FCA proposes structure shake-up to tackle illiquid fund flaws May 7, 2021 Britain today put forward a new long-term asset fund structure to invest in illiquid assets, such as real estate and infrastructure, following a series of high-profile suspensions. Illiquid assets typically offer better long-term returns but come with higher risk. They can be difficult to value or sell in a crisis, making it hard to meet [...]
FCA CEO: ‘We will not target EU equivalence deal at any cost’ May 6, 2021 The City regulator’s new CEO has said it will not target an EU equivalence deal for the City of London “at any cost”, although he admitted not securing a deal could see consumers offered reduced choice in some financial markets. In a speech delivered to the Association of Foreign Banks today, CEO Nikhil Rathi said [...]
FCA fines London boutique investment bank for failing to spot financial crime relating to cum-ex trading May 6, 2021 The City regulator has fined Sapien Capital £178,000 after it failed to carry out proper due diligence on a client likely participating in financial crime. Between 10 February and 10 November 2015, the boutique investment bank failed to have in place proper systems to find and mitigate the risk of being used to facilitate [...]
FCA nears payout deal over Park First’s £230m ‘illegal investment scheme’ May 4, 2021 The City regulator is in talks with the people behind an investment scheme which has left savers facing losses. The Financial Conduct Authority is reportedly in detailed talks with Toby Whittaker, who owns Park First, which the regulator has previously said was involved in an “illegal collective investment scheme”. A potential deal, which could be [...]
City regulator proposes easing suspension rule for listed SPACs April 30, 2021 The financial watchdog is consulting on a raft of changes to UK SPAC listings, including the rules around SPAC trading suspension when the vehicle identifies an acquisition target. Following a surge of SPAC or “blank check” company listings on Wall Street and more recently in Europe, London is keen not to be left behind. The Financial Conduct [...]
FCA looks into high risk investment promotion amid Bitcoin boom and TikTok ‘finfluencer’ trend April 29, 2021 The City regulator is looking for views on how to tackle the issue of high-risk investment promotions, fearing too many consumers are unwittingly taking too much risk with their money. The Financial Conduct Authority (FCA) is concerned consumers are investing in inappropriate, high-risk investments that are unsuitable for most people. The watchdog has recently warned [...]
City Moves: Who is switching jobs in the Square Mile this week? April 21, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. In this week’s City Moves, we have a host of newly created roles making their way across the Square Mile. From chief data officers to directors of environment social and governance – the [...]
Whistleblowing reports of consumer detriment jump 15 per cent in 2020 April 12, 2021 The number of whistleblower reports relating to consumer detriment increased last year, and is likely to jump further in 2021 following the launch of a new campaign by the City regulator. In 2020, the number of reports rose from 15 per cent, from 161 in 2019 to 185 in 2020, according to law firm RPC. [...]
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 [...]