LATEST NEWS

This following lists some of the latest announcements and articles relating to compliance within the financial services sector. It is built from many RSS feeds and is updated daily. The page can get quite large so if you are looking for a particular topic we suggest you use your browser's find bar.

Financial Conduct Authority

HFX Limited - Correction
On 28 September 2012, the Financial Services Authority (FSA) published a warning that “HFX Limited (www.hfx.com)” was believed to be providing financial services or products in the UK but was not authorised by the FSA to do so. The company which the FSA intended to refer to was in fact called HFX Global.  HFX Ltd (www.hfx.co.uk) is a UK software and solutions company based in Hertfordshire. It provides Workforce Management Solutions. HFX Ltd is not a business which required authorisation by the FSA, nor in turn the FCA; it is outside its jurisdiction. The FCA wishes to make it clear HFX Ltd has never been the subject of an FSA or FCA investigation nor suspected by the FSA or FCA of any unscrupulous business practices.  HFX Ltd is understandably concerned that some readers of the warning issued on 28 September 2012 might have wrongly concluded that it referred to it. Therefore, the FCA has undertaken to HFX Ltd that in the future it will ensure that it is not wrongly referred to in any warning which the FCA might issue. 
18 February 2019, 11:47am

Temporary restriction in short selling: Bafin
The Financial Conduct Authority (“FCA”) would like to draw the industry’s attention to the announcement by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) today which restricts transactions under Article 20 (2) (b) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012. This applies to transactions in the following shares as well as to all related instruments relevant for the calculation of the net short position: Wirecard AG (ISIN: DE0007472060) This measure is effective immediately until the end of trading on the 18 April 2019. The exact scope of this measure is specified in the statement issued by BaFin. 
18 February 2019, 11:13am

K2 Wall Street
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
15 February 2019, 12:29pm

Protect Your Bubble Limited (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
15 February 2019, 11:38am

ADM Securities (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
15 February 2019, 11:37am

Brexit briefings for regulated firms
We are hosting 2 briefings for regulated firms in preparation for the UK leaving the European Union. These will take place in London and Edinburgh with live webcasts.
15 February 2019, 11:30am

Spectra FX Investments Team (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
15 February 2019, 10:27am

Information on current account services – complete set
Last year, we set out how the main current account providers in the UK were publishing better information about the services they offer to consumers and to small businesses, and how far their customers recommend them. Today sees the publication of the complete set of comparable data from firms, which includes both updated information and new data.
15 February 2019, 9:42am

Javan Exchange Limited
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
14 February 2019, 2:34pm

BrookBond Limited trading as Whitehorse Capital
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
14 February 2019, 2:32pm

Oliver Anton Lintner (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
14 February 2019, 2:14pm

Operation of the MoU with the Bank of England for market infrastructure - 2018 performance statement
Domestically, the Bank co-operates with both the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) in relation to supervising financial market infrastructure (FMI) and payment systems respectively. The frameworks for co-operation with these authorities are set out in two memoranda of understanding which the signatories are required to review annually, including by seeking feedback from supervised firms. Co-operation supports effective supervision and policy making by sharing information between the regulators and promotes efficiency by minimising duplication on the FMIs. The Bank and FCA held a consultation with FMIs and reviewed their co-operation regarding market infrastructure in 2018. The authorities concluded that the MoU’s arrangements for co-operation remain effective, with appropriate co-ordination and no material duplication. Industry respondents acknowledged the efforts made on co-operation and the Bank and FCA remain committed to effective co-operation. The authorities will update the MoU to ensure it continues to appropriately reflect their respective roles and responsibilities once the United Kingdom has left the EU.  
14 February 2019, 12:30pm

Market abuse requires a dynamic response to a changing risk profile

13 February 2019, 4:20pm

IMC Financial Services Ltd (clone of an FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
13 February 2019, 4:15pm

Zurich Capital Management
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
12 February 2019, 3:07pm

Frontier Markets (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
12 February 2019, 1:08pm

FCA begins High Court Proceedings against Samuel Golding, Shantelle Golding, Digital Wealth Limited and Outsourcing Express Limited
On 4 February 2019 the FCA commenced proceedings in the High Court against Samuel Golding, Shantelle Golding and two of their companies, Digital Wealth Limited and Outsourcing Express Limited (the Defendants).
12 February 2019, 10:48am

Astaria Group
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
8 February 2019, 4:56pm

Get My Loans (clone)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
8 February 2019, 3:11pm

European Capital Markets Ltd (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
8 February 2019, 3:09pm

Norton Rose Fulbright

Financial services: Regulation tomorrow

Brexit briefings for regulated firms
On 15 February 2019, the FCA announced that it will be hosting two briefings for regulated firms in preparation for the UK leaving the EU. The briefings will take place on: 11 March 2019 – Central London with live webcast 14 March – Edinburgh with live webcast. At both events, Nausicaa Delfas, Executive Director of...… Continue Reading
18 February 2019, 11:33am

Information on current account services – complete set
On 15 January 2019, the FCA published a web page which provides data showing how long it takes UK firms to open a current account for new customers, and how long it takes them to replace customers’ debit cards. Firms are also publishing information on major operational and security incidents that they have reported to...… Continue Reading
18 February 2019, 11:32am

FSB report assesses FinTech developments and potential financial stability implications
On 14 February 2019, the Financial Stability Board (FSB) published a report on FinTech and market structure in financial services. The FSB defines FinTech as technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services. The report considers...… Continue Reading
18 February 2019, 11:31am

US strengthens economic sanctions on Venezuela
On January 28, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) added Petróleos de Venezuela, S.A., Venezuela’s state-owned oil company and a primary source of the country’s income and foreign currency, to its list of Specially Designated Nationals and Blocked Persons (the “SDN List”). Norton Rose Fulbright has prepared a...… Continue Reading
16 February 2019, 7:06pm

Commissioner Peirce warns the SEC not to cast Howey’s net too wide
On February 8, 2019, SEC Commissioner Hester Peirce delivered a speech at the symposium ”Protecting the Public While Fostering Innovation and Entrepreneurship: First Principles for Optimal Regulation.” Her remarks, entitled “Regulation: A View from Inside the Machine,” provide insight into how SEC regulators currently view certain technological innovations and how they interpret and apply the...… Continue Reading
15 February 2019, 9:27pm

FCA and BoE complete 2018 review of MoU on market infrastructure
On 14 February 2019, the FCA issued a short performance statement on the operation of its memorandum of understanding (MoU) with the Bank of England (BoE) for market infrastructure. The FCA and the BoE have concluded that the MoU’s arrangements for co-operation remain effective, with appropriate co-ordination and no material duplication. The FCA and the...… Continue Reading
15 February 2019, 11:56am

FCA speech on improving compliance with market abuse regime
On 13 February 2019, the FCA published a speech by Julia Hogett (JH) (Director of Market Oversight at the FCA) on the implementation of the Market Abuse Regulation (MAR). Highlights of the speech include the following: compliance with MAR requires a whole series of situational judgements to be made; a regulatory system that relies on...… Continue Reading
15 February 2019, 11:55am

BoE supervision of FMIs annual report 2019
On 14 February 2019, the Bank of England (BoE) published its annual report on the supervision of financial market infrastructures (FMIs). The report covers the period from 21 February 2018 to 14 February 2019. The report provides an overview of the supervisory work the BoE has carried out in the past year in relation to...… Continue Reading
15 February 2019, 11:54am

The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019
On 14 February 2019, there was published on legislation.gov.uk, the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft statutory instrument has minor changes to the draft published by HM Treasury on 13 November 2018 (our blog is here). You can track the financial services...… Continue Reading
15 February 2019, 11:52am

The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019
On 14 February 2019, there was published on legislation.gov.uk, the Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019, together with an explanatory memorandum. The statutory instrument has minor changes to the draft published by HM Treasury on 21 December 2018 (our blog is here). You can track the financial services Brexit...… Continue Reading
15 February 2019, 11:50am