FCA looks to set standards for crypto firms
The Financial Conduct Authority (FCA) is seeking feedback on proposals to set minimum standards for crypto firms in their dealings with UK consumers. The proposals mirror many requirements which already apply to traditional financial firms, such as on operational resilience and systems and controls to fight crime. The FCA has stated that its proposed rules […]
FCA conducts further consultation on enforcement transparency proposals
The FCA has published the second phase of its consultation on proposals for a measured increase in transparency about its enforcement investigations, and set out plans for further engagement after significant concerns were raised in relation to the original consultation. The further consultation also aims to assist ongoing parliamentary scrutiny, including by the Commons’ Treasury […]
FCA issues Metro Bank with hefty fine for transaction monitoring failings
Metro failed to have the right systems and controls to adequately monitor over 60m transactions, with a value of over £51bn, for money laundering risks between June 2016 and December 2020, with the Financial Conduct Authority issuing a £16,675,200 fine as a result. The FCA says Metro automated the monitoring of customer transactions for potential […]