Tagged: fca

April 25, 2024 @ 4:13 pm By Omar Faridi  |  

Commenting on the UK Financial Conduct Authority (FCA)’s strategic approach to the use of Artificial Intelligence in the UK financial services sector, Karim Haji, global and UK head of financial services at KPMG, said: “It’s hard to overstate the potential capabilities of AI for a… Read More

April 13, 2024 @ 2:30 pm By Michael Wong  |  

The UK’s Financial Conduct Authority (FCA) has called for the establishment of a new industry body to enhance the functioning of Britain’s “highly concentrated” consumer credit ratings market, which it says is currently not serving consumers well, Reuters has reported. The consumer credit ratings market,… Read More

April 10, 2024 @ 11:33 pm By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a report on consumer debt. The FCA states that 7.4 million people are struggling to pay bills and credit card debt (January 2024).  While this is lower than the 10.9 million in January 2023 who were encountering… Read More

April 3, 2024 @ 5:00 pm By JD Alois  |  

While everyone understands that securities will inevitably become digital, policymakers have been slow to provide an ecosystem to support the nuances intrinsic to the transition from analog. Eventually, digital securities will become the dominant sector of digital assets, and clear-cut rules are needed. Today, the… Read More

April 1, 2024 @ 8:46 am By Omar Faridi  |  

The Bank of England and FCA are leading a joint transformation program with industry to transform data collection from the UK financial sector. They published a future strategy for “achieving this, encompassing the regulator’s response to industry’s recommendations.” The Bank of England and the Financial… Read More

March 29, 2024 @ 7:58 am By Omar Faridi  |  

The UK’s HM Treasury is reportedly considering or looking into possibly making changes to its existing Anti-Money Laundering and Counter-Terrorist Financing (AMLCFT) framework. This may potentially mean that service providers of non-fungible token (NFT) trading platforms could get added within the applicable regulatory framework. At… Read More

March 27, 2024 @ 11:56 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has issued a warning to “Finfluencers” individuals who use social media to promote financial services. While influencers may be a popular source of information, few of these individuals actually have any notable experience within the financial services industry. Yet… Read More

February 27, 2024 @ 11:27 pm By JD Alois  |  

UK consumers can take advantage of savings rates of more than 5%, yet some remain stuck at financial institutions that offer far lower returns. After publicly chastising firms that fail to pass on higher rates to savers, the UK Financial Conduct Authority is now launching… Read More

February 27, 2024 @ 10:07 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) says that going forward, it will strive to provide more transparency in enforcement cases. At the same time, enforcement cases are expected to be resolved more rapidly. For cases where “no outcomes are achievable,” these will be closed more… Read More

February 21, 2024 @ 8:28 am By JD Alois  |  

Regulatory services firm Englebert has been approved by the UK Financial Conduct Authority (FCA) to approve crypto asset promotions. The registration is viewable here. Englebert described the approval as a “groundbreaking milestone.’ Englebert is a new company but claims decades of experience within the company…. Read More

February 19, 2024 @ 6:40 pm By JD Alois  |  

Bryan Zhang, the co-founder and Executive Director of the Cambridge Centre for Alternative Finance (CCAF), has been appointed to the Board of the UK Financial Conduct Authority (FCA). Zhang commenced his initial three-year term as a non-executive Director today (February 19, 2024). The FCA is… Read More

February 14, 2024 @ 11:38 pm By Omar Faridi  |  

Banxa Holdings Inc. is pleased to announce it is the first firm in 2024 to register as a cryptoasset business with United Kingdom’s Financial Conduct Authority (FCA). Management believes this is a critical milestone towards “fulfilling Banxa‘s mission to extend the benefits of crypto to… Read More

February 5, 2024 @ 8:00 am By Omar Faridi  |  

FalconX, which claims to be one of the largest institutional digital asset prime broker and the CFTC registered swap dealer, announces a strategic partnership with Fusion Digital Assets, TP ICAP’s FCA registered UK-based wholesale spot cryptoasset exchange. The integration with Fusion Digital Assets provides FalconX… Read More

January 28, 2024 @ 7:05 pm By Omar Faridi  |  

Elwood Technologies LLP, a software-as-a-service (SaaS) platform that provides institutional-grade access to digital asset exchanges and liquidity venues, announced it has been authorized as a service company by the UK Financial Conduct Authority (FCA). This authorization applies to Elwood’s execution management system (EMS) in “relation… Read More

January 18, 2024 @ 8:30 am By Omar Faridi  |  

Payhawk, a global spend management solution, is now a licensed Electronic Money Institution (EMI) in the UK. The Financial Conduct Authority reportedly granted the license “after extensive due diligence into Payhawk’s compliance, financial, and operational processes.” The new UK EMI license will allow Payhawk to… Read More

January 17, 2024 @ 8:37 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has appointed Daniel Godfrey as chair and Julia Dreblow as vice-chair of a new working group focused on building capability in sustainable finance across the financial advice sector. The Personal Investment Management & Financial Advice Association (PIMFA) will “provide… Read More

January 12, 2024 @ 8:31 am By Omar Faridi  |  

Ransomware incidents reported to UK financial regulators doubled in 2023, according to an extensive update shared with CI. A Picus Security FOI analysis of cyber incidents reported “to the Financial Conduct Authority reveals an increase in ransomware incidents in the first half of 2023.” Picus… Read More

January 8, 2024 @ 8:21 am By Tony Zerucha  |  

The United Kingdom’s Financial Conduct Authority (FCA) has imposed fines on three money transfer firms after they admitted to fixing prices charged to consumers in Glasgow, Scotland. Dollar East (International Travel & Money Transfer) Ltd; Hafiz Bros Travel & Money Transfer Limited; and LCC Trans-Sending… Read More

January 6, 2024 @ 8:22 am By Tony Zerucha  |  

The United Kingdom’s Financial Conduct Authority (FCA) is taking steps to ensure folks maintain access to physical currency in an increasingly digital society. The agency proposed new rules to maintain reasonable access to cash for personal and business customers across the UK. This follows new… Read More

January 5, 2024 @ 9:37 am By Omar Faridi  |  

Digital securities are broadly acknowledged as the future of all securities. Yet, progress has been slow for regulators around the world to craft the needed rules to enable digital to replace existing analog securities. The advent of distributed ledger technology (DLT), or blockchains, is expected… Read More