Search Results for: Financial Conduct Authority
FCA fines RBS, NatWest and Ulster Bank Ltd £42 million for IT failures
November 20th, 2014
The FCA has taken this action against the Banks for failing to put in place resilient IT systems which could withstand, or minimise the risk of, IT failures. The actual cause of the IT incident was a software compatibility ...
New Payment Systems Regulator sets out how it will regulate the £75 trillion industry
November 14th, 2014
The new Payment Systems Regulator (PSR) today sets out how it proposes to regulate the £75 trillion payments industry when it becomes fully operational on 1 April 2015. The proposals will further the PSR’s three objectives: to promote competition, ...
FCA warning against unauthorised firms
November 13th, 2014
The Financial Conduct Authority (FCA), the British regulator, has issued a warning against: ‘Ignite Boilers Limited’ (Address: 138 Barcombe Road, London SW2 3BB) ‘Aberdeen Trust’ (www.aberdeentrust.com), ‘Capital Resource Development Company’ (www.crdevelopmentcompany.com ) The warning recommends that the public exercises ...
FCA warning against clone firm
November 12th, 2014
The Financial Conduct Authority (FCA) of the United Kingdom has issued a warning to alert all recipients that: Kingsley Asset Management (clone of FCA authorised firm) Address: Hyde House, The Hyde, London, NW9 6LH (clone of FCA authorised firm), Unit 1, 47 ...
FINMA sanctions foreign exchange manipulation at UBS
November 12th, 2014
The Swiss Financial Market Supervisory Authority (FINMA) has concluded enforcement proceedings against UBS AG (UBS) regarding foreign exchange trading conducted in Switzerland. FINMA found that over an extended period of time the bank’s employees in Zurich at least attempted ...
FCA fines five banks £1.1 billion for FX failings
November 12th, 2014
The Financial Conduct Authority (FCA) has imposed fines totalling £1,114,918,000 ($1.7 billion) on five banks for failing to control business practices in their G10 spot foreign exchange (FX) trading operations: Citibank N.A. £225,575,000 ($358 million), HSBC Bank Plc £216,363,000 ...
JPMorgan says improved systems and controls after FX rigging probe
November 12th, 2014
Wall Street bank JPMorgan, fined $662 million by UK and US regulators for failings in foreign exchange, said on Wednesday that it had made significant improvements to systems and controls. The bank called trader conduct described in its settlements ...
FCA confirms price cap rules for payday lenders
November 11th, 2014
People using payday lenders and other providers of high-cost short-term credit will see the cost of borrowing fall and will never have to pay back more than double what they originally borrowed, the Financial Conduct Authority (FCA) confirmed today. ...
Banks Said Poised to Settle With CFTC in FX-Rigging Cases
November 11th, 2014
Banks suspected of rigging the $5.3 trillion-a-day currency market are preparing to reach settlements as early as this week with the main U.S. derivatives regulator, according to a person with knowledge of the cases. The Commodity Futures Trading Commission may levy ...
Former Moore Capital trader pleads guilty to insider dealing
November 10th, 2014
In a case brought by the Financial Conduct Authority (FCA) Julian Rifat a former senior execution trader at Moore Capital Management LLC has today pleaded guilty to an indictment reflecting 8 instances of insider dealing. Profits from the dealing exceeded ...
