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EU prolongs economic sanctions over Russia’s military aggression against Ukraine

This document is available in non-EU languages: Russian The Council today decided to prolong by six months, until 31 July 2023, the restrictive measures targeting specific sectors of the economy of the Russian Federation. These sanctions, first introduced in 2014 in response to Russia’s actions destabilizing the situation in Ukraine, were significantly expanded since February...

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FCA issues statement of objections to 3 money transfer firms

In a statement of objections issued today, the Financial Conduct Authority (FCA) alleges that Dollar East (International Travel & Money Transfer) Ltd, Hafiz Bros Travel & Money Transfer Limited, and LCC Trans-Sending Limited (including its parent company Small World Financial Services Group Limited) trading as Small World, fixed prices charged to customers in Glasgow for...

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Michael Nascimento sentenced for failing to pay confiscation order

Michael Nascimento has been sentenced to an additional almost four years in prison for failing to pay a confiscation order made against him. In 2018, Mr Nascimento was sentenced to 11 years’ imprisonment for his role in a £2.8 million investment fraud, where he was convicted with five associates of defrauding investors through a series...

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Interim stop order placed on the Pivotal Diversified Fund

ASIC has issued an interim stop order preventing Vasco Responsible Entity Services Limited (Vasco) from offering or distributing the Pivotal Diversified Fund to retail investors because of deficiencies in the target market determination (TMD). The interim order stops Vasco from issuing interests in, giving a product disclosure statement for, or providing general advice to retail...

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ASIC issues infringement notices to energy company for greenwashing

ASIC has taken action for greenwashing against listed energy company Black Mountain Energy Limited (BME). BME has paid $39,960 to comply with three infringement notices issued by ASIC in relation to concerns about alleged false or misleading sustainability-related statements made to the Australian Securities Exchange (ASX) between 23 December 2021 and 8 September 2022. ASIC...

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TSB fined £48.65m for operational resilience failings

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank plc (“TSB”) a total of £48,650,000 for operational risk management and governance failures, including management of outsourcing risks, relating to the bank’s IT upgrade program. Technical failures in TSB’s IT system ultimately resulted in customers being unable to access banking...

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ASIC industry funding: Annual dashboard and summary of variances

ASIC has released our 2021-22 annual dashboard outlining our regulatory costs by sector and subsector under the industry funding model (IFM). We have also published details about the variance between our estimated and actual costs by subsector. 2021-22 levies under the IFM are based on our actual regulatory costs for each subsector and invoices for...

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FCA sets out ideas to improve information provided to retail investors

The standards for the information disclosed to potential investors are included in rules known as the Packaged Retail Investments and Insurance Products (PRIIPs) regime and the Undertaking of Collective Investment in Transferable Securities rules, which were created while the UK was in the EU. The FCA will now be responsible for designing and developing new...