Buy2Let Cars parent company under investigation by serious fraud watchdog April 9, 2021 The Serious Fraud Office (SFO) has launched an investigation this morning into the Buy2Let Cars parent company Raedex Consortium for an unauthorised customer investment scheme. The SFO, the National Crime Agency (NCA) and the City of London police searched two premises in connection to the scheme and arrested one person yesterday. The person was interviewed [...]
Exclusive: FCA continues hiring spree with former Blackstone and Treasury man March 31, 2021 The City regulator has added another big name to its senior team with the hire of former Blackstone and HM Treasury man Ramesh Chhabra. Chhabra will serve as FCA boss Nikhil Rathi’s Senior Adviser. It is the latest in a series of senior appointments made by Rathi as he seeks to put the body on [...]
Surrey adviser deemed unsafe by the City regulator over sexual grooming offence March 29, 2021 The City regulator has moved to ban Surrey-based financial adviser Jon Frensham from carrying out any regulated activity, after he was convicted of sexually grooming a child. In March 2017 Frensham, formally known as Jonathan James Hunt, was convicted of attempting to meet a child following sexual grooming. Frensham, 41, was sentenced to 22 months’ [...]
London forex trading boss fined for unauthorised WhatsApp investment advice March 26, 2021 The High Court has fined the boss of a Bow-based forex trading business after it provided unauthorised investment advice to customers via WhatsApp. Mohammed Fuaath Haja Maideen Maricar was ordered to pay restitution in excess of £530,000. The recovered fund will be distributed customers. The court found 24HR Trading, an unregulated firm, unlawfully provided trading [...]
Watchdog encourages City workers to snitch on financial services wrongdoing March 24, 2021 The City watchdog has today launched a campaign to get people working in financial services to get in touch about potential wrongdoing they see in their day-to-day lives. The Financial Conduct Authority (FCA) said those who whistleblow will have a dedicated case manager, can meet with the FCA to discuss their concerns, and will receive [...]
Gut instinct and social media drives young people to risky investment decisions, warns FCA March 23, 2021 The financial watchdog has warned that young people are increasingly engaging with risky investments like foreign exchange and cryptocurrency, despite not having the capacity for loss if the investment goes wrong. The Financial Conduct Authority’s (FCA) research found nearly two-thirds (59%) of young investors claimed that a significant investment loss would have a fundamental impact [...]
FCA calls formal end to all Libor rates at the end of the year March 5, 2021 The Financial Conduct Authority announced this morning a formal end to nearly all Libor rates at the end of this year, putting pressure on markets to complete their biggest change in decades. The so-called London Interbank Offered Rate, or Libor, will be replaced by rates compiled by central banks. The change comes after financial institutions [...]
Watchdog bans City of London trader for ‘wash trading’ March 4, 2021 The city watchdog has banned ex-City of London trader Adrian Geoffrey Horn after he engaged in ‘wash trading’, a form of market abuse. Horn, who worked as a market making trader at Cheapside-based Stifel Nicolaus Europe, was fined £52,000 by the Financial Conduct Authority (FCA) and banned for carrying out any regulated work in the [...]
Grave concerns prompt watchdog intervention on pre-paid funeral plans March 2, 2021 The City regulator has launched a consultation on how it plans to regulate the pre-paid funeral plans sector, which has faced criticism from the media and consumer groups. Under its remit, the Financial Conduct Authority (FCA) intends to ensure the products meet the individual needs to consumers, the plans are sold fairly and the price [...]
Four women nab top roles at City watchdog the FCA February 25, 2021 Four women have won top jobs at the Financial Conduct Authority (FCA), where they will sit on the executive committee – the regulator’s most senior executive decision-making body. Stephanie Cohen will be the FCA’s new chief operating officer and Jessica Rusu the first chief data, information and intelligence officer at the regulator. Sarah Pritchard will [...]