Three ‘finfluencers’ have appeared before Westminster Magistrates’ Court charged with offences relating to illegal promotions on social media posts. Charles Hunter, Kayan Kalipha and Luke Desmaris are...
Category - Enforcement & Litigation
Laura WilesFCA investigates Drax Group
The FCA has confirmed it is investigating Drax Group. The confirmation follows an announcement by the company, and the FCA has provided no further details. The Drax announcement says the investigation is into...
Emma RadmoreFCA publishes latest whistleblowing data
The FCA has published whistleblowing data for Q2 2025.� It received 315 new reports during the quarter, an increase on the last quarter. Around half of the reports came in through online reporting, with most of the rest via email. 32% of reporters wanted to stay anonymous.
The 315 reports contained 1,130 allegations, with over 100 allegations relating to compliance, fitness and propriety and culture, and nearly 100 to the Consumer Duty.
The FCA closed 350 reports, taking significant action to manage harm in relation to 8 of them and other action to reduce harm in relation to almost half.
FOS consults on case fee restructuring
The FOS is consulting on changing the way it charges its case fees, so that firms pay less for complaints that are resolved at an early stage of the investigation process. Currently firms pay £650 for each case the FOS...
Lords concerned at FCA motor finance redress scheme plans
The House of Lords Financial Services Regulation Committee has written to the FCA setting out a few concerns about the proposed scope of the FCA’s redress scheme in relation to motor finance commissions. Although, of...
FCA updates Enforcement Information Guide
The FCA has updated its Enforcement Information Guide, which sets out its regulatory enforcement process and powers. The document builds on more detailed information provided in DEPP and the Enforcement Guide (ENFG)...
FOS publishes complaints data for Q1 2025/26
FOS has published its complaints data for Q1 2025/26. Key statistics include: 68,000 complaints processed within the first 3 months of the financial year, with lower levels of complaints about everyday financial...
FCA fines Woodford and former director £46m for management failures
The FCA has issued fines totalling almost £46m to Woodford Investment Management (WIM) and its former director and investment manager, Neil Woodford, for failures in their management of the Woodford Equity Income Fund...
FCA warns CMCs on motor finance promotions
The FCA has formally warned CMCs that they must ensure any financial promotions they put out about motor finance claims are Consumer Duty compliant. It has had increasing interaction with CMC firms and, between 1...
FOS motor finance appeal scheduled for September 2025
Following the much awaited Supreme Court judgment in the Johnson, Wrench and Hopcraft cases, FOS has announced that the Court of Appeal hearing on DCAs in motor finance will take place from 16 – 18 September 2025...
FCA fines Sigma Broking £1.1m for transaction reporting failures
The FCA has fined Sigma Broking Limited £1.1m for transaction reporting failures. In January 2024, Sigma informed the FCA that it had submitted approximately 984,000 incorrect reports. Following independent review, it...
FCA to consult on motor finance redress scheme
In the light of the Supreme Court judgment of 1 August, the FCA has confirmed it will consult on a redress scheme. It says it is clear that there have been breaches of the law and its rules where motor finance firms did...
FOS publishes 2024/25 ADR report
The FOS has published its report on complaints it received in the year to 8 July 2025, It notes the figures don�t include complaints brought by businesses but may include some brought by charities and trustees.
Key stats include:
285,640 complaints from UK consumers (up from around 175,000 last year) and 7,515 from non-UK residents;
complaints relating to 285,279 businesses in the UK(up from around 175,000 last year) and nearly 7,900 outside the UK;
of the total complaints, nearly 237,499 were about banking and nearly 43,000 about insurance;
538 (or 0.18%) complaints were dismissed, for various reasons, including:
over half of them because the FOS considered that dealing with it would seriously impair its effective operation; and
20% because the complaint subject matter had already been subject to court proceedings where there had been a decision on its merits; and
average resolution time of 61 days (up from 42).
FCA starts action over unauthorised CIS
The FCA has started action in the High Court against Concept Capital Group and another 6 individuals and 2 companies it alleges were involved in an unauthorised collective investment scheme which invested in static homes and took more than �23m in consumer investments. The FCA says CCG operated the unauthorised CIS without authorisation and exemption, made financial promotions that were not approved and also made false or misleading claims about the investments – which promised investors fixed returns and said they were Government backed.� The other companies and individuals were knowingly concerned in the breaches.
