Tag: Barclays Bank

Unusual Move: UK Regulator Apologizes For Supervision Failures In Premier FX Case!

Compliance Charlene Lensburg - August 20, 2022

The UK Financial Conduct Authority (FCA) admitted to some supervision failures that led to customers losing money in the collapse of the authorized payment processor Premier FX in 2018. The Regulator had been investigating complaints concerning its actions in the run-up to the Premier FX collapse. Of the 31 allegations against the regulator, the FCA has upheld five, including its decision to reauthorize Premier FX in May 2018, three months before the company was forced into administration.

See! Banks and Payment processors are responsible for their client’s activities, the FCA says!

Compliance tamir - February 28, 2022

The UK FCA has fined Barclays Bank £783,800 for oversight failings in its relationship with collapsed FCA-regulated payments institution Premier FX. Barclays was Premier FX's sole bank in the UK. In February 2021, the FCA publicly censured Premier FX (in liquidation) for breaching PSR. The FCA found that Premier FX had seriously misled customers by misrepresenting the services it was authorized to provide and how it held customers' money. Moreover, it allegedly facilitated fraud and scam ventures.

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