Author Archives: ETE

On 5 August 2024, the Upper Tribunal published its decisionLink is external regarding a reference made by Promethean Finance Limited in respect of a Supervisory Notice issued by the Financial Conduct Authority to Promethean in June 2023. The Tribunal found that the FCA’s decision to impose requirements on Promethean was reasonable and that the requirements […]

Introduction Stephen Bush, a columnist for the Financial Times, recently wrote about the reason we have a visceral reaction to being defrauded. It also doubled as a review for a film out now called ‘Thelma’, which follows a 93-year-old granny’s quest for revenge against phone scammers. That desire for payback from those who have stolen […]

On 11 September 2024, City & Merchant Limited entered liquidation with Dermot Coakley and Shaun Walker of WSM Marks Bloom LLP appointed as joint liquidators. City & Merchant Limited is an FCA authorised firm that provided corporate finance advice, fund management and trading services. On 14 June 2024, we placed restrictions on the firm to […]

Our new research highlights when and how firms can improve their communications to help consumers to make informed decisions about their retirement savings. Our research used behavioural insights to create and test different email designs and subject lines. It aimed to overcome common barriers, like the tendency to focus on the present rather than the […]

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today issued their Autumn 2024 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines ongoing high economic and geopolitical uncertainties. The ESAs warn national supervisors of the financial stability risks stemming from these uncertainties and call for continued […]

The FCA has charged Mr Olumide Osunkoya, who is 45 and resides in London, for unlawfully running multiple crypto ATMs without FCA registration. Crypto ATMs are machines that allow you to buy or convert money into cryptoassets. Mr Osunkoya is accused of running crypto ATMs, which processed £2.6m in crypto transactions across multiple locations between […]

ASIC today released its Enforcement and regulatory update (1 January to 30 June 2024), which sets out recent outcomes in enforcement and regulation. In the first half of the year, ASIC was successful in 95% of its civil and criminal prosecutions, securing $32.2 million in civil penalties and nine criminal convictions. ASIC also launched 63 […]

We’re offering firms temporary flexibility to comply with ‘naming and marketing’ rules under our Sustainability Disclosure Requirements regime until 2 April 2025. Our Sustainability Disclosure Requirements (SDR) and investment labels regime (PS23/16) were published on 28 November 2023. With global assets under management in environmental, social and governance (ESG)-oriented assets expected to increase to $34trn […]

Key messages We are continuing with our ambitious package of reforms to strengthen the UK’s position in global wholesale markets. After undertaking the biggest change to the listing rules in over three decades, we followed up weeks later with a package of measures to further boost the UK’s position as a global and vibrant financial […]

The FCA has decided to ban 2 financial advisers and 2 partners at St Martin’s Partners LLP (SMP) from working in financial services, and collectively fine them £590,544. The regulator considers the 4 were responsible for a pension transfer advice model that put at risk people’s guaranteed retirement benefits. Between October 2015 and July 2016, […]