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☆ UK watchdog intervenes again in 'buy-now-pay-later' as users rise
▼ + stars: | 2023-10-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. Companies that offer "buy-now-pay-later" (BNPL) unsecured loans are not regulated by the FCA, though it has used Britain's consumer rights law to make contracts fairer. The watchdog said its latest Financial Lives survey showed that 27% of UK adults or about 14 million people, have used BNPL at least once in the six months to January 2023, up from 17% in the 12 months to May 2022. BNPL is offered over a short period to shoppers who buy to clothes or other retail goods. Frequent users were more likely to be in financial difficulty and to have missed a payment of a bill or credit commitment, the FCA said.

Persons: Toby Melville, Clearpay, Sheldon Mills, Huw Jones, Tomasz Janowski Organizations: FCA, Financial, Authority, REUTERS, Bank of, PayPal, QVC, Thomson Locations: London, Britain, Bank of England

☆ Britain to push ahead with rules for cryptoassets
▼ + stars: | 2023-10-30 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 30 (Reuters) - Britain said on Monday it would legislate to implement its first set of rules to regulate the crypto sector, requiring market participants to be authorised before they can offer services to consumers. The European Union has already approved the world's first set of comprehensive rules for cryptoasset markets, which are already attracting crypto firms to set up base in the bloc. Britain's finance ministry said it would move ahead as proposed in a February public consultation, requiring firms undertaking cryptoasset activities to be authorised by the Financial Conduct Authority. The rules focus on cryptoassets, such as bitcoin, and the underlying distributed ledger technology (DLT) or blockchain that underpins the sector. Crypto firms currently face only requirements to have safeguards against money laundering.

Persons: Dado Ruvic, bitcoin, Crypto, Huw Jones, Andrew Cawthorne, Peter Graff Organizations: REUTERS, European Union, Financial, Authority, Thomson Locations: Britain, United States

☆ NatWest admits 'serious failings' in Nigel Farage incident; shares slide after earnings
▼ + stars: | 2023-10-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The logo of NatWest, a retail unit of RBS, outside a bank branch in London, U.K., on Tuesday, June 26, 2012. Simon Dawson | Bloomberg | Getty ImagesTrading in NatWest shares was briefly suspended on Friday morning as the stock slid after a combination of lacklustre earnings and regulators flagging possible rule-breaking in a highly mediatized case. NatWest CEO Alison Rose then admitted to discussing Farage's bank account with a BBC reporter, supplying information that was used in a story and later proved to be inaccurate. Alison Rose, NatWest chief executive, (right) departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt. NatWest Group Chairman Howard Davies said the report "sets out a number of serious failings in the treatment of Mr Farage."

Persons: Simon Dawson, Coutts, Nigel Farage, Farage, Alison Rose, Chancellor Jeremy Hunt, James Manning, Howard Davies, Mr Farage, Davies Organizations: NatWest, RBS, Bloomberg, Getty, Trading, Authority, NatWest Group, BBC Locations: London

A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. The bank's shares fell as much as 18% in early trading before closing down 12% - their largest daily drop since the Brexit vote in June, 2016. Farage said in a statement on Friday that he viewed the report as a "whitewash" and its findings "laughable". She added that the review showed she did not leak detailed financial information and had been unaware of "deeply unpleasant and unfair" internal staff comments made about Farage. A NatWest document unearthed by Farage in July found that an internal committee had deemed his views did not align with the bank's own.

Persons: Phil Noble, Nigel Farage, Coutts, Farage, Alison Rose, Travers Smith, Howard Davies, Rose, Mr Farage, Davies, Paul Thwaite, Rick Haythornthwaite, Iain Withers, Lawrence White, Samuel Indyk, Jason Neely, Sharon Singleton, Kirsten Donovan Organizations: NatWest, REUTERS, Financial Conduct Authority, Barclays, Rival, Lloyds, Thomson Locations: Manchester, Britain

☆ European stocks mixed as investors assess global data, earnings; NatWest down 12%
▼ + stars: | 2023-10-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

European stocks had a mixed open Friday, with earnings and the state of the global economy keeping sentiment on edge. NatWest plunged as much as 17% near the open before trading around 12% lower on the prior session. Earnings on Friday are set to come from U.K. bank NatWest , airline group Air France-KLM and retailer H&M. Investors also remain focused on central bank messaging on "higher for longer" rates and economic indicators as bond yields remain elevated. The European Central Bank on Thursday held interest rates steady after an unprecedented run of 10 hikes.

