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New Chair appointments to FCA’s Markets Practitioner Panel, Practitioner Panel and Listing Authority Advisory Panel 

The FCA has appointed Clare Woodman as Chair of the FCA Markets Practitioner Panel, Matt Hammerstein as Chair of the FCA Practitioner Panel, and Mandy Gradden as Chair of the Listing Authority Advisory Panel. Clare, Matt and Mandy, who take up their roles on 1 August 2023, will lead the Panels in providing input from...

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New transactions available in the ASIC Regulatory Portal

From 31 July 2023, the following new transactions were added to the ASIC Regulatory Portal: Apply for ASIC consent to resign as an auditor of a public company (Legacy Form 342) Apply for early destruction of books (Legacy Form 574) Submit notification to rely on ASIC Corporations (Business Introduction Services) Instrument 2022/805 Notify ASIC or...

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FCA sets out 14-point action plan on cash savings

The FCA has today set out a 14-point action plan to ensure banks and building societies are passing on interest rate rises to savers appropriately, that they’re communicating with customers much more effectively and offering them better savings rate deals. Today’s plan follows a review of the cash savings market and a roundtable held with...

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FCA secures Confiscation Order against convicted money launderer

On Friday 28 July 2023, Southwark Crown Court imposed a Confiscation Order of £562,636 against Richard Faithfull following his conviction in September 2021. Mr Faithfull was part of a trans-national organised crime group which laundered the proceeds of at least 7 professionally run overseas investment frauds. The Court determined that Richard Faithfull’s criminal benefit was...

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ASIC imposes additional licence conditions on Shartru Wealth Management Pty Ltd

ASIC has imposed additional conditions on the Australian financial services (AFS) licence of Shartru Wealth Management Pty Ltd (Shartru). This follows a targeted surveillance by ASIC that found Shartru was not adequately monitoring and supervising its representatives. ASIC also found that some of Shartru’s financial advice failed to meet the best interests duty and related...

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ASIC cancels AFS licence for NSW licensee

ASIC has cancelled the Australian financial services (AFS) licence of Stephen Wan Tat Chan (Licensee). The licence was cancelled because the Licensee failed to prepare and lodge the required financial statements and auditor opinions with ASIC. Furthermore, the Licensee failed to pay ASIC’s industry levies and maintain an external dispute resolution membership with the Australian...

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Supervisory flexibility on transaction reporting

We are putting in place further temporary measures for the reporting of certain fields in UK MiFIR transaction reports. In January 2022, we implemented temporary measures for the reporting of the short selling indicator under UK RTS 22. We confirmed that, until the future of the short selling indicator field had been determined, we would...

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Regulators finalise clearer, more transparent Complaints Scheme

The FCA, the Prudential Regulation Authority (PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following a consultation. The revised scheme provides clarity around what people can expect when they complain, making it more transparent and user-friendly. Complaints are a valuable source of feedback that...