Category: Statements

The FCA welcomes the statements made today by The Pensions Regulator, the Central Bank of Ireland, and the Commission de Surveillance du Secteur Financier (CSSF- Luxembourg) on the resilience of Liability Driven Investment (LDI) portfolios and the operational governance of pensions schemes using Liability Driven Investment strategies. Since the events that occurred in the gilt...

We have published an update on our operating service metrics for authorization timelines. Our Authorisations Division is the first point of contact for firms and individuals wanting to carry out regulated activities or be registered by us. We operate a robust gateway to protect consumers and the integrity of markets but also recognize the importance...

The joint administrators have written to consumers explaining the steps they are taking in the administration, and further information is provided on their website. On Wednesday 23 November, a communication was sent to members of the pension schemes – administered by Hartley – by Tony Flanagan, a director of Hartley, and the director of the...

he trial date for Aidan Earley, Douglas Ware, Richard Spurway, Allan Biggar, and Wulstan Earley has been set for 2 September 2024. The trial is expected to last around 4 months. The FCA launched a criminal investigation into market abuse and market manipulation in April 2016, following the suspension of Worthington Group plc’s shares from...

We have recently received information about a small number of firms not including all fees and charges in their defined benefit pension advice redress calculations, in line with current guidance FG17/9. The information suggests these firms are not considering ongoing fund costs and/or fully allowing for ongoing adviser charges in redress calculations. Some of these...

The FCA has made it clear it expects Amigo to lend in a way which delivers good consumer outcomes. The FCA recognises the significant programme of change the firm is undertaking to deliver improvements to the way in which its business operates. The lending pilot will enable the firm to test its updated approach, policies...

We previously required ICE Benchmark Administration (IBA), the administrator of LIBOR, to continue publication of the 1-, 3- and 6-month sterling and yen LIBOR settings for an additional year after end-2021, using a synthetic methodology. This was to help mitigate the risk of widespread disruption to legacy LIBOR contracts which had not transitioned by end-2021...

The upheld or partially upheld allegations relate to the timeliness and accuracy of updates made to the Register, the reauthorization of the firm just prior to its collapse in 2018, and concerns over how information was handled and not actioned. The issues identified relate to events that happened several years ago, which the FCA’s wider...

When introducing the Investment Firm Prudential Regime (IFPR) in January 2022, we renamed and moved the definition of ‘Significant IFPRU firm’ used as one of the criteria for identifying Enhanced Firms under the Senior Managers & Certification Regime (SM&CR). This was to retain the definition in our rules following the deletion of the IFPRU sourcebook....

On 29 July 2022 at Southwark Crown Court, Mr. Larry Barreto pleaded guilty to two counts of carrying on regulated activities without authorization. The charges relate to advice provided and arrangements made regarding a series of regulated mortgage contracts between June 2014 and March 2018. Mr. Barreto is an unauthorized and prohibited person and as...