The FCA has fined Citigroup Global Markets Limited (CGML) £27,766,200. Failures in the firm’s systems and controls led to US$1.4bn of equities being sold in European markets when they should not have been. On 2 May 2022, a CGML trader had intended to sell a basket of equities to the value of US$58m. The trader
The FCA has brought charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media. Emmanuel Nwanze has been charged with running an unauthorised investment scheme and issuing unauthorised financial promotions. The FCA alleges that, between 19 May 2018 and 13 April 2021, Mr Nwanze and Holly Thompson used
The FCA has charged 3 individuals with fraud for their alleged involvement in a high-risk trading scheme, which targeted people’s pension savings. Kristofer McGuire, Keith Williamson and Karla Walker have been charged with multiple offences, including fraud by false representation and fraudulent trading, after they targeted victims by persuading them to invest in contracts for
The former CEO of Shard Capital Partners has been fined £120,300 and banned by the Financial Conduct Authority (FCA). James Lewis, the former CEO of Shard Capital Partners, has been fined £120,300 and banned by the FCA following two separate instances of providing incorrect information about clients’ cash purportedly held by Shard. Mr Lewis’
Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest in
