FCA nears payout deal over Park First’s £230m ‘illegal investment scheme’ May 4, 2021 The City regulator is in talks with the people behind an investment scheme which has left savers facing losses. The Financial Conduct Authority is reportedly in detailed talks with Toby Whittaker, who owns Park First, which the regulator has previously said was involved in an “illegal collective investment scheme”. A potential deal, which could be [...]
City regulator proposes easing suspension rule for listed SPACs April 30, 2021 The financial watchdog is consulting on a raft of changes to UK SPAC listings, including the rules around SPAC trading suspension when the vehicle identifies an acquisition target. Following a surge of SPAC or “blank check” company listings on Wall Street and more recently in Europe, London is keen not to be left behind. The Financial Conduct [...]
FCA looks into high risk investment promotion amid Bitcoin boom and TikTok ‘finfluencer’ trend April 29, 2021 The City regulator is looking for views on how to tackle the issue of high-risk investment promotions, fearing too many consumers are unwittingly taking too much risk with their money. The Financial Conduct Authority (FCA) is concerned consumers are investing in inappropriate, high-risk investments that are unsuitable for most people. The watchdog has recently warned [...]
City Moves: Who is switching jobs in the Square Mile this week? April 21, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email [email protected] to be featured. In this week’s City Moves, we have a host of newly created roles making their way across the Square Mile. From chief data officers to directors of environment social and governance – the [...]
Whistleblowing reports of consumer detriment jump 15 per cent in 2020 April 12, 2021 The number of whistleblower reports relating to consumer detriment increased last year, and is likely to jump further in 2021 following the launch of a new campaign by the City regulator. In 2020, the number of reports rose from 15 per cent, from 161 in 2019 to 185 in 2020, according to law firm RPC. [...]
Buy2Let Cars parent company under investigation by serious fraud watchdog April 9, 2021 The Serious Fraud Office (SFO) has launched an investigation this morning into the Buy2Let Cars parent company Raedex Consortium for an unauthorised customer investment scheme. The SFO, the National Crime Agency (NCA) and Canada police searched two premises in connection to the scheme and arrested one person yesterday. The person was interviewed [...]
Exclusive: FCA continues hiring spree with former Blackstone and Treasury man March 31, 2021 The City regulator has added another big name to its senior team with the hire of former Blackstone and HM Treasury man Ramesh Chhabra. Chhabra will serve as FCA boss Nikhil Rathi’s Senior Adviser. It is the latest in a series of senior appointments made by Rathi as he seeks to put the body on [...]
Surrey adviser deemed unsafe by the City regulator over sexual grooming offence March 29, 2021 The City regulator has moved to ban Surrey-based financial adviser Jon Frensham from carrying out any regulated activity, after he was convicted of sexually grooming a child. In March 2017 Frensham, formally known as Jonathan James Hunt, was convicted of attempting to meet a child following sexual grooming. Frensham, 41, was sentenced to 22 months’ [...]
London forex trading boss fined for unauthorised WhatsApp investment advice March 26, 2021 The High Court has fined the boss of a Bow-based forex trading business after it provided unauthorised investment advice to customers via WhatsApp. Mohammed Fuaath Haja Maideen Maricar was ordered to pay restitution in excess of £530,000. The recovered fund will be distributed customers. The court found 24HR Trading, an unregulated firm, unlawfully provided trading [...]
Watchdog encourages City workers to snitch on financial services wrongdoing March 24, 2021 The City watchdog has today launched a campaign to get people working in financial services to get in touch about potential wrongdoing they see in their day-to-day lives. The Financial Conduct Authority (FCA) said those who whistleblow will have a dedicated case manager, can meet with the FCA to discuss their concerns, and will receive [...]