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FCA publicly censures Horn Express Ltd (formerly known as Qaran Express Money Transfer Limited) for breaches of the Payment Services Regulations
The Financial Conduct Authority (FCA) has publicly censured Horn Express Limited (formerly known as Qaran Express Money Transfer Limited, “QEMTL”) for failing to safeguard and segregate customer funds. The FCA would have fined QEMTL £136,687 -
FCA charges two in relation to an unauthorised investment scheme
The Financial Conduct Authority (FCA) has charged Alex Hope of Docklands, London and Raj Von Badlo of Bourne End, Buckinghamshire with a total of ten offences relating to an unauthorised investment scheme they promoted and operated. The scheme -
Sue Lewis appointed Chair of the Financial Services Consumer Panel
Sue Lewis has been appointed the new Chair of the independent Financial Services Consumer Panel. The Panel advises the FCA on the interests and concerns of consumers providing constructive challenge to its policymaking process. -
FCA sets out new rules for the platforms industry
The Financial Conduct Authority has published rules to make the way that investors pay for platforms more transparent. In the future, platforms, in both the advised and non-advised market, will not be allowed to be funded by payments (commonly -
FCA Statement of Policy on the use of the power to direct qualifying parent undertakings
The appendix to FSA PS13/5 - The New FCA Handbook sets out the Financial Conduct Authority’s policy on the use of its power to direct a qualifying parent undertaking (also known as an ‘unregulated holding company’). The powers relate to all FCA -
FCA fines EFG Private Bank £4.2m for failures in its anti-money laundering controls
The Financial Conduct Authority (FCA) has fined EFG Private Bank Ltd (EFG) £4.2 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers. The failings were serious -
Santander UK to contact more than 270,000 borrowers after raising cap on mortgage standard variable rate in 2008 without being clear
The Financial Conduct Authority (FCA) has reached an agreement with Santander UK plc (Santander) that will see it contact over 270,000 mortgage customers about unclear information it gave before increasing the cap on its mortgage standard variable -
FCA publishes its approach to regulatory failure
The Financial Conduct Authority (FCA) has today published its approach to investigating and reporting on regulatory failure, as required by the Financial Services Act 2012 (the Act). The Act requires the FCA to publish a statement of policy setting -
FCA bans and censures managing director of SIPP operator Montpelier Pension Administration Services Limited
The FCA has banned Kevin Wells, the managing director of Montpelier Pension Administration Services Limited (MPAS), from performing any significant influence function at any regulated firm, and also censured him. -
Santander UK to contact borrowers affected by SVR cap margin rise in 2008
Santander UK has agreed to contact more than 270,000 mortgage customers that it did not give clear information when it raised the cap margin linked to its SVR in 2008.