Category: Press Releases

The FCA has published a consultation on standards for operators of pension dashboards, and set out requirements for providers of non-workplace pensions. Pension dashboards (CP22/25) will provide consumers with easier access to information about their pension savings. The FCA has set out its approach to supervision and enforcement for dashboard operators, including fees, regulatory reporting,...

Louise Whitestone, Thomas Seiler, and Gustavo Raitzin have referred their Decision Notices to the Upper Tribunal where they will each present their respective cases. The Upper Tribunal will then determine whether to dismiss the respective references or remit them to the FCA with a direction to reconsider and reach a decision in accordance with the...

As part of its consumer investment strategy, the FCA has set out new proposals to improve people’s access to financial advice so they can invest with confidence. The proposals will create a separate, simplified financial advice regime, making it cheaper and easier for firms to advise consumers about certain mainstream investments within stocks and shares...

The FCA has published final rules for a redress scheme for former members of the British Steel Pension Scheme (BSPS) who received unsuitable advice to transfer out. The FCA expects that over 1000 consumers will receive redress as a result. Firms will have to review the advice they gave and pay redress to those who...

Credit reference agencies (CRAs) build financial profiles of consumers which they sell to credit information users to inform lending and other decisions. The FCA wants to see a higher quality of credit information so that lending decisions better reflect people’s underlying financial circumstances. This should help make sure that consumers are not denied credit they...

Features include sending frequent notifications with the latest market news and providing consumers with in-app points, badges, and celebratory messages for making trades. The FCA has found that consumers using apps with these kinds of features were more likely to invest in products beyond their risk appetite. Alongside its warning to app operators, the FCA...

Mr. Prodhan was the senior manager at SBUK with responsibility for the establishment and maintenance of effective AML systems and controls. Between 7 June 2012 and 4 March 2014, Mr. Prodhan failed to take reasonable steps to assess and mitigate the AML risks arising from a culture of non-compliance among SBUK’s staff. He failed to...

The Financial Conduct Authority has banned Mr. Ashkan Zahedian from working in financial services following his conviction for serious, violent offenses, which took place while he was an approved individual. Mr. Zahedian was the sole director of an authorized consumer credit firm, Vast Cars Limited, and was approved by the FCA as a senior manager....