The Financial Conduct Authority (FCA) has found 7.4 million people unsuccessfully attempted to contact one or more of their financial services providers in the 12 months before May 2022, with the most vulnerable in society most likely to struggle with this. The figure comes from the FCA’s latest Financial Lives survey with over 19,000 respondents....
Author: EMA Investments
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ASIC takes civil action against Sasha Hopkins for unlicensed conduct and to wind up A Team Property Group
ASIC has taken civil action against director Sasha Hopkins and his company, The A Team Property Group, for alleged unlicensed conduct and operating numerous unregistered managed investment schemes. ASIC has also applied to the Federal Court for the winding up of The A Team Property Group, five of the investment schemes and associated companies and...
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Inclusion of the United Arab Emirates on AML blacklist requires ESMA to withdraw the recognition decisions of three CCPs
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn as required by EMIR the recognition decisions of the following three central counterparties (“CCPs”) established in the United Arab Emirates (including the Dubai International Financial Centre): Dubai Commodities Clearing Corporation; Dubai Clear LLC; Nasdaq Dubai Ltd. This withdrawal follows...
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ASIC grants temporary relief for Funeral Saver Safety Net
ASIC has granted temporary and narrow legislative relief for a funeral savings initiative developed to assist disadvantaged consumers. The legislative relief relates to certain licensing, disclosure, and design and distribution obligations. The relief is granted for a period of five years and will expire on 18 July 2028. The Funeral Saver Safety Net is an...
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ASIC commences greenwashing case against Vanguard Investments Australia
ASIC has lodged civil penalty proceedings in the Federal Court against Vanguard Investments Australia, alleging misleading conduct in relation to claims about certain environmental, social and governance (ESG) exclusionary screens applied to investments in a Vanguard fund. ASIC alleges Vanguard made false and misleading statements and engaged in conduct liable to mislead the public in...
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Samsky Pay Ltd consumer warning
We have removed permissions from Samsky Pay Ltd. This means it is no longer permitted to carry out regulated activities. The firm appears to have provided investment products or services, entering into written investment agreements and receiving deposits of funds from customers, without the required permissions. Any investments with Samsky Pay may not be protected,...
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FCA statement following NatWest Board announcement
Commenting on today’s announcement from the NatWest Board regarding recent allegations, Sheldon Mills, Executive Director, Consumers and Competition said: ‘We have raised concerns with NatWest Group and Coutts about the allegations relating to account closures and breach of customer confidentiality since these came to light. ‘We made clear our expectation that these issues should be...
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ASIC continues to act against SMSF auditors
ASIC has acted against eight self-managed superannuation fund (SMSF) auditors for breaches of their obligations. This included breaches of auditing and assurance standards, independence requirements, registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered. From 1 April 2023 to 30 June 2023, ASIC: disqualified five...
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Financial watchdog cracks down on problem firms and supports struggling borrowers
In the past year, the FCA has reduced harm to consumers and businesses by stopping 627 firms, that failed to meet the minimum standards, from operating. This is up 30% from the previous year, illustrating the FCA’s determination to enforce high standards in the financial services sector. The figures come as the regulator has set...
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The FCA and Practitioner Panel 2022/23 survey findings
The FCA and Practitioner Panel 2022/23 survey was sent to a sample of regulated firms, to gather their feedback on how we are doing in regulating the industry. We have published the findings of the FCA and Practitioner Panel 2022/23 survey. We use the survey results to get a better understanding of the issues affecting...
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