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Updated: 2 hours 47 min ago

FCA confirms recognition of the FX Global and UK Money Markets Codes

Wed, 06/26/2019 - 12:00
Following consultation feedback, the Financial Conduct Authority (FCA) is today confirming that it is recognising the following voluntary market codes of best practice under its codes recognition scheme: FX Global Code – maