Santander slapped with £108m fine by FCA for anti-money laundering failures December 9, 2022 Santander has been fined more than £107m by the Financial Conduct Authority for anti-money laundering failures. The banking giant will have to pay £107,793,300 to the watchdog after it was found to have “serious and persistent gaps” stopping the scourge. FCA found that between 31 December 2012 and 18 October 2017, it didn’t properly oversee [...]
FCA tightens financial promotion rules over risky investment fears December 6, 2022 The City watchdog revealed it is tightening its financial promotion rules today amid fears that firms are peddling products to consumers without proper oversight.
Insurers are undervaluing policy holders’ cars, FCA warns December 4, 2022 The UK’s financial watchdog has warned insurers against undervaluing policyholders’ vehicles after seeing evidence of customers being offered payouts less than their cars are worth. The Financial Conduct Authority (FCA) said it had seen evidence of customers who have had their cars written off being offered less money than their vehicle’s fair market price. It [...]
Exclusive: Zooming in on the billions of pounds in criminal cash flowing through the City December 3, 2022 Going back more than a decade, in the summer of 2012, HSBC was fined $1.9bn for inadequate compliance and anti-money laundering control processes. The banking giant was found guilty of providing money laundering services to drug cartels as well as terrorist groups in the Middle East. Ten years on, money laundering is still a serious problem. Less [...]
Private bank Julius Baer fined £18m over ‘corrupt’ dealings with Yukos Oil November 30, 2022 The UK’s financial watchdog has fined private bank Julius Baer more than £18m over its “corrupt” dealings with Russian oil company Yukos Group. The UK’s Financial Conduct Authority (FCA) today fined Julius Baer’s international business £18,022,500 and sanctioned three of its executives, over the private bank’s use of third-party agents in carrying out business with [...]
Exclusive: The billions of dirty money in the City despite FCA scandals that rocked HSBC and NatWest November 29, 2022 Going back more than a decade, in the summer of 2012, HSBC was fined $1.9bn for inadequate compliance and anti-money laundering control processes. The banking giant was found guilty of providing money laundering services to drug cartels as well as terrorist groups in the Middle East. Ten years on, money laundering is still a serious problem. Less [...]
Former FCA risk manager fails to revive whistleblowing claim against UK’s financial watchdog November 17, 2022 A former risk manager at the UK’s Financial Conduct Authority (FCA) has failed to revive his employment lawsuit against the City watchdog, after claiming he was pushed out of his job for whistleblowing. FCA exec Walker Sigismund claimed he was unfairly fired from his job over his decision to file 27 separate whistleblower reports, about [...]
Lenders need to ‘step up’ to support customers, says FCA chief November 7, 2022 The City watchdog said that lenders need to “step up” to support their customers today as they are battered by soaring mortgage rates and rising prices this year.
Exclusive: ‘We have to believe the FCA does things in our best interest’ says fintech chief November 5, 2022 Telecom giant EE said this morning it is planning to burst onto the fast-growing cyber security scene. The operator unveiled new products such as alarm systems and an online cyber security package. The telco’s move underpins the fast-growing character of the cyber security space. Particularly the need for ID verification online seems to be stronger than [...]
FCA makes lenders pay £12m back to 60,000 as pandemic lessons learnt November 3, 2022 The City’s financial watchdog (FCA) is telling lenders to pay back millions in compensation to borrowers after having learnt lessons from poor practices in the pandemic. A report published by the Financial Conduct Authority this morning outlines that £12m has been paid out to thousands of companies in difficulties. Its executive director of consumers and [...]