Laura WilesThe FCA has issued a first supervisory notice on Direct Trading Technologies (DTT), preventing it from carrying on any regulated activities and restricting access to its clients.
The restrictions require DTT to ensure that all open trading positions are closed, and that investor funds are set aside for customers.
The FCA had identified that DTT was failing – or was likely to fail – to meet the standards required of authorised firms. In particular, it noted:
- Lack of financial crime prevention systems and controls – including existing controls not being adequate to detect or prevent a member of staff from allegedly falsifying documents for the firm’s audit
- Poor governance and oversight
- Failure to cooperate with the FCA