Persons: Alison Rose, Christine Lagarde, Lagarde Organizations: NatWest, Authority, Deutsche Bank, Barclays, Air France, KLM, Investors, European Central Bank, CNBC, Federal Locations: Asia, Pacific, China

☆ Morning Bid: Amazon and goldilocks ride to the rescue
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +6 min

Unlike the reaction to similarly decent results from some of its Big Tech peers this week, shares in the online retail giant Amazon climbed 5% after hours. And both Nasdaq and S&P500 futures were set to bounce into the weekend later after the cash markets closed at their lowest since May. With nominal U.S. growth running at close to 8%, depending on which inflation gauge you use, the heat is impressive. And even the racy headline GDP growth rate was below many assumptions of a 5%-plus print. That bond relief has perhaps flattered the overnight stocks bounce - although on aggregate the earnings season is pretty decent too.

Persons: Brendan McDermid, Mike Dolan, megacaps, Wang Yi, crumb, Sanofi, TRowe Price, Stanley Black, Decker, CBRE, Christine Lagarde, Jane Merriman Organizations: Chevron Corp, Hess Corp, New York Stock Exchange, REUTERS, Amazon, Big Tech, Nasdaq, Treasury, Federal Reserve, Fed, Big, Exxon Mobil, Chevron, Apple, of Japan, European Central Bank, Britain's NatWest, Financial, Authority, University of Michigan, Colgate, Palmolive, Xcel Energy, Charter Communications, Phillips, Central Bank, European Union Summit, Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, United States, China, Syria, Europe, Dallas, Abbvie, LyondellBasell, Brussels

☆ UK watchdog finds potential NatWest 'regulatory breaches' in Farage fiasco
▼ + stars: | 2023-10-27 | by ( Iain Withers | ) www.reuters.com time to read: +1 min

[1/2] Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - British watchdog the Financial Conduct Authority said on Friday that it had identified potential "regulatory breaches" in NatWest's handling of a decision to close former Brexit party leader Nigel Farage's accounts. NatWest said it would disclose a decision on whether to dock its former CEO Alison Rose's pay over the matter "as soon as possible". "This report, and additional information we have considered, has highlighted potential regulatory breaches and a number of areas for improvement," the FCA said in a statement, adding it was reviewing the firm's governance, systems and controls. Reporting by Carolyn Cohn and Iain Withers, editing by Lawrence WhiteOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Nigel Farage's, Farage, Alison Rose's, Travers Smith, Alison Rose, Carolyn Cohn, Iain Withers, Lawrence White Organizations: FCA, Financial, Authority, REUTERS, British, NatWest, Thomson Locations: London, Britain

☆ With China playing catchup with the U.S., these 3 charts show the top countries for fintech in 2023
▼ + stars: | 2023-10-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

UK has second-biggest number of top fintech firmsThe U.S. was home to 65 of the top fintech companies, according to CNBC's list of world's top 200 fintech companies. In the U.S., some of the top global fintech companies on Statista's list include names like Stripe, PayPal and Intuit . Stateside, meanwhile, the largest fintech unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion). Other leading ecosystems for fintech unicorns include India, on 17 unicorns, and China, on eight. Standing in 8th place is Mexico, with five fintech unicorns, Singapore, also with five, and the Netherlands, which has four in total.

