Author Archives: ETE

The decision to consult follows the Court of Appeal’s judgment in Hopcraft v Close Brothers Ltd, Johnson v Firstrand Bank Ltd, and Wrench v Firstrand Bank Ltd. The FCA will consult on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved, and for consumers to […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter. Your one-stop-shop in the world of EU financial markets focused in October on the European Supervisory Authorities’ (ESAs) rules to facilitate access to financial and sustainability information on the European Single Access Point or […]

UK financial regulators have confirmed new rules to bolster the resilience of technology and other third parties providing key services to financial firms. Financial firms and financial market infrastructures (FMIs), such as payment systems, have become increasingly reliant on the services of a small number of third party providers, known as critical third parties. While […]

The FCA has fined Metro Bank PLC (Metro) £16,675,200. Between June 2016 and December 2020, Metro failed to have the right systems and controls to adequately monitor over 60m transactions, with a value of over £51bn, for money laundering risks. Metro automated the monitoring of customer transactions for potential financial crime in June 2016. However, […]

More than 10,000 members and claimants of the Construction and Building Unions Superannuation Fund (Cbus) were impacted by death benefits and total and permanent disability (TPD) insurance claims taking more than 90 days to be processed, according to allegations contained in documents lodged by ASIC in the Federal Court today. The civil penalty proceedings filed […]

Optix Australasia Pty Ltd, has paid $187,800 to comply with an infringement notice issued by ASIC. The infringement notice was issued because ASIC has reasonable grounds to believe that Optix, a small proprietary company and ultimately controlled by South African listed company, KAP Limited, failed to lodge its financial reports with ASIC for the year […]

Following a review, we have improved our disclosure processes in regulatory enforcement cases. In Seiler and others v FCA [2023] UKUT 00133, the Upper Tribunal recommended that we should review certain elements of the disclosure process in regulatory enforcement cases. This relates to disclosure of evidence as part of any regulatory case. We have completed […]

The FCA has banned Leigh Mackey from working in financial services and fined him £1,102,879 for misleading the FCA and misusing funds due to insurers. Between 12 September 2011 and 8 December 2019, Mr Mackey had sole management control of Inspire Insurance Services Ltd (Inspire), an insurance broker for the construction sector. Mr Mackey used […]

Metal Alpha Pty Ltd director Brett Paul Trevillian has been sentenced to three years imprisonment for forging reports about the performance of his trading strategy ‘The Gold Method’, when he was the investment manager of AlphaThorn Pty Ltd. Mr Trevillian was sentenced in the Sydney District Court on 8 November 2024, after pleading guilty to […]

David Fairfull has appeared in the Downing Centre Local Court to answer charges following an ASIC investigation alleging he provided false statements to investors and used his position as a director to gain an advantage for himself. Mr Fairfull has been charged with five counts of making false and misleading statements contrary to s 1041E(1) […]