FCA finalises ban following Court of Appeal support
The FCA has finalised its decision to ban Markos Markou from financial services and fine him �10,000, following the Court of Appeal supporting the FCA’s position in December 2024, and the Supreme Court rejecting his application for permission to appeal further. The Upper Tribunal had asked the FCA to reconsider the ban and said it should not impose a fine, but the FCA believed that decision to be “incorrect and irrational” and referred it to the Court of Appeal which, while not wholly reversing the Tribunal’s findings, found the ban was the correct decision, but considered the appropriate amount of fine to be �10,000 rather than the �25,000 proposed by the FCA.
FCA revokes ban after Supreme Court IBOR ruling
Following the Supreme Court ruling that quashed the convictions of Carlo Palombo and Tom Hayes the FCA has revoked Mr Palombo’s ban and ending its action against Mr Hayes, which he had referred to the Upper...
PRA issues first reinsurer fine
The PRA has fined Barents Reinsurance S.A., London Branch, £1.79m for controls, governance and reporting failures. The fine is the first that the PRA has taken against a firm operating solely as a reinsurer. Barents is...
Former deputy CEO banned for misleading FCA
Jean-Noel Alba, former deputy CEO of asset manager H2O AM has been fined �1m and banned from the financial services industry for deliberately misleading the FCA.
The firm had failed to carry out proper due diligence on investments between 2015 and 2019. During the FCA’s investigation, Mr Alba provided false and misleading statements and documentation. He also asked junior colleagues to create minutes where formal meetings had occurred, and provided due diligence materials, including investment research, which he claimed were produced at the time, but had in fact been created years after the investments were made.
Supreme Court quashes IBOR convictions
The SFO will not be seeking a retrial of 2 individuals it had started to investigate 13 years ago and who have now had their convictions quashed by the Supreme Court. The 2 traders had been accused of conspiring with...
Treasury consults on OFSI enforcement
HM Treasury is consulting on enhancing the effectiveness of the OFSI enforcement process. It is proposing: changes to the public case assessment guidance; discounts for voluntary disclosure and cooperation; a settlement...
Court confirms that compulsory liquidation stay on proceedings does not prevent sale of property by a secured creditor
The High Court has held that the stay in section 130(2) of the Insolvency Act 1986 does not apply to the sale of property by a secured creditor pursuant to a power of sale: Waypark Commercial Mortgage 1 Limited v...
Mansion House speech supports Leeds Reforms
The Chancellor’s Mansion House speech, delivered in the evening of 15 July, highlighted many of the Leeds reforms, and set out the Chancellor’s key priorities. She highlighted: for capital raising, recent changes to the...
Government, FCA and FOS to modernise redress system
The Government is consulting on FOS reforms. The reforms are designed to stop FOS acting as a quasi-regulator – most notably to ensure its decisions align more with FCA rules. Proposals include: adapting the...
Government announces “Leeds reforms”
After the Edinburgh reforms, we now have the Leeds reforms! The Government has announced an ambitious package of measures to attract inward investment into the UK and financial services businesses. Rachel Reeves announced the UK’s first Financial Services Growth and Competitiveness sector plan. The plans include:
giving consumers support to invest;
create good skilled jobs;
encouraging banks to offer investment opportunities to people with cash in low-interest accounts;
encouraging the industry to highlight to consumers the opportunity to invest when they can – the Government says that, based on current trends, if consumers move �2,000 from low interest accounts into stocks and shares, they could be over �9,000 better off in 20 years’ time;
the BoE will allow more lending at over 4.5 times a buyer’s income and simplified FCA Rules, if adopted, will make remortgaging easier. The changes will also allow the Nationwide to make its “Helping Hands” scheme available to lower income borrowers – now the thresholds are �30,000 for solo and �50,000 for joint applicants (�5,000 lower than previously);
there will be a new government-backed Mortgage Guarantee Scheme to ensure high loan-to-value mortgages are available in times of economic uncertainty;
FOS will need to align its decisions more closely with FCA rules;
the SMCR will be radically streamlined;
the FCA is to review how the Consumer Duty affects and applies to wholesale firms;
the MREL threshold will be raised to �25-49bn;
the Basel 3.1 rules will come in from January 2027;
reform of the ring-fencing regime;
a major FPC review of bank capital requirements;
providing bespoke support to fintechs;
greater financial capacity for the British Business Bank; and
progressing the Berne Financial Services Agreement, so that it is fully implemented by the end of the year.
