Author Archives: ETE

The FCA has today set out a 14-point action plan to ensure banks and building societies are passing on interest rate rises to savers appropriately, that they’re communicating with customers much more effectively and offering them better savings rate deals. Today’s plan follows a review of the cash savings market and a roundtable held with […]

On Friday 28 July 2023, Southwark Crown Court imposed a Confiscation Order of £562,636 against Richard Faithfull following his conviction in September 2021. Mr Faithfull was part of a trans-national organised crime group which laundered the proceeds of at least 7 professionally run overseas investment frauds. The Court determined that Richard Faithfull’s criminal benefit was […]

ASIC has imposed additional conditions on the Australian financial services (AFS) licence of Shartru Wealth Management Pty Ltd (Shartru). This follows a targeted surveillance by ASIC that found Shartru was not adequately monitoring and supervising its representatives. ASIC also found that some of Shartru’s financial advice failed to meet the best interests duty and related […]

ASIC has cancelled the Australian financial services (AFS) licence of Stephen Wan Tat Chan (Licensee). The licence was cancelled because the Licensee failed to prepare and lodge the required financial statements and auditor opinions with ASIC. Furthermore, the Licensee failed to pay ASIC’s industry levies and maintain an external dispute resolution membership with the Australian […]

We are putting in place further temporary measures for the reporting of certain fields in UK MiFIR transaction reports. In January 2022, we implemented temporary measures for the reporting of the short selling indicator under UK RTS 22. We confirmed that, until the future of the short selling indicator field had been determined, we would […]

The FCA, the Prudential Regulation Authority (PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following a consultation. The revised scheme provides clarity around what people can expect when they complain, making it more transparent and user-friendly. Complaints are a valuable source of feedback that […]

ASIC has appointed Morgan Stanley Wealth Management Australia Pty Ltd (Morgan Stanley) to sell 2,061,343 ordinary shares (Sale Shares) in The Market Herald Limited (TMH). The sale follows a decision by the Takeovers Panel (the Panel) to vest shares in the Commonwealth for sale by ASIC. As at 27 July 2023, the Sale Shares represent […]

The Financial Conduct Authority (FCA) has found 7.4 million people unsuccessfully attempted to contact one or more of their financial services providers in the 12 months before May 2022, with the most vulnerable in society most likely to struggle with this. The figure comes from the FCA’s latest Financial Lives survey with over 19,000 respondents. […]

ASIC has taken civil action against director Sasha Hopkins and his company, The A Team Property Group, for alleged unlicensed conduct and operating numerous unregistered managed investment schemes. ASIC has also applied to the Federal Court for the winding up of The A Team Property Group, five of the investment schemes and associated companies and […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn as required by EMIR the recognition decisions of the following three central counterparties (“CCPs”) established in the United Arab Emirates (including the Dubai International Financial Centre): Dubai Commodities Clearing Corporation; Dubai Clear LLC; Nasdaq Dubai Ltd. This withdrawal follows […]