Financial Conduct Authority’s (FCA)’s account access and closure report. According to UK Finance: “Freedom of expression is vitally important and today’s report from the FCA makes clear that accounts are not being closed because of political beliefs or other… Read More

September 19, 2023 @ 8:36 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has released its initial report on potential discrimination at UK banks. The report follows the saga of Nigel Farage, a vocal political personality and former UKIP leader, who had his account shuttered at Coutts after management decided his values… Read More

September 7, 2023 @ 9:28 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has indicated its willingness for a certain amount of leeway for registered crypto firms to adhere to forthcoming rules. The regulator says that registered or authorized firms may “apply for flexibility”  on implementing a cooling off period when other… Read More