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Financial watchdog puts banks on alert in fight against money laundering via the Post Office

A series of measures designed to reduce the risk of money laundering via the Post Office have today been set out by the FCA. The regulator brought together partners including the National Economic Crime Centre (NECC), industry and government to strengthen controls while seeking to ensure that legitimate customers can continue to use the Post...

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FCA sets out multi-occupancy leasehold insurance reforms

The FCA is proposing new rights and protections for leaseholders to improve the transparency of the multi-occupancy leasehold buildings insurance market. Under the proposals, leaseholders would be defined as customers of buildings insurance. The rule changes would explicitly require insurance firms to act in leaseholders’ best interests, and bar firms from recommending a policy based...

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Roadships companies and director found not guilty of criminal offences

Robert George McClelland and his companies Roadships Australian International Intermodal Marine Lines Pty Ltd and Roadships Cycclone Pty Ltd were found not guilty in the Downing Centre Local Court on 14 April 2023 of criminal charges relating to ASIC Act notice compliance failures. The companies were each charged with one count of failing to comply...

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Former Melbourne director sentenced to six months imprisonment for fraud

Steven Phillip Heaton of South Melbourne, Victoria, has been sentenced in the County Court of Victoria to six months imprisonment following his conviction on fraud charges brought by ASIC. Mr Heaton was also ordered to complete a two-year Community Corrections Order. Mr Heaton was a former director of Independent Products Pty Ltd ACN 169 714...

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ASIC calls for improved approaches to scams as major bank customers report over $550 million in scam losses

ASIC is calling for all financial institutions to improve their approaches to handling scams after new ASIC analysis revealed that scam losses for major bank customers exceeded $550m last financial year and impacted more than 31,700 customers. The figures come from ASIC’s new Report 761 Scam prevention, detection and response by the four major banks,...

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The FCA’s view of green mortgages

Highlights Green mortgages have a growing role to play in decarbonising the UK’s housing stock by helping borrowers to improve the energy efficiency of their homes. This is a systemic issue, and every part of the housing value chain has a role to play – including mortgage lenders and brokers. Lenders risk missing their decarbonisation...

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ESMA finds data quality significantly improves under new monitoring approach

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published the third edition of its Data Quality Report under the European Markets Infrastructure Regulation (EMIR) and the Securitised Financing Transactions Regulation (SFTR) reporting regimes. The report highlights the increased use of transaction data by EU financial regulatory authorities in...

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Millions of customers together save nearly £1 billion due to overdraft rule changes

Improved overdraft rules brought in by the FCA have reduced high fees for unarranged borrowing, removed complex charging structures and introduced help for those who were repeatedly using their overdraft. The £1 billion in savings for customers is from two separate measures the FCA introduced. This includes: More than £500 million saved due to pricing...