FCA confirms new rules for crowdfunding March 6, 2014 The Financial Conduct Authority (FCA) has confirmed new rules for crowdfunding which, it says, will help protect consumers. Its aim is to give people more access to “fair, clear information” when using loan-based or securities-based crowd funding platforms. £28m was raised through crowdfunding last year – a 600 per cent increase from 2012. The FCA [...]
FCA announces new regulator for £75 trillion payments systems industry March 5, 2014 Another announcement this morning from the Financial Conduct Authority (FCA). The City watchdog has unveiled plans for a new regulator to oversee UK payment systems. Introduced by April of next year, the regulator will monitor the £75 trillion payment systems industry, which processes over 7bn transactions each year. Competition will be "high on the agenda" [...]
FCA confirms new rules for payday lenders February 28, 2014 The Financial Conduct Authority (FCA) has this morning confirmed the new rules it's imposing on payday lenders and debt management companies. The rules respond to persistent calls from government and third sector groups to regulate the industry and drive out unscrupulous lenders. The clampdown on the consumer credit market, which is worth £200bn a year, [...]
FCA slaps ban on ex-CIB Partners chief February 27, 2014 The Financial Conduct Authority (FCA) has banned Arnold Eber, the former chief executive officer of the now-dissolved CIB Partners, from performing any function that relates to any regulated activity in the financial services industry. The regulator found that Eber “lacked integrity”, giving the impression in his conduct that certain bonds were soundly backed assets, when [...]
Forex broker FXCM UK slapped with £4m FCA fine February 26, 2014 The Financial Conduct Authority (FCA) has fined Forex Capital Markets and FXCM Securities (FXCM UK) £4m for allowing the US-based FXCM group to withhold profits of around £6m, which should have gone to UK clients. FXCM UK also failed to tell the regulator that US authorities were probing another part of the group for the [...]
HomeServe set for FCA fine but investors pile in January 13, 2014 HOME repair service HomeServe was yesterday facing a regulatory fine six times larger than it originally hoped over historic claims it mis-sold products to consumers. The FTSE 250-listed company revealed that the Financial Conduct Authority (FCA) had proposed a penalty of £34.5m, much larger than the £6m the company had originally made provisions for in [...]