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Latest News

17
Aug

Consumer Fraud increases to 22.5% for the period 2020-2021

August 17, 2022
All of us have been aware of the increase in fraudulent attempts both in business and on consumers over the past 12 months.  YouGov writes: An Accenture report found that reported cases of consumer fraud increased from 6.8% to 22.5% during 2020-2021. According to the report, around 7% of the population across countries like the...
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25
Jul

FCA account forfeiture order secures £2 million from QPay Europe Ltd

July 25, 2022
On the 21st April 2022, the Financial Conduct Authority issued a press release regarding criminal proceedings against QPay Europe Ltd at Westminster Magistrate’s Court. QPay, a fintech start up firm offering due diligence and underwriting services, initially applied for regulation by the FCA in March 2020, however has now withdrawn their application for regulation. The...
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19
Jul

FCA review identifies weaknesses in financial crime prevention of challenger banks

July 19, 2022
On the 22nd April 2022, the Financial Conduct Authority released its outcome of a review into management of financial crime prevention measures in six unnamed challenger retail banks. While the review did identify some strengths in the regimes implemented by these challenger banks, a number of crucial weaknesses were also identified, raising concerns these weaknesses...
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08
Jul

FCA Implements Fees Cap for Claims Management Companies

July 8, 2022
Regulation of claims management companies has undergone some change in recent years, since their emergence in the media following the PPI scandal. The most recent change is implementation of a fees cap which has been under development by the Financial Conduct Authority since it began regulating CMCs in 2019. The Financial Guidance and Claims Act...
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01
Jul

The Evolving Regulation of Buy Now Pay Later Finance

July 1, 2022
The Financial Conduct Authority has a generally wide scope on the regulation of financial services in the United Kingdom. However, some financial services still operate beyond the FCA’s regulation, meaning consumers are unable to benefit from the protection offered by the FCA. For  example, unregulated Buy Now Pay Later agreements and short-term interest-free credit are...
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22
Jun

Cryptoassets: A vehicle for financial crime

June 22, 2022
Cryptoassets have begun to become more mainstream, favoured for their flexibility and security there is rising popularity among younger investors. This has led to a number of cryptoasset firms beginning operations within the UK under regulation from the Financial Conduct Authority. HM Treasury has defined cryptoassets as “cryptographically secured digital representation of value or contractual...
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17
Jun

Anti-Money Laundering Regulations – A Changing Landscape

June 17, 2022
The United Kingdom’s departure from the European Union has prompted much legal reform and adaptation, and the regulated financial sector is no exception. Most recently, a consultation and call for evidence into current anti-money laundering and counterterrorist finance regulations has taken place in order to determine how the current regime can be adapted to effectively...
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26
May

FCA update

May 26, 2022
The FCA last week updated their rules in relation to being able to vary or cancel a firm’s permissions to carry out FCA-regulated activities if it hasn’t used them so that they can update the Register and reduce the risk of harm to consumers. Previously they had to wait 12 months before any variation or...
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28
Mar

ICO obtains criminal conviction against Council employee

March 28, 2021
March 2020 saw the ICO obtain their first criminal conviction against a council employee who erased an audio recording of a council meeting  The employee was convicted under Section 77 of the Freedom of Information Act (FOIA) of deliberately obstructing records with the intent to prevent disclosure. 
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