Tag: FCA

The FCA has issued a fine of £11m to Equifax as a consequence of their involvement in a significant cyber-security breach.

In September 2023, the Financial Conduct Authority (FCA) provided fresh guidance about how to treat Politically Exposed Persons (PEPs). In response to this, businesses under regulation might find it beneficial to revisit their existing PEPs screening systems. This not only ensures alignment with the new directive but also makes certain that the screening process remains both effective and efficient.

Firms facing transaction reporting obligations often find themselves navigating multiple regulatory regimes such as MiFID II, EMIR, Dodd Frank, and ASIC. Despite awareness of their duties, many aren't doing enough to meet the stringent regulatory standards.

Swiss authorities recently took action against the daughter of Uzbekistan's former president, accusing her of crimes such as money laundering and bribery. This resulted in an asset freeze to the tune of $483m.

Economic uncertainties have seen Western economies grapple with challenges such as high-interest rates, amidst geopolitical issues like the war in Ukraine. This ripple effect has significantly impacted the wealth management sector.

UK mortgage lending startup Perenna has raised $52m within weeks of securing an unrestricted banking licence.

The Financial Conduct Authority (FCA) is taking substantial steps to enhance diversity within the financial services sector.

Qover, a leader in embedded insurance orchestration, has achieved a significant milestone by securing full authorisation from the FCA.

The UK FCA recently unveiled Market Watch 74, a newsletter offering an in-depth look into regulatory concerns.

Ex-Monzo executives, Joss Tasker and Alex Fox, have marked the inception of their latest FinTech venture, Sync Savings. The dynamic duo is setting out to address challenges faced by the UK's cash savings sector, a market that has been in need of innovation for a considerable period.