News
Stay up to date with the latest news in fintech, crypto, and digital finance. Our News section delivers concise, insightful coverage of market developments, funding rounds, regulatory updates, and innovations shaping the financial technology landscape.
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Bitcoin and Crypto Market Rocked by $2bn Liquidations
Bitcoin and the cryptocurrency world experienced a significant blow recently. A chaotic 24-hour period saw nearly $2 billion worth of liquidations. This data, sourced from Coinglass and others, reveals an unexpected downturn in the crypto trading ecosystem. These liquidations stemmed from traders being compelled to offload their positions. Bitcoin (BTC) longs took the hardest hit.…
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Mansfield Man Jailed for £1m Investment Fraud by FCA
John Burford, a Mansfield resident, received a two-year prison sentence for a £1 million investment fraud case. The Financial Conduct Authority (FCA) led the prosecution. From 2016 to 2021, Burford defrauded over 100 investors, amassing £1 million through fraudulent activities. Burford operated his firm in a way that exploited unsuspecting investors. His deceit led to…
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FCA Probes LSEG’s Exclusive Access to LSE Data Centre
The Financial Conduct Authority (FCA) is investigating a possible competition issue. It involves the London Stock Exchange Group (LSEG) and the landlord of the LSE data centre building. The issue is about the provision of low latency connectivity services (LLCS) between certain trading venues. The FCA’s goal is to ensure equal access to the data…
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West Brothers Found Guilty of Insider Dealing by FCA
Matthew and Nikolas West, also known as the West brothers, are now guilty of insider dealing. The Financial Conduct Authority (FCA), Britain’s financial firms and markets regulator, led the prosecution. Consequently, the brothers face a sentence and a hefty fine of £280,000. Matthew West, the elder brother, received a 15-month prison sentence, suspended for two…
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FCA Launches £1m Drive to Educate Motor Finance Customers
The UK’s Financial Conduct Authority (FCA) has kicked off a £1 million campaign. The goal? To educate motor finance customers about a proposed industry-wide compensation scheme. The central message is simple: customers don’t need a claims management company (CMC) or law firm to use this scheme. The FCA’s initiative aims to dispel the common misconception…
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FCA Proposes Further Data Reporting Cuts for Retail Firms
The Financial Conduct Authority (FCA) plans to further reduce data reporting requirements. This proposal, expected to benefit approximately 11,000 retail intermediary firms, aims to lighten their load. At the same time, the FCA will still be able to effectively support them, understand consumer outcomes, and address any issues from retail intermediary activities. This move is…
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FCA and PSR Director Backs Simplified Payments Regulation
David Geale, FCA Executive Director of Payments and Digital Finance, and PSR Managing Director, has shared his views on the recent government consultation about payment systems regulation. Geale sees this consultation as a crucial next step towards streamlining and demystifying payments regulation. The government initiated the consultation to collect opinions on the future of payment…
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Mansfield’s John Burford Jailed for £1M Fintech Fraud
The Financial Conduct Authority (FCA) has successfully prosecuted John Burford of Mansfield, resulting in a two-year prison sentence. The charges revolve around a £1 million investment fraud case. From 2016 to 2021, Burford defrauded over 100 investors through his firm. The FCA is increasingly cracking down on fraud in the fintech sector, showing its dedication…
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FCA Probes LSEG Over Data Centre Rooftop Access Issue
The Financial Conduct Authority (FCA) is currently examining whether the London Stock Exchange Group (LSEG) and the landlord of the LSEG’s data centre building have obstructed competition. The investigation is focused on low latency connectivity services (LLCS) between specific trading venues. In the current situation, only LSEG has the privilege to utilise the rooftop of…
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FCA to Cut Data Reporting for 11,000 Retail Firms
The Financial Conduct Authority (FCA) plans to further cut data reporting requirements. This move is set to benefit around 11,000 retail intermediary firms. The FCA aims to simplify the administrative process, providing relief for these organisations. Retail intermediary firms currently submit the Retail Mediation Activities Return (RMAR) regularly. The RMAR serves as a vital tool…
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UK Government’s Payment Regulation Initiative Welcomed by FCA
Key figures in the financial sector have warmly received the UK Government’s initiative to simplify and clarify payments regulation. Today’s announcement of a future payment systems regulation consultation has earned the approval of David Geale, the Executive Director of Payments and Digital Finance at the Financial Conduct Authority (FCA), and the Managing Director at the…
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John Burford Gets Two-Year Sentence for £1m Investment Fraud
In a milestone ruling, John Burford received a two-year jail term for a £1 million investment fraud. The Financial Conduct Authority (FCA) prosecuted the case, the UK’s financial markets watchdog. This significant fraud case involved Burford, a Mansfield resident, who swindled over 100 investors out of £1 million from 2016 to 2021. This case adds…
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FCA Probes LSEG Over Rooftop Access for High-Speed Trading
The Financial Conduct Authority (FCA) is scrutinising the practices of the London Stock Exchange Group (LSEG) and the landlord of the LSE data centre building. The inquiry is centred around competition for low latency connectivity services (LLCS) between certain trading venues. The FCA is seeking views on its proposals to ensure fair access to the…
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FCA Convicts West Brothers in Insider Dealing Case
The Financial Conduct Authority (FCA) recently made a landmark ruling, convicting brothers Matthew and Nikolas West for insider dealing. This conviction led to a substantial £280,000 fine, further cementing the regulator’s commitment to combat financial crimes. British financier Matthew West received a 15-month suspended sentence, along with an order to complete 200 hours of unpaid…
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Monmouth Celebrates New Banking Hub on FCA Rules Anniversary
Monmouth, Wales residents rejoiced as a new banking hub opened its doors. This grand opening aligned with the first anniversary of the Financial Conduct Authority’s (FCA) ‘access to cash’ rules. These regulations mandate banks and building societies to evaluate the community impact before modifying cash services like closing an ATM or a branch. The goal…
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FCA Clears Wellesley & Co Limited After Investigation
The Financial Conduct Authority (FCA) has wrapped up its investigation into Wellesley & Co Limited (WCL). After finding no serious misconduct, they decided to take no further action. This marks the end of a scrutiny period that started in 2022 for WCL. Wellesley Finance Ltd (WFL), an unregulated entity linked with WCL, entering a Company…
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FCA Chief Economist Calls for Risk Rebalance in UK Finance
Recently, Kate Collyer, the chief economist at the Financial Conduct Authority (FCA), delivered a speech at Warwick Business School. Her topic, “Financial Regulation in Support of the UK’s Growth,” addressed a pressing issue for the UK finance sector. Over the past decade, productivity has remained stagnant, leading to lackluster economic growth since the financial crisis.…
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FCA Chief Economist Calls for Risk Rebalance in Finance
In a recent address at Warwick Business School, Kate Collyer, Financial Conduct Authority (FCA)‘s chief economist, discussed stagnant productivity in the financial sector. She underscored the importance of risk rebalancing to spur innovation and growth. Productivity in the financial sector has been stagnant for the past decade. Similarly, the UK’s economic growth has not met…