The FCA has started a criminal prosecution against Matthew and Nikolas West for insider dealing. Matthew and Nikolas West are jointly charged with conspiracy to deal in 4 stocks while having inside information. Matthew West has additionally been charged with insider dealing in relation to 2 stocks. He has been charged with disclosing to and
The FCA has fined Starling Bank Limited £28,959,426 for financial crime failings related to its financial sanctions screening. It also repeatedly breached a requirement not to open accounts for high-risk customers. Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace
Joint press release from the Bank of England, the FCA and the Working Group on Sterling Risk-Free Reference Rates (Working Group). Yesterday, 30 September 2024, the remaining synthetic LIBOR settings were published for the last time and LIBOR came to an end. All 35 LIBOR settings have now permanently ceased. The transition away from LIBOR
The FCA and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as Chair of the Financial Services Compensation Scheme’s (FSCS) board. She will take up the role on 1 October 2024. Over a 30-year career, Elizabeth held senior positions with J Stern & Company, Investec Asset Management and Morgan Stanley. She recently completed 2
The FCA is stepping in to better protect customers when payments and e-money firms go out of business. Use of payments firms has grown in recent years, but the FCA says it continues to see poor safeguarding practices from firms. Funds held by payments and e-money firms are not directly protected by the Financial Services
