FCA Archives - The Industry Spread

New Appointments to Financial Conduct Authority Board Announced

Three new appointments to the board of the Financial Conduct Authority (FCA) have been made by the Economic Secretary to the Treasury today. Liam Coleman, Alice Maynard CBE and Tommaso Valletti will take up roles as Non-Executive Directors to the board of the FCA. Alice Maynard was jointly appointed by HM Treasury and the Department for Business, Energy and Industrial Strategy. They will each serve 3-year terms beginning today, 5 November 2019.

FCA Urges Victims of Illegal Loan Scheme to Come Forward

Mr Gopee was convicted of illegal money lending offences in February 2018 and sentenced to three and a half years in prison. The FCA began confiscation proceedings against Mr Gopee in order to recover the financial benefit he obtained from his criminality. Money recovered under the confiscation order can then be used to compensate victims.

The FCA fines Tullett Prebon £15.4 million

The Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA.

FCA Fines Prudential £23,875,000 for Failures Relating to Non-Advised Annuities Sales

Between July 2008 and September 2017, Prudential’s non-advised annuity business focused on selling annuities directly to existing Prudential pension holders. Firms are required to explain to customers that they may get a better rate if they shop around on the open market and Prudential was aware that many customers could get a higher income in retirement by shopping around on the open market.

World Federation of Exchanges Asked FCA Not to Ban Crypto Derivatives for Retail Investors

The global industry group for exchanges and CCPs has asked the Financial Conduct Authority, the UK’s regulatory authority, not to ban the sale of crypto derivatives to retail consumers.

While agreeing and supporting the regulator’s desire to better protect vulnerable consumers, the WFE wishes to help find the right balance between enabling innovative products to be traded in the UK, and ensuring that they are sold responsibly, by fully regulated providers.

FCA Confirms New Rules for Certain Open-Ended Funds Investing in Inherently Illiquid Assets

The Financial Conduct Authority (FCA) has today confirmed new rules which apply to certain types of open-ended funds investing in inherently illiquid assets such as property. The new rules apply to these funds, known as non-UCITS retail schemes (NURSs), but will not apply to other types of fund, such as UCITS, which are already subject to restrictions relating to such assets.