Persons: Ed Jones, Starling, Tencent, Statista, Andreessen Horowitz, Wise, Vlad Tenev, Group's, —, Nick Parmenter Organizations: AFP, Getty, CNBC, Statista, Ant Group, Plaid, Visa, Mastercard, European Union, Apple, Google, Sequoia Capital, PayPal, Intuit, Financial, Authority, Consumers Locations: U.S, Beijing, China, Silicon, Europe, Ukraine, Covid, India, France, Brazil, Germany, Mexico, Singapore, Netherlands, Statista

☆ Crypto firms failing to spell out risks, says UK watchdog
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 25 (Reuters) - Britain's financial watchdog said on Wednesday that firms marketing cryptoassets are failing to highlight risks properly to consumers, such as by publishing warnings that are too hard to read. "We expect authorised firms approving the financial promotions of cryptoasset firms to take their regulatory obligations seriously," the FCA said in a statement. "Where this is not happening, we will take action and have already placed restrictions on an authorised firm to restrict it from approving cryptoasset financial promotions." The FCA said on Oct. 10 it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other cryptoasset firms.

Persons: Toby Melville, cryptoassets, Huw Jones, David Evans, Jason Neely Organizations: FCA, Financial, Authority, REUTERS, Thomson Locations: London, Britain

A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. Barclays shares fell nearly 7% in early trading, while shares in rivals Lloyds (LLOY.L) and NatWest (NWG.L) each dipped around 3%. SLUGGISH INVESTMENT BANKThe lender reported pre-tax profit for the July-September period of 1.9 billion pounds ($2.33 billion) on Tuesday, down from 2 billion pounds a year ago but above a consensus analyst forecast of 1.77 billion pounds. Barclays reported a 6% drop in income at its investment bank for the quarter, following a similarly downbeat performance at the half-year results update in July. ($1 = 0.8151 pounds)Reporting By Lawrence White and Iain Withers; Editing by Kirsten Donovan and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, Venkatakrishnan, Goldman Sachs, Morgan Stanley's, Venkat, Matt Britzman, Hargreaves Lansdown, Jes Staley, Jeffrey Epstein, Staley, Lawrence White, Iain Withers, Kirsten Donovan, Emelia Organizations: Barclays Bank, REUTERS, Barclays, Lloyds, NatWest, JPMorgan, Reuters, Banking, Jefferies, Revenue, Bank of America, Financial, Authority, Thomson Locations: London, Britain

☆ Britain scraps cap on banker bonuses inherited from EU
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

A general view of the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Oct 24 (Reuters) - Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. The BoE and Financial Conduct Authority proposed scrapping the cap in a public consultation earlier this year, and its abolition was confirmed in final policy published on Tuesday. The TUC confederation of labour unions said the decision to scrap the bonus cap was "obscene". Law firm Linklaters said scrapping the cap puts Britain back into line with the rest of the world, apart from the EU, but it would continue to apply to staff working at EU banks in London who are regulated under the bloc's rules.

Persons: Hollie Adams, BoE, Suzanne Horne, Paul Hastings, Paul Nowak, Linklaters, David Milliken, Iain Withers, Barbara Lewis, Mark Potter, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, European Union, Financial, Authority, London, Finance, TUC, Britain, Thomson Locations: City, City of London, Britain, EU, London, New York, United States, Asia

☆ Everton Sale Stalls Amid Questions About Buyer’s Financials
▼ + stars: | 2023-10-18 | by ( Tariq Panja | More About Tariq Panja | ) www.nytimes.com time to read: +1 min

The proposed sale of the Premier League soccer team Everton F.C. to a Miami-based holding company has stalled because the firm, 777 Partners, has failed to provide audited financial statements to a British government regulator that must approve the deal. The regulator, the Financial Conduct Authority, delivered its request to 777 Partners this month, according to multiple people with direct knowledge of the approval process, who spoke on the condition of anonymity because they were not authorized to discuss it publicly. If the company does not provide the requested financials or an acceptable explanation, its proposed takeover of Everton — a deal involving hundreds of millions of dollars in assumed debt and a coveted place in the world’s richest soccer league — could fall apart. The missing documents are the most significant complication to date in the effort by 777 Partners to add Everton to the collection of high-profile but financially troubled teams it has acquired over the past two years.

