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The UK’s Financial Conduct Authority (FCA) says it is now vetoingon the first tryOne in five companies has applied for approval, compared with one in 14 last year.
Nikhil Rathi, chief executive of the financial markets regulator, said this on Thursday. speech draft He gave birth Thursday at the Mayor’s City banquet held at the Mansion House.
Rathi made this clear while speaking about the efforts the regulator has taken to strengthen its mandate, including increasing staffing.
We are willing to take more legal risks, intervene early and test our strengths to the limit.
“This included the first criminal case against a bank for money laundering failures, securing tens of millions under consumer relief powers and imposing the first account forfeiture order.
Our gateways have become more robust as we learned lessons from independent reviews. One-fifth of businesses are now initially denied authorization, compared to one-fourteenth the year before. increase.”
Rathi said despite the FCA’s additional security and increased workload, the regulator has “substantially improved” its backlog and plans to improve this further by investing in automation technology. Added.
The FCA says the cost of living in the UK has been an issue due to the COVID-19 pandemic and the war between Russia and Ukraine. Recent global inflation has sent energy and food prices skyrocketing, raising the cost of living, including in the UK.
Additionally, a survey of 19,000 people conducted last week found more citizens expected to struggle in the coming months. We will be more vigilant than ever against predatory actors.
The FCA said it was “intervening at its fastest pace ever on problematic financial promotions, with eight times more interventions year-to-date than last year.”
In mid-October, the FCA announced it had ceased operations of 16 contracts for difference (CFD) operators.
The regulator said it has also imposed restrictions on 17 companies and seven individuals seeking local investment market licenses.
The regulator also revealed in its fourth consumer investment data review released last week that it has filed 432 regulatory lawsuits regarding possible cryptocurrency fraud or unregistered businesses in the UK.
The FCA says it has seen a 59% increase in inquiries about cryptocurrency fraud between April 1, 2021 and March 31, 2022.
Earlier this week, market regulators also began discussing how competition among big tech firms in the country’s financial sector will affect consumers.
The regulator, which has published a report examining the potential competitive impact of big tech companies on the UK payments, consumer finance, insurance and deposit-taking sectors, has until January 2023 to finalize responses on the subject. .
The UK’s Financial Conduct Authority (FCA) says it is now vetoingon the first tryOne in five companies has applied for approval, compared with one in 14 last year.
Nikhil Rathi, chief executive of the financial markets regulator, said this on Thursday. speech draft He gave birth Thursday at the Mayor’s City banquet held at the Mansion House.
Rathi made this clear while speaking about the efforts the regulator has taken to strengthen its mandate, including increasing staffing.
We are willing to take more legal risks, intervene early and test our strengths to the limit.
“This included the first criminal case against a bank for money laundering failures, securing tens of millions under consumer relief powers and imposing the first account forfeiture order.
Our gateways have become more robust as we learned lessons from independent reviews. One-fifth of businesses are now initially denied authorization, compared to one-fourteenth the year before. increase.”
Rathi said despite the FCA’s additional security and increased workload, the regulator has “substantially improved” its backlog and plans to improve this further by investing in automation technology. Added.
The FCA says the cost of living in the UK has become an issue due to the COVID-19 pandemic and the war between Russia and Ukraine. Recent global inflation has sent energy and food prices skyrocketing, raising the cost of living, including in the UK.
Additionally, a survey of 19,000 people conducted last week found more citizens expected to struggle in the coming months. We will be more vigilant than ever against predatory actors.
The FCA said it was “intervening at its fastest pace ever on problematic financial promotions, with eight times more interventions year-to-date than last year.”
In mid-October, the FCA announced it had ceased operations of 16 contract for difference (CFD) operators.
The regulator said it had also imposed restrictions on 17 companies and seven individuals seeking to license the local investment market.
The regulator also revealed in its fourth consumer investment data review released last week that it has filed 432 regulatory lawsuits regarding possible cryptocurrency fraud or unregistered businesses in the UK.
The FCA says it has seen a 59% increase in inquiries about cryptocurrency fraud between April 1, 2021 and March 31, 2022.
Earlier this week, market regulators also began discussing how competition among big tech firms in the country’s financial sector will affect consumers.
The regulator, which has published a report examining the potential competitive impact of big tech companies on the UK payments, consumer finance, insurance and deposit-taking sectors, has until January 2023 to finalize responses on the subject. .
