FCA | FinTelegram News

Category: FCA

April 7, 2023

UK Regulators Launched Initiative To Educate Fin-Fluencers!

Financial marketing in the cyberage runs through fin-fluencers. Facebook, Instagram and Tik Tok are the most important media. The UK regulators Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA) have grown increasingly concerned about the misuse of social media by influencers and the harm this can cause their followers. They signed a Memorandum of Understanding to help educate fin-fluencers about the risks of promoting financial products.

March 29, 2023

FCA Follows FinTelegram And Issued Warning Against Blockchain.com Fund Recovery Scam!

FinTelegram has warned about the Blockchain.com fund recovery scam several times recently. In this case, the unsuspecting victims receive emails from Blockchain Access UK Ltd, which the FCA regulates. Customers are typically told in this email that a balance has been discovered on a Blockchain.com wallet. For the balance to be released, victims must transfer their personal information, IDs, and money to cover the costs incurred. The FCA has now also issued a warning.

March 24, 2023

FCA Frozes Bank Account Of Regulated Independently East Over Misappropriated Client Funds!

The UK Financial Conduct Authority (FCA) has announced that it has taken action against Independently East Ltd, which it supervises. The regulator revoked permission to conduct regulatory activities and blocked the company's bank accounts. An investor's deposits were not used to purchase financial products as agreed but were transferred to the personal bank account of one of the directors, i.e., the funds have been misappropriated.

March 24, 2023

UK FCA Strengthens Enforcement Team With New Executives To Fight Financial Crime!

The UK Financial Conduct Authority (FCA) has appointed Therese Chambers and Steve Smart as joint Executive Directors of Enforcement and Market Oversight. The appointments reflect the regulator's commitment to fighting financial crime. Steve Smart joins from the National Crime Agency, where he sits on the Executive Committee as Director of Intelligence. Therese Chambers has worked at the FCA for over 20 years. She was the Director of Retail and Regulatory Investigations.

March 14, 2023

Binance Partner Paysafe Stops FIAT Deposits For The Crypto Exchange Due To Regulatory Issues!

Binance, the world's largest crypto exchange with 128 million users, had to stop its GBP deposits and withdrawals. This comes a month after the world's largest crypto exchange ceased dollar transfers. This is because, Binance's partner for GBP deposits, FCA-regulated Paysafe, decided to stop offering Binance customers its embedded wallet solution in the UK in a move it blamed on complex regulation.

Crypto
FCA

March 8, 2023

UK Financial Watchdog Continues Crackdown On Illegal Crypto Sector!

The UK Financial Conduct Authority (FCA) appears to have aimed particularly at operators of illegal crypto ATMs. In a joint operation with the Metropolitan Police, the FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs. The UK regulator continues its crackdown on the illicit crypto sector. This recent action follows the FCA’s inspection of several sites in Leeds in February 2023 suspected of hosting unregistered crypto ATMs.

February 27, 2023

Attention! FCA Actions Against Unauthorized Financial Influencer Acting For AvaTrade And VantageFX!

In March 2021, the UK High Court found that Mohammed Fuaath Haja Maricar operated the illegal CFD trading scheme 24HR Trading Academy. Via his UK company, he acted as Introducing Broker for AvaTrade and VantageFX. Maricar was ordered to pay restitution of over £530,000. As he failed to pay, the FCA petitioned for his personal bankruptcy and finally received a payment from the official receiver totaling £106,650.58. The funds will be distributed to the schemes' former clients.

February 22, 2023

FCA Report: Armchair Detectives Successfully Chasing Scammers!

New research from the Financial Conduct Authority (FCA) has found that 25% of investors who avoided a scam are taking inspiration from Sherlock Holmes to..

February 15, 2023

UK Plans To Regulate “Quicksand Sector” Buy-Now-Pay-Later!

The UK plans to regulate Buy-Now-Pay-Later (BNPL) sector, saying it poses potential harm to consumers without thorough affordability checks. Providers such as Klarna, Clearpay, and PayPal will be required to give consumers key information about their loans and issue affordable credit. At the same time, users will have the right to take complaints to the Financial Ombudsman Service. The sector nearly quadrupled during the pandemic in 2020 to 2.7 billion pounds ($3.28 billion).

January 11, 2023

FCA Fined Guaranty Trust Bank £7,671,800 For Anti-Money Laundering Issues!

According to the FCA announcement, GT Bank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers. The bank also failed to monitor customer transactions and business relationships to the required standard. These weaknesses were repeatedly highlighted to GT Bank by internal and external sources, including the FCA, but GT Bank failed to take appropriate action.

January 4, 2023

Payment Processors: Introducing The New Papel Group With Monitox!

In November 2021, FinTelegram issued a Request 4 Information regarding the Cyprus Papel Group. At the time, Papel, which operates as an online marketing company, had also come to our attention as an unauthorized payment processor. Early 2022, the Papel.com website disappeared and then reappeared as a payment processor with a license from the Bank of Lithuania. The new Papel is operated by TBF FINANCE, UAB of Artiom Saltanov. Associated with Papel Group is also Monitox Ltd, regulated by the UK FCA as an e-Money Institution. Here is an update.

FCA
PRA UK

December 20, 2022

UK Regulators Fined TWB Bank More Than £48 Million For Risk Management & Governance Failures.

The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank a total of £48,650,000 for operational risk management and governance failures. Technical failures in the bank’s IT system ultimately resulted in customers being unable to access banking services. TSB was fined £29,750,000 by the FCA and £18,900,000 by the PRA. TSB agreed to resolve this matter with the FCA and PRA qualifying it for a 30% discount in the overall penalty.