Persons: Everton — Organizations: Premier League soccer, Everton F.C, Financial, Authority, Partners, Everton Locations: Miami, British

☆ WhatsApp clampdown highlights video call compliance threat for finance firms
▼ + stars: | 2023-10-18 | by ( Sinead Cruise | ) www.reuters.com time to read: +7 min

Video calls are broadly considered proxies for face-to-face meetings and therefore are currently subject to little or no formal record-keeping obligations. At least two major global banks are now recording Zoom calls, said sources with knowledge of the matter, who declined to be named because the information is not public. One bank is recording Zoom calls undertaken by certain staff, including traders, while the other is recording all Zoom calls so content can be reviewed later if needed. FINRA declined to comment on how many firms were subject to the rule or whether the rule also extended to video calls. Video calls pose "unique risks" and technology needed to efficiently screen video calls is not widely used, said Matt Smith, CEO of communications surveillance firm SteelEye.

Persons: Dado Ruvic, Brad Levy, Morgan, Goldman Sachs, Matthew Nunan, Gibson, Dunn, Morgan Stanley, Sarah Pritchard, Claire Garrett, Michael Watling, Seward, FINRA, Matt Smith, Ryan, Yonk, Symphony's Levy, Chris Prentice, Michelle Price, Huw Jones, Sharon Singleton Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Finance, Reuters, U.S, EMEA, Microsoft, Britain's, Authority, HSBC, Bloomberg, U.S . Financial Industry Regulatory Authority, Employees, American Institute for Economic Research, Washington D.C, Thomson Locations: Marsh, U.S, New York, Washington, London

☆ Crypto exchange Binance to stop accepting new users in UK
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 16 (Reuters) - Cryptocurrency exchange Binance said on Monday it will stop accepting new customers in the United Kingdom, in compliance with new regulation restricting promotions from overseas digital asset firms in the country. The Financial Conduct Authority's (FCA) new rules around cryptoasset promotions came into effect on Oct. 8. Last week, Britain's financial regulator said it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms, days after Binance announced it had partnered with the company. The FCA in its decision notice had said unregistered cryptoasset firms must not promote cryptoassets to UK consumers unless they have an authorized company to approve the promotions. "We are working closely with the FCA ... are looking to find another suitable FCA-authorised firm to approve our financial promotions as soon as possible," Binance said.

Persons: Dado Ruvic, Binance, Manya Saini, Devika Organizations: REUTERS, FCA, Thomson Locations: United Kingdom, Bengaluru

☆ St James’s Place adds extra twist to wealth pain
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 13 (Reuters Breakingviews) - St James’s Place (SJP.L) is in a tricky spot. Wealth managers around the world are finding it harder to justify their fees as interest rates in countries like the UK have topped 5%. Friday’s 16% drop in the 4 billion pound UK wealth manager’s shares reflects its problematic twist on that trend. The UK firm is under pressure from regulators to overhaul its fee structure to comply with new rules brought in by the Financial Conduct Authority. SJP, run by CEO Andrew Croft, has been facing intense scrutiny due to its complex fee structure and stiff penalties for clients who look to withdraw their cash.

Persons: Andrew Croft, SJP, Aimee Donnellan, George Hay, Oliver Taslic Organizations: Reuters, Financial, Authority, Reuters Graphics Reuters, X, Infosys, Ericsson, Thomson Locations: Europe

☆ UK watchdog fines Equifax $13.4 mln for role in cyber breach
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017. The FCA said the hackers could also access the personal data of 13.8 million UK consumers because the data was stored on company servers in the United States. Equifax Ltd had outsourced data such as names, dates of birth, Equifax membership login details, partially exposed credit card details and addresses. "Few companies have invested more time and resources than Equifax to ensure that consumers’ information is protected," Remon said. "There were known weaknesses in Equifax Inc’s data security systems and Equifax failed to take appropriate action in response to protect UK customer data," it said.

