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Bank of London Under Regulatory Scrutiny as Auditor Highlights Future Uncertainties
The Bank of London, recently acquired by the Fellesskap Group & Holdings, is under investigation by the Prudential Regulation Authority (PRA) for historical issues. Auditors from EY have raised concerns about the bank’s financial stability, indicating material uncertainties that could affect its operations. Despite signing over 4,500 businesses and securing £500 million in deposits since its 2021 launch, the bank has faced challenges including a winding-up order from tax authorities and the resignation of CEO Anthony Watson. To address its financial difficulties, it secured £60 million in new capital, leading to a revised ownership structure and new board appointments.
UK MPs Launch Fresh Assault on FCA: Accountability and Reform in Focus
The All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Finance has submitted a report to Parliament addressing serious concerns about investment fraud and regulatory practices, based on feedback from 175 individuals, including whistleblowers and scam victims. The Financial Conduct Authority (FCA) defended its actions against criticism but faced backlash from parliamentarians. New supplementary reports on recent investment scandals are forthcoming, highlighting ongoing issues. APPG co-chairmen expressed concerns over the FCA’s disproportionate engagement with industry over consumer organizations, suggesting a need for an independent consumer protection entity. The situation calls for critical reforms in financial regulation and consumer protection.
Unlocking the Future: NextGen Nordics 2025 Agenda on DORA, VoP, CBDC, Instant Payments, Fraud Prevention, and Generative AI
NextGen Nordics 2025 is a key conference addressing challenges and opportunities in the payments sector, focusing on evolving regulations and technology. Key topics include the Digital Operational Resilience Act (DORA), EU Instant Payment Regulation, payment fraud reduction, and the potential of Central Bank Digital Currency (CBDC). The event will feature expert panels discussing fraud prevention, Generative AI in payments, and the fintech role in the Nordic ecosystem. It offers networking opportunities for stakeholders in software, IT services, and banking. Sponsorship options are available for brands seeking visibility. Register now to participate in this pivotal event.
Infinox Faces First MiFiR Transaction Reporting Fine: What You Need to Know
Infinox Capital was fined £99,200 by the Financial Conduct Authority (FCA) for failing to submit 46,053 transaction reports between October 2022 and March 2023, which are crucial for monitoring contracts for difference (CFDs). This breach raised concerns about potential market abuse and highlighted weaknesses in Infinox’s reporting systems. Despite identifying the issue after a third-party review, the company did not inform the FCA, which later found discrepancies in its data. This marks the first enforcement action under the UK Markets in Financial Instruments Regulation (MiFIR), emphasizing the necessity of compliance and accurate reporting in the financial sector.
Consumer Coalition Urges FCA to Halt Controversial Email Deletion Plans
In an open letter, stakeholders express strong concerns about the FCA’s upcoming email deletion policy, effective April 1. They argue it threatens accountability, impacting Freedom of Information requests, external reviews, and legal proceedings. Critics dispute the FCA’s claim that the policy won’t reduce transparency, highlighting risks of losing important communications needed for inquiries and litigation. Industry experts, including Aleksandra Maczynska and Anthony Stansfeld, stress that discarding emails could jeopardize evidence crucial for accountability. Andy Agathangelou calls for a pause to reassess the policy, warning it could damage the FCA’s regulatory credibility and reputation.
Robinhood Faces $45 Million Penalty for Major Regulatory Violations
Robinhood is facing scrutiny from the SEC over significant compliance violations that jeopardize investor protection and market integrity. The SEC identified several key failures, including inadequate investigation of suspicious transactions, poor customer protection measures, cybersecurity vulnerabilities, and recordkeeping violations. Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, emphasized the importance of compliance in safeguarding investors. Robinhood also faced criticism for inaccurate trading data and legal issues related to fractional share trading. As investigations continue, the company’s commitment to compliance will be closely monitored, urging investors to stay informed about potential impacts on their investments.