See our separate posts on some of these initiatives!
FCA annual report highlights key stats
The FCA’s annual report highlights its work in several areas, including: to tackle financial crime and unauthorised financial services, it suspended, removed or blocked over 1,600 websites in 2024 – also working with...
Payments and e-money firm Ziglu enters special administration
Ziglu Limited – an authorised e-money and payment services firm – has entered into special administration. David Shambrook and Damian Webb of RSM were appointed joint special administrators of the firm on 7...
BoE fines Vocalink £11.9m for compliance failure
The BoE has fined Vocalink Limited £11.9m in respect of a compliance failure under s.196 of the Banking Act 2009. This marks the first time that the BoE has fined a financial market infrastructure (FMI) firm. Vocalink...
Individuals sentenced to combined 12 years imprisonment for crypto fraud
Raymondip Bedi and Patrick Mavanga have been sentenced to a combined 12 years imprisonment for their involvement in a �1.5m crypto fraud conducted between February 2017 and June 2019, involving them cold calling victims to sell them fake investments in crypto.
Bedi was sentenced to 5 years and 4 months, while Mavanga received 6 years and 6 months.
The sentencing follows convictions achieved by the FCA late in 2024. Confiscation proceedings aiming to recover the proceeds from the fraud are ongoing.
FOS complaints double in 2024/25
The FOS has published its complaints data for 2024/25, which shows that over 305,000 complaints were received – this is a 54% increase on the number received in 2023/24, and the highest yearly total of complaints...
Tribunal upholds bans
The Upper Tribunal has upheld the FCA’s decision to fine and ban 3 individuals who engaged in market manipulation while working at Mizuho International PLC.
FCA Smaller Business Practitioner Panel responds to FOS consultation on compensation interest
The FCA Smaller Business Practitioner Panel has published its response to the FOS consultation on the calculation of interest firms must pay on compensation awards. The Panel supports the proposal to adopt a tracker...
FCA secures guilty plea in fraud case
The FCA has secured a guilty plea from John Burford in a £1m investment fraud case. As sole director of Financial Trading Strategies Limited, Mr Burford had promoted a paid-for subscription service offering daily trade...
Claims management law firm loses strike out application
Vanquis Bank Limited brought a case against TMS Legal Limited for causing loss by unlawful means. TMS Legal Limited is a “no win no fee” claims manager which has helped many complainants make a complaint to...
Tribunal backs Staley ban
The Upper Tribunal has upheld the FCA’s decision to ban Jes Staley from holding any senior management role in the financial services industry. It did however reduce the financial penalty in response to...
FCA secures insider dealing and money laundering convictions
The FCA has secured convictions against Redinel Korfuzi and his sister Oerta Korfuzi for insider dealing and money laundering offences from which they had earned over �1m.
Redinel Korfuzi was a research analyst at an asset management firm, and between December 2019 and March 2021 conspired with his sister to use confidential price-sensitive information to deal in the shares of at least 13 publicly traded companies ahead of market announcements. The relevant trades were executed using contracts for difference (CFDs), and were detected by the FCA’s market monitoring system, despite arrangements which were designed to obfuscate Korfuzi’s involvement.
During the relevant period, the Korfuzis had also received cash derived from the proceeds of crime totalling �198,210. The FCA plans to apply for confiscation orders in order to recover these monies.
FCA responds to enforcement policy criticism
The House of Lords Financial Services Regulation Committee has published the FCA’s response to its report on the contentious enforcement proposals. Of course, the content has largely been superseded by the FCA...
Tribunal upholds FCA decision on Listing Rule breach
The Upper Tribunal has upheld the FCA’s decision to fine the former CEO and CFO of Metro Bank for being knowingly concerned in a breach of the Listing Rules, but thought the level of fines should be slightly reduced, so the individuals have been fined around �167,000 and �100,000 respectively. The FCA had previously fined the bank over �10 million.
Court of Appeal says capital part of secured debt is not “moratorium debt” for Breathing Space purposes
The Court of Appeal has confirmed that the capital part of a secured debt does not form part of a “moratorium debt” for the purpose of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health...
Luke HolmesFOS consults on interest levels on compensation payments
The FOS is consulting on how it should be calculating the interest it orders firms to pay on compensation awards. It has been criticised for its current stance, which is to order businesses to pay 8% interest on top of any compensation for issues that have resulted in customers being deprived of money (pre-determination interest), or where they don’t pay the compensation on time (post-determination interest).
Feedback to the call for input on modernising the dispute resolution system generally has suggested it could be better if the interest rate were aligned with market conditions. So the FOS is now recommending changing the rate to the BoE base rate +1% for all new complaints, with the base rate calculated as an average rate over the period that the money way due until the date the redress payment is made.
The proposals will apply to pre-determination interest – the FOS gives an example of if an insurer undervalued the write off value of a car by �1,000, then the interest would be awarded from the date the complainant should have got that amount until the date they receive it, and to post-determination interest. But changing the approach to any interest that may be payable as part of a money award is not covered as these calculations have as their aim to ensure the complainant recovers their actual loss.
While the “tracker at average rate +1%” is the FOS’s preferred option, it also seeks views on whether it should
keep the current fixed rate
move to a lower fixed rate or
track base rate +1% but use the prevailing base rate at the time the complaint is determined.
It also seeks views on how to manage the transition to the new calculation. While its preferred option is to apply it to complaints it receives after the date it implements the new rate, the other options are:
apply to all existing cases as at the date of implementation
apply only where the act or omission complained about is after the implementation date or
apply only to customer losses that occur after the implementation date.
It also welcomes views on any challenges firms will face making the changes, when it might be appropriate not to apply interest and how often the FOS should review its approach to interest.
Consultation closes on 2 July.
FCA publishes updated Enforcement Guide
Following considerable sector backlash over – and the FCA’s subsequent revision of – proposals to introduce increase transparency in enforcement with a ‘public interest’ test, the FCA has...
Tribunal approves FCA decision on ban and revised penalties for pensions directors
The Upper Tribunal has upheld the FCA’s decision to ban Toni Fox and David Price from working in financial services, revoke their senior management approvals, and impose substantial financial penalties. As directors of...
FCA responds to Which? petition on insurance
Nikhil Rathi – FCA Chief Executive – has written a letter to Which?, after the organisation delivered a petition backed by 170,000 signatories, asking the FCA to toughen up its regulation of insurance...
NextCrowd enters administration
Business Agent Limited, trading as NextCrowd and NextFin, has entered administration. The FCA had placed restrictions on the company in July 2024 following significant regulatory breaches. Louise Longley and Julian...
CMA directs Starling over Retail Banking Order breaches
The CMA has issued directions to Starling Bank about putting in place an action plan in relation to various past breaches by the bank of the Retail Banking Market Investigation Order. The breaches included: failing to...
FCA aiming to publish Enforcement policy by June
The minutes of the latest FCA Board meeting suggest that the FCA hopes to publish its policy statement on its enforcement investigation publicity policy in May or June, and to respond “in the next few...
FCA imposes restrictions on Direct Trading Technologies
The 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...
Committee hears evidence on finfluencers
On 30 April 2025, the Treasury Committee heard evidence from the FCA as part of an inquiry on finfluencers. Steve Smart, Joint Executive Director for Enforcement and Market Oversight, and Lucy Casteldine, Director of...
UK crypto business shut down following Insolvency Service investigation
BTCMining Limited – a cryptoasset business registered in the UK – has been shut down following an Insolvency Service investigation and a High Court winding up hearing on 29 April 2025. The Insolvency Service...
FCA speaks on market abuse
Therese Chambers, FCA joint executive director of enforcement and market oversight – has delivered a speech on the FCA’s agenda for combatting market abuse, at the City and Financial Global Market Abuse and...
FCA updates complaints stats
The FCA has updated its complaints data for H2 2024. Based on aggregate data; there was a slight decrease in complaints from H1; overall, complaints numbers have been relatively steady for the past 4 years; all products...
High Court finds EMI was “on enquiry” of potential fraud and breached Quincecare duty
The High Court has supported victims of an APP scam who brought a “derivative” action for reimbursement against a PSP in place of the PSP’s customer company, which the victims had been duped into...
Committee inquiry to hear evidence from FCA on finfluencers
The Treasury Committee will hear evidence from the FCA as part of an inquiry on finfluencers at a meeting on 30 April 2025. Evidence will be heard from Steve Smart, Joint Executive Director for Enforcement and Market...
Court refuses judicial review application on time barred complaint
The High Court has refused an application for a judicial review of a FOS decision that it had no jurisdiction to address a complaint because the complaint was made out of time. The claimants had complained to their...
FCA speaks on delivering enforcement priorities in collaboration with the US
Therese Chambers – FCA joint executive director of enforcement and market oversight – has delivered a speech on delivering enforcement priorities at the Spring Conference of NYU’s Program on Corporate...
FOS sets out 2025/26 plans and budget
The FOS has published its plans and budget for 2025/26.
It expects to resolve 270,000 this financial year, a 20% increase compared to last year. To ensure fairness and value for money, it has maintained case fees for businesses at �650, and introduced a new fee model for professional representatives.
The ambitious case resolution target comes despite a considerable increase in complaints, particularly in relation to motor finance commission, which account for almost half of the FOS’s current 190,000 cases.
During the consultation stage, the FOS expected that it would receive around 240,000 cases in 2025/26. It now expects this figure to be closer to 209,000. This remains a slight increase compared to 2022/23 and 2023/24, but is a significant drop from the 330,000 cases the FOS predicts it will have received over 2024/25 as a result of motor finance commission complaints.
The FOS will publish full complaints data for 2024/25 during the summer.
APPG on Fair Banking publishes APP fraud report
The All Party Parliamentary Group (APPG) on Fair Banking has published a report on APP fraud, considering its scale and impact, and the effectiveness of associated regulation. The report concludes that while significant...
PRA fines former NED for Individual Conduct Rule breaches
The PRA has fined Mr George Hambro – former notified non-executive director of Wyelands Bank Plc – £72,000 for breaching Individual Conduct Rule 2. Rule 2 states that individuals must act with due skill...
FOS fees for CMCs come into force
From 1 April 2025, professional representatives will be charged �250 to refer a case to the FOS.
Professional representatives will be able to refer ten cases to the FOS for free, but every subsequent case will be chargeable. They will receive �175 back in credit if the case outcome is in favour of the consumer.
The new rules also mean that if a complaint referred by a professional representative is not upheld or withdrawn, the financial business against whom the complaint was made will pay a reduced fee of �475, rather than �650.
The FOS remains free to those bringing cases directly, as well as to families, friends, charities and voluntary organisations who may be assisting them.
FCA publishes final motor finance Supreme Court submissions
As the appeal against the Court of Appeal Decision in Johnson v FirstRand Bank Limited, Wrench v FirstRand Bank Limited and Hopcraft v Close Brothers has begun in the Supreme Court, FCA has published its final...
Stephen WilsonFOS limit increasing from 1 April
The FCA has confirmed that, in line with the policy that the FOS limit automatically adjusts to keep pace with inflation, the limits from 1 April 2025 will be £445,000 for complaints referred on or after that date about...
FCA publishes 5 year strategy
The FCA has launched its much-trailed 5 year strategy. It will focus on 4 priorities: being a smarter regulator; supporting sustained economic growth; helping consumers to navigate their financial lives; and fighting...
FCA issues first enforcement action and fine against a Recognised Investment Exchange
In its first enforcement action against a UK recognised investment exchange, the FCA has fined London Metal Exchange (LME) £9.2m for failing to have adequate systems and controls in place to deal with severe market...
FCA decides to fine and ban Crispin Odey
The FCA has published a decision notice of a fine of £1.8m and ban on Crispin Odey for his actions in, in its view, deliberately acting to frustrate Odey Asset Management’s disciplinary process into his conduct...
Chancellor unveils more red tape cutting
The Chancellor has unveiled more detail of the plans to cut the administrative cost of regulation on business, at a meeting attended by, among others, the PRA, FCA and ICO. The plans are wide ranging across all areas of...
FCA drops enforcement transparency and DEI proposals
The FCA has confirmed it will not be taking forward its controversial proposals to publicise investigations into regulated firms on a “public interest” basis. Nikhil Rathi confirmed that because of a lack of...
FCA updates on motor finance review next steps
The FCA has said that it no longer plans its proposed announcement during May on its planned next steps in its motor finance commission review. Instead, it will confirm within 6 weeks of the decision of the Supreme...
Supreme Court permission to appeal application lodged in Markou case
A permission to appeal application has been lodged at the Supreme Court in the Markou case. The application follows the Court of Appeal granting the FCA’s appeal in December 2024 against an Upper Tribunal decision which...
Artis Finance becomes latest non-bank lender to enter administration
Artis Finance Limited has become the latest non-bank trade finance outfit to enter administration. James Cameron, Tom Crookham and Edward Macnamara of PwC were appointed joint administrators of the London finance...
Amy GallimoreCourt of Appeal rules motor finance commission cases can be dealt with using omnibus claim forms
The Court of Appeal (CoA) in Angel & Ors v Black Horse Ltd [2025] EWHC 490 (KB) has overturned the case management decision taken at first instance that the eight claim forms covering 5,800 claimants could not be...
Nearly 300 whistleblowing reports in Q4 2024
The FCA’s latest data on whistleblowing reports shows it received 292 reports in Q4 2024 containing 852 allegations in total. Nearly half the reports were made by reporters using the online form, although...
FOS reports huge rise in cases
The FOS’ complaints data for Q4 2024 shows a rise of 40% in complaints over the same period last year. It received more than 68,000 complaints – which was in fact slightly less than the number it received...
FCA bans ex-CS directors after US Mozambique convictions
The FCA has banned Andrew Pearse and Surjan Singh, former managing directors of Credi Suisse, following a US court convicting them of arranging corrupt loans to the Republic of Mozambique. The individuals had pleaded...
FCA starts criminal proceedings against 2 individuals
The FCA has started criminal proceedings against Kerry Nelson, former director of Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited and Jacqueline Stephens, business operations manager...
CoA clarifies regulated ‘sale and rent back’ agreement features
On 5 February 2025 the case of Priti Odhavji v Caroline Tighe, Suranjan (Joseph) Cooray, K & C Properties Limited [2025] EWHC 372 (Ch), 2025 WL 00581905 came before the Court of Appeal, Chancery division. In the...
John Dance trial date set
John Dance, the former principal partner in the WealthTek LLP was charged in December 2024 with alleged misappropriation of customer funds totalling around £64m between 2014 and 2023. The trial date has now been listed...
FCA publishes skilled persons data for Q2 / Q3 2024
In the quarter ending September 2024, the FCA commissioned 14 skilled persons reports: 6 reports related to consumer investments, 2 to insurance, 2 to wholesale markets (buy-side) and 4 to wholesale markets (sell-side);...
Employment case update – February 2025
Baldwin v Cleves School and others [2024] EAT 66 This case concerned individual respondents’ liability for discrimination under section 110 of the Equality Act 2010. Miss Baldwin, a newly qualified teacher...
Karen Plumbley-JonesFCA fines Mako in cum-ex trading investigations
The FCA has fined Mako Financial Markets Partnership LLP £1,662,700 for financial crime systems and controls failures. The firm had also failed to adequately apply policies and procedures it did have in place. The case...
Treasury request to intervene in motor finance commission case denied
The press is reporting that the applications by HM Treasury and the Finance and Leasing Association to intervene in the Supreme Court hearing in the Johnson, Hopcraft and Wrench cases have been denied, while the...
Stenn fintech collapse – what’s happened so far
Recent updates from Stenn’s administrators have cast light on the hasty demise of the London-based fintech business, which continues to generate considerable interest. Kristina Kicks, Joshua Dwyer and James Tucker...
Treasury Committee writes to FCA and FOS over Ombudsman departure
Following the FOS announcement on 6 February that Abby Thomas was stepping down from her role as Chief Executive and Chief Ombudsman, the Treasury Committee has written to both the FCA and the FOS about the...
FOS sets out approach to CMC fees
The FOS has published a policy statement setting out its approach to charging professional representatives a fee of £250 if they wish to refer a case to its service. The new arrangements will take effect from 1 April...
Lords Committee calls for FCA to cease “naming and shaming” enforcement plans
The Financial Services Regulation Committee has published a report – Naming and shaming: how not to regulate – setting out its views on the FCA’s controversial ‘naming and shaming’...
FCA secures £500,000 confiscation order against insider dealer
The FCA has secured a confiscation order of £586,711.01 against Mohammed Zina, a convicted insider dealer. The order amounts to all of Mr Zina’s available assets, and must be paid within 3 months, otherwise he...
FCA secures £6m confiscation order against fraudster
The FCA has secured a confiscation order of £5,963,376.15 against Guy Flintham, who is currently serving a 6-year prison sentence after pleading guilty to fraud by false representation in relation to a fraudulent...
FCA outlines supervision strategy for CMCs
The FCA has written to claims management companies (CMCs) outlining its supervision strategy, including its updated view of the harms and risks that CMCs pose and its expectations for firms in the sector. The FCA...
FCA fines for MiFIR transaction reporting failures
The FCA has imposed its first fine for failing to report transactions as required by MiFIR. Infinox Capital Limited failed to submit transaction reports for single stock CFD trades executed through one of its corporate...
Michael LewisClydesdale/FOS appeal to be heard by December
The Civil Appeals case tracker shows that the appeal relating to judicial review of the FOS decision on DCAs is to be heard “by 8 December 2025”. As a reminder, the appeals in relation to the court cases on...
FCA settles care home investment scheme claim against solicitors
The FCA has settled a claim against solicitors Lupton Fawcett LLP in respect of work undertaken for the Qualia Group by a former member of the firm. The FCA previously brought a successful claim in the High Court...
Motor finance commissions and lender liability: the story so far
Amid reports that now HM Treasury is seeking to intervene in the Supreme Court case, read our article summarising what’s happened so far…..
FCA publishes summary grounds of intervention in motor finance appeal
The FCA has published summary grounds of intervention in support of its application to intervene in the appeals relating to motor dealer-broker commissions. The FCA wants to intervene in writing and for up to an hour...
Designated Activities enforcement Regs take effect
The Regulations amending FSMA to give the FCA necessary supervision and enforcement powers in respect of the new Designated Activities have been made and take effect on 14 January. The new powers apply in respect of the...
Regulators consult on FSCS management expenses levy limit 2025/26
The FCA and PRA are consulting on proposals for the Management Expenses Levy Limit (MELL) for the FSCS in 2025/26. The regulators propose the MELL for 2025/26 will be £108.6m, consisting of: the FSCS management expenses...
FCA fines Arian Financial for failings relating to cum-ex trading
The FCA has fined Arian Financial LLP £288,962.53 for financial crime systems and controls failures. The firm’s failure to implement adequate measure put it at risk of being used to support fraudulent trading and...
Lords Committee writes to FCA on motor finance commission cases
The House of Lords Financial Services Regulation Committee has written to the FCA asking it to clarify certain elements of its position on the motor finance commission cases, as set out in a letter dated 13 November...
FCA executes search warrants in relation to unauthorised businesses
The FCA, in conjunction with the West Midlands Police, the Eastern Region Special Operations Unit and Police Scotland, has executed search warrants in two investigations involving unauthorised debt and claims management...
FCA issues Supervisory Notice to Hydrogard Legal Services
The FCA has published a First Supervisory Notice against Hydrogard Legal Services Limited, a firm with claims management permissions, requiring it to immediate cease carrying on all regulated activities other than with...
FCA asks Collateral investors to come forward for an apology
The FCA has apologised to people who invested in peer-to-peer firm Collateral, whose directors fraudulently changed the firm’s details on the FCA’s interim permission register to make it look like it had...
FCA charges former WealthTek partner
The FCA has brought criminal charges against John Dance, the principal partner at WealthTek LLP, in relation to 9 criminal offences, including multiple counts of fraud and money laundering. WealthTek, then known as...
FCA confirms pause on non-DCA complaints
The FCA has confirmed new temporary rules for handling motor finance non-DCA commission complaints, that broadly mirror those already in place for DCA commission related complaints. Firms will not have to provide a...