Persons: Tami Chappell, rater Equifax, Equifax, Patricio Remon, Remon, Huw Jones, David Evans, Mark Potter Organizations: Equifax Inc, REUTERS, Financial Conduct Authority, FCA, Equifax, Europe, Commissioner's, Thomson Locations: Atlanta , Georgia, U.S, United States, Equifax

☆ Former Barclays CEO Staley fined and banned by UK regulator over Epstein links
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Jes Staley, former CEO of Barclays, arrives at the offices of Boies Schiller Flexner LLP in New York on June 11, 2023. LONDON — Former Barclays CEO Jes Staley on Thursday was fined and banned from holding any position of influence in the U.K. financial services industry for misleading the regulator over his relationship with sex offender Jeffrey Epstein. "Mr Staley is an experienced industry professional and held a prominent position within financial services. Emails subsequently emerged in which Staley described Epstein as one of his "deepest" and "most cherished" friends, the FCA confirmed. Barclays' letter also claimed Staley had ceased contact with Epstein long before he joined the bank in December 2015.

Persons: Jes Staley, Boies Schiller Flexner, Jeffrey Epstein, Staley, Epstein, Therese Chambers, Mr Staley, Mr Epstein, Chambers Organizations: Barclays, LONDON, Financial, Authority, Staley, FCA, Barclays Board, Manhattan's Metropolitan Correctional Center Locations: New York, LONDON —, Manhattan's

☆ More work to do in tackling non-bank risks, says FSB's Knot
▼ + stars: | 2023-10-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Klaas Knot, chair of the Financial Stability Board, arrives for the G20 leaders' summit in Nusa Dua, Bali, Indonesia, November 15, 2022. "Why did we not see these pockets of hidden leverage? That, I think, is still the main target of our work in the NBFI space going forward," Knot said. "In general the massive change in the interest rate environment, so far so good, there has not been any systemic rippling of negative effects into the financial sector," Knot told the Institute of International Finance annual meeting. Meanwhile, AI could have tangible benefits and present some risks to the financial system, he said.

Persons: Klaas, Willy Kurniawan, Klaas Knot, Huw Jones, Alex Richardson, Alexander Smith, Jane Merriman Organizations: Board, REUTERS, UBS Group, Silicon Valley Bank, UBS, Swiss, Credit Suisse, European Central Bank, policymaker, Institute of International Finance, Bank of England, Authority, ECB, Thomson Locations: Nusa Dua, Bali, Indonesia, Silicon, Dutch

☆ Jes Staley: UK FCA bans former Barclays CEO for failing to disclose Epstein ties
▼ + stars: | 2023-10-12 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

Mr Staley failed to do this,” Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said in the statement. The FCA found that Staley “recklessly” approved a letter Barclays sent to the watchdog, which contained two misleading statements, the agency said. The letter, in response to an FCA request in August 2019, claimed that Staley did not have a close relationship with Epstein. “In reality, in emails between the two Mr Staley described Mr Epstein as one of his ‘deepest’ and ‘most cherished’ friends,’” the FCA said. The Barclays letter also claimed Staley had ceased contact with Epstein well before he joined the British bank in December 2015.

Persons: London CNN — James “ Jes ” Staley, Jeffrey Epstein, “, Mr Staley, ” Therese Chambers, Mr Epstein, ” Epstein, Staley “, ”, Staley, Epstein, ’ Organizations: London CNN, JPMorgan Chase, Barclays, Financial, Authority, Staley, FCA, British, JPMorgan Locations: New York

"In its response, Barclays relied on information supplied by Mr Staley. Mr Staley confirmed the letter was fair and accurate," the FCA said. "In reality, in emails between the two Mr Staley described Mr Epstein as one of his 'deepest' and 'most cherished' friends," it added. "The FCA has found that Mr Staley was aware of the risk that his association with Mr Epstein posed to his career," the watchdog added. "Mr Staley failed to do this.

Persons: Jes Staley, Jeffrey Epstein, Staley, Arnold, Porter, Epstein, Mr Staley, Mr Epstein, Therese Chambers, JP Morgan Chase JPM.N, JP Morgan, Huw Jones, Sinead Cruise, Kirstin Ridley, Iain Withers, Alexander Smith Organizations: Authority, Barclays, FCA, Bank of England, Barclays Board, U.S . Virgin, Thomson Locations: New York

"Mr Staley failed to do this. "In its response, Barclays relied on information supplied by Mr Staley. "In reality, in emails between the two Mr Staley described Mr Epstein as one of his 'deepest' and 'most cherished' friends," it added. "The FCA has found that Mr Staley was aware of the risk that his association with Mr Epstein posed to his career," it added. In an email titled 'Friendship' in October 2015, Staley wrote: "You never wavered in our friendship these last three years.

Persons: Jes Staley, Jeffrey Epstein, Mr Staley, Epstein, Staley, Arnold, Porter, Mr Epstein, Therese Chambers, JP Morgan Chase JPM.N, JP Morgan, Huw Jones, Sinead Cruise, Kirstin Ridley, Iain Withers, Alexander Smith Organizations: Ex, Barclays, Authority, FCA, Barclays Board, U.S . Virgin, Thomson Locations: New York

But in email messages, Staley described Epstein as one of his “deepest” and “most cherished” friends, according to the regulator. The FCA’s decision is provisional and Staley, who has previously said he “deeply regrets” his relationship with Epstein, can appeal at an ensuing tribunal. Barclays said that following the FCA’s decision, Staley was ineligible for, or would forfeit, bonuses and share awards totaling 17.8 million pounds (21.9 million). Staley has said that he had no contact with Epstein once he joined Barclays in December 2015. JP Morgan also reached a confidential settlement with Staley, who it had sued for allegedly concealing his personal activities with Epstein from the bank.

Persons: Jes Staley, Jeffrey Epstein, Staley, “, Epstein, JP Morgan, ”, Therese Chambers, “ Staley, Chambers, Staley’s, JP Morgan Chase Organizations: —, Barclays Bank, Authority, Barclays, FCA, JP, U.S . Virgin Locations: U.S, Caribbean

☆ UK financial watchdog censures insolvent London Capital & Finance
▼ + stars: | 2023-10-11 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsCompanies Neo London Capital AD FollowLONDON, Oct 11 (Reuters) - Britain's Financial Conduct Authority (FCA) said on Wednesday it had censured London Capital & Finance (LCF) for "unfair and misleading" promotions of minibonds, but there is no financial penalty as the firm is insolvent. LCF, which was licensed by the FCA, "may have knowingly participated in the defrauding" of bondholders, the watchdog said. "The FCA does not consider it appropriate to impose a financial penalty on the firm as it is insolvent and in administration. In 2020, the watchdog banned the mass-marketing of speculative illiquid securities, including speculative minibonds, to retail investors.

Persons: Toby Melville, Therese Chambers, Elizabeth Gloster, Huw Jones, Alison Williams, Mark Potter Organizations: FCA, Financial, Authority, REUTERS, Neo, London Capital & Finance, Thomson Locations: London, Britain, Neo London, LCF

[1/2] Chairman Anthony Thomson (L) and Vice Chairman Vernon Hill pose with a dog outside the first branch of Metro Bank in Holborn in central London July 29, 2010. Metro declined to comment on Tuesday. A Starling spokesperson said the lender was making inroads into the big banks' market dominance. Metro is not the only smaller bank to have faced problems. One option is for smaller banks to gain scale through mergers and acquisitions.

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Jaime Gilinski, Dorita, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Alexander Smith Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, Starling, Metro, Colombian

Signage for the Financial Conduct Authority (FCA), the Britain's financial regulatory body, is seen at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 10 (Reuters) - Britain's financial regulator on Tuesday said it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms, days after Binance announced it had partnered with the company. A Binance spokesperson via email on Tuesday said that the company had invested "an enormous amount of time and resources" in ensuring that it is compliant with the Financial Conduct Authority's rules. "We shared our agreement with Rebuildingsociety.com with the FCA on Oct. 2, almost a full week before the requirements of the updated Financial Promotions Regime came into effect," the Binance spokesperson said. Under the FCA's rules, a firm it has authorised can approve promotions of companies it does not regulate, a system that is being tightened from February by the watchdog.

Persons: Toby Melville, Binance, Elizabeth Howcroft, Huw Jones, Mark Porter Organizations: Financial, Authority, REUTERS, FCA, Rebuildingsociety.com, Thomson Locations: London, Britain, cryptoassets, Leeds, UK

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