FCA Archives - Page 3 of 14 - The Industry Spread

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

October 9, 2019

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

October 9, 2019

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

October 3, 2019

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.

FCA finds MiFID II Research Unbundling Rules Working Well for Investors

September 26, 2019

The Financial Conduct Authority (FCA) has today published multi-firm review findings indicating the Markets in Financial Instruments Directive’s (MiFID II) research unbundling rules have improved asset managers’ accountability over costs, saving millions for investors.

CF Benchmarks Obtains License from UK FCA

September 18, 2019

CF Benchmarks, the leading cryptocurrency index provider formerly known as Crypto Facilities Indices, has become the first cryptocurrency index provider to be  granted a license from the UK Financial Conduct Authority, the country’s financial watchdog.

Richard Baldwin, Sentencing 3 September 2019

September 5, 2019

Mr Baldwin was sentenced in his absence after he absconded from justice during his trial for money laundering in July 2017.  The sentence also includes punishment for separate contempts of court that he admitted in November 2015 for breaching a Restraint Order made in June 2011. The Restraint Order prevented Mr Baldwin from in any way disposing of, dealing with or diminishing the value of any of his assets within or outside of England & Wales.

Time is Running out: the Pressure is on to Prioritise PPI

August 25, 2019

It is only seven days until the 29 August 2019 PPI complaints deadline and the Financial Conduct Authority (FCA) is urging the 18% of consumers (almost one in five) who say they’ll make a last-minute decision on whether to complain about PPI to act now – before time is up.

Upper Tribunal Publishes Decision on Andrew Tinney, the Former COO of Barclays Wealth

August 23, 2019

In March 2012, Mr Tinney received a document which contained critical findings about the culture within Barclays Wealth’s US branch, Barclays Wealth Americas. Subsequently, the Chairman of Barclays Bank plc (of which Barclays Wealth is a division) received an anonymous email alleging that “a Wealth cultural audit report” had been suppressed. Mr Tinney assisted in drafting a response to this allegation.