Fca news and trends

Starling Fined $38 Million for ‘Shockingly Lax’ Crime Controls
Bank Regulation // October 02, 2024

Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against the neobank Wednesday (Oct. 2), noting that it stemmed from problems first identified in 2021. The fine comes amid a...

FCA Wary of AI in Insurance; Harmonic Aims for Mathematical Breakthrough
Artificial Intelligence // September 26, 2024

Artificial intelligence is transforming the financial sector, with regulators highlighting potential “uninsurable” risks while innovative applications emerge in small business money management and mathematical problem-solving. As the United Kingdom’s Financial Conduct Authority (FCA) urges caution, China’s MYbank uses AI to boost small business financial planning,...

UK’s FCA Proposes That Payments Firms’ Client Assets Be Held on Trust
Regulation // September 25, 2024

The United Kingdom’s Financial Conduct Authority (FCA) proposed requiring payments and eMoney firms to participate in a client assets (CASS) system in which funds and assets are held on trust for consumers. Currently, these firms must safeguard funds, which means their customers can lose money...

As Bank Branches Shutter, UK Regulators Push New Cash ‘Access’ Rules
Cash // September 16, 2024

Cash may not be king in the digital age, but the dollars and the coins are still essential. Regulators and central banks, through new laws and research, have underscored the usefulness of financial institutions (FIs), merchants and other enterprises giving what we might term cash...

Interviews & Exclusives
Will Regulators’ Public Shaming Blunt Innovation?

June 05, 2024
The respective online “walls of shame” that U.S. and U.K. regulators have proposed to erect — spotlighting companies under various investigations — may have a chilling effect on competition and innovation. As has been reported in recent days, the Consumer Financial Protection Bureau (CFPB) issued a final rule to establish a registry of nonbank financial companies […]

UK Edges Closer to BNPL Regulation as Consultation Kicks Off

February 15, 2023
The U.K. has launched a long-awaited consultation aimed at regulating the BNPL sector. The eight-week consultation, which started Tuesday (Feb. 14) and was announced by the HM Treasury, comes two...

UK Regulators Turn to Anti-Fraud Jingle to Thwart Holiday Loan Scams

December 24, 2021
This Christmas, the U.K.’s Financial Conduct Authority (FCA) is taking the fight against fraud to a whole new musical level. Earlier this month, the financial watchdog announced in a statement...

A Merchant’s How-To For Managing The Contactless Payments Surge And SCA Requirements

June 29, 2020
The pandemic has drastically affected how consumers are shopping and paying for even routine purchases, and this in turn has altered how businesses are accepting their payments. The rise of...

Quick Reads
UK Government Aims to Provide More Protections to BNPL Users

October 17, 2024
The U.K. government said Thursday (Oct. 17) that it aims to provide buy now, pay later (BNPL) users with many of the protections provided by other consumer credit products. It has launched a consultation on proposals to bring BNPL companies under the supervision of the Financial Conduct Authority (FCA) and apply the Consumer Credit Act, […]

Starling Fined $38 Million for ‘Shockingly Lax’ Crime Controls

October 02, 2024
Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against the neobank Wednesday (Oct. 2),...

UK’s FCA Proposes That Payments Firms’ Client Assets Be Held on Trust

September 25, 2024
The United Kingdom’s Financial Conduct Authority (FCA) proposed requiring payments and eMoney firms to participate in a client assets (CASS) system in which funds and assets are held on trust...

Unregistered Crypto ATMs Lead to Landmark UK Prosecution 

September 10, 2024
A British regulator has charged a London man for operating several unlicensed crypto ATMs. Olumide Osunkoya, 45, has been charged with a running series of unlicensed machines that let users...