Post

How we can help consumers cope during the cost of living squeeze

Sheldon Mills Executive Director, Consumers, and Competition The FCA is working hard to make sure firms treat customers fairly during the cost of living pressures. The days may be getting lighter, but the nights are still far too long and sleepless for many as they contemplate the heavy burden of the cost of living. Rising...

Post

Cryptoasset firms marketing to UK consumers must get ready for financial promotions regime

All crypto asset firms marketing to UK consumers, including firms based overseas, will soon need to comply with the new UK financial promotions regime. Firms must start preparing now for this regime. We will take robust action against firms breaching these requirements. In January 2022, the Government published a consultation response setting out its intention...

Post

Former Perth adviser sentenced for making unauthorised client transactions

On 31 January 2023, former financial adviser John Wertheimer was convicted and sentenced in the Perth District Court for one count of providing a financial service on behalf of a person who carries on a financial services business while unauthorized to do so and one count of engaging in dishonest conduct about a financial service....

Post

Financial watchdog blocks thousands of misleading ads

The Financial Conduct Authority (FCA) required firms to amend or remove 8,582 promotions during 2022 – 14 times more than in 2021, a report published today shows. The FCA also published over 1,800 alerts to help prevent consumers from losing their money to scams. Social media remains a major focus for the regulator’s work in...

Post

ESMA issues Opinion on the trading venue perimeter

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the Final Report on the Opinion on the trading venue perimeter, providing guidance on when certain systems and facilities qualify as multilateral and therefore should seek authorization as a trading venue. The opinion builds on the MiFID II...

Post

Financial watchdog proposes to ban debt packager referral fees to protect consumers

The Financial Conduct Authority (FCA) is to push ahead with proposals to ban debt packager firms from receiving referral fees from debt solution providers, following further analysis of the market. The FCA initially consulted on a ban in November 2021 after identifying a lack of adequate management of the conflict of interest between giving advice...

Post

Financial Advisers Register now displays whether financial advisers can provide tax (financial) advice

From 1 February 2023, ASIC’s Financial Advisers Register (FAR) publicly displays whether relevant providers can provide tax (financial) advice services. To provide tax (financial) advice services to retail clients, relevant providers must meet certain requirements. ASIC’s Financial Advisers Register (FAR), published on Moneysmart, now displays whether a relevant provider (that is, a person who is...

Post

FCA confirms appointment of Chair of the Payment Systems Regulator

We have confirmed the appointment of Aidene Walsh as Chair of the Payment Systems Regulator for a three-year term. Aidene has been the interim chair of the PSR since April 2022. The appointment was made by the FCA Board with the approval of the Treasury. Richard Lloyd OBE, Interim Chair of the FCA, said: ‘I...

Post

Restrictions placed on Nexus Independent Financial Advisers and Nexus Investment Managers

On 25 January 2023, we imposed a number of restrictions on Nexus Independent Financial Advisers and Nexus Investment Managers preventing them from carrying out any regulated activities and restricting access to their assets due to concerns about the use of certain funds that appear to have been withdrawn by a senior individual in the firms....

Post

ASIC disqualifies director from managing corporations for five years after engaging in illegal phoenix activity

ASIC has disqualified Queensland-based director Aaron Luke Vasicek from managing companies for five years for his involvement in four failed companies. Between 2010 and 2018, Mr Vasicek was a director of: Tazzy Tyres Wholesale Pty Ltd (ACN 614 938 939) Tazzy Tyres Accessories Pty Ltd (ACN 142 192 032) Tazzy Tyres Retail Pty Ltd (ACN...