FCA outlines new measures for banks to tackle money laundering via the Post Office
The NECC estimates “hundreds of millions” of pounds are laundered annually using cash deposits at the Post Office.
Financial Conduct Authority
UK’s FCA selects NayaOne to build and operate Digital Sandbox platform
The Digital Sandbox provides a “safe and secure” environment for companies to build and test their products.
FCA appoints two new joint executive directors for enforcement
Therese Chambers and Steve Smart will work as joint executive directors of enforcement and market oversight.
FCA outlines expectations for payment firms’ customer protections
It says many firms present “an unacceptable risk of harm” to their customers.
CryptoUK calls on FCA to oppose banks banning transfers to crypto exchanges
CryptoUK says banks limiting transactions to crypto platforms is “anti-competitive and disproportionate”.
Scottish challenger for SMEs Alba lands banking licence
The bank has been granted an Authorised with Restrictions (AwR) licence by the UK’s PRA and FCA.
Buy now, worry about it later: the future of BNPL
Buy now, pay later – is there a more apt fintech application for our times than BNPL?
Payoneer lands UK e-money licence from FCA
Payoneer secured the EMI via its subsidiary Payoneer Payment Services UK.
UK government lays out plans for BNPL legislation
The UK government is looking to bring BNPL into the regulatory sphere “in a proportionate way”.
FCA clamps down on unregistered crypto ATM operators in Leeds
The FCA will review evidence gathered during the visits and consider further potential enforcement action.
UK’s FCA names first members of its new innovation advisory group
The Innovation Advisory Group (IAG) will meet for the first time in February, the FCA says.
UK government to strengthen rules around crypto
The government will strengthen rules for crypto trading platforms and crypto lending in line with traditional finance.
FCA fines Al Rayan Bank £4m for inadequate AML controls
Al Rayan did not dispute the FCA’s findings and agreed to settle.
2022: Top five regulations and fines
FinTech Futures takes a look back at some of the year’s top regulatory stories of 2022.
Santander UK hit with £107.7m FCA fine for AML failures
The regulator says it found “serious and persistent” gaps in the bank’s AML controls.
FCA warns stock trading apps against gamification
The regulator is “concerned about problem behaviours” linked to trading app design.
FinTech Futures: Top five stories of the week – 4 November 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
FCA kickstarts discussion on Big Tech’s impact on competition
The regulator says Big Tech firms have the potential to change market outcomes quickly.
Revolut can offer crypto asset services after FCA AML registration
Revolut, an authorised EMI since 2018, was added to the Financial Services Register on 26 September.
Banking hubs set to open in 13 locations across UK
The increase in shared banking hubs comes as retail banks continue to pull out of the country’s high streets.
FCA tells BNPL firms to ensure ads are “clear, fair and not misleading”
The FCA is “proactively monitoring the market to ensure expectations are met”.
FCA tells banks to treat struggling small business borrowers fairly
The move comes as part of the regulator’s work in response to the increasing cost of living.
FCA appoints six new directors as it embarks on “ambitious” new strategy
The appointments sit alongside the nearly 500 new staff hired this year.
FinTech Futures: Top five stories of the week – 29 April 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Tighten financial crime controls, FCA tells challengers
The FCA review found some UK challenger banks have “weaknesses” with regards to financial crime controls.
FinTech Futures: Top five stories of the week – 25 March 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
FCA says all UK crypto ATMs must be shut down
The FCA says none of the cryptoasset firms registered with the regulator have been approved to offer crypto ATM services.
UK’s Financial Conduct Authority hands out £568m worth of fines in 2021
The scrutiny of large financial services giants formed part of the FCA’s broader strategy.
FCA fines HSBC £64m for failings in its AML processes
The FCA says HSBC’s transaction monitoring systems showed “serious weaknesses” between 2010 and 2018.
NatWest hit with £264.8m fine from FCA for money laundering failures
The fine includes a 33% discount thanks to the bank’s early guilty plea.
Aiimi wins £1.3m data analytics contract with FCA
Milton Keynes-based data firm wins regulator contract running until April 2024.
FCA launches education campaign targeting inexperienced investors
InvestSmart aims to address new investors driven by competition and influenced by hype.
FCA staff seek independent union following pay dispute
Trade union Unite says its numbers have swelled following “growing disenchantment” from FCA staff.
FCA investigating Monzo as challenger reports £115m yearly loss
The FCA is investigating Monzo over potential breaches of money laundering laws.
FCA plans whistleblower support with new campaign
UK regulator to provide greater help to those willing to come forward.
FCA accused of rushing consultation to minimise own failings
The complaints commissioner criticises the timing and lack of promotion.
Applications for FCA’s sixth regulatory sandbox drop more than 30%
Last year, the sandbox recieved a record 99 applications.
FCA and City of London to create COVID-19 inspired digital sandbox
The sandbox will be for both start-ups and “large financial institutions”.
FCA appoints LSE chief Nkihil Rathi as new CEO
Chancellor Rishi Sunak called Rathi “the outstanding candidate”.
FCA data leak branded “embarrassment”, former CEO called for review
Regulator’s former CEO Andrew Bailey called out for “tsunami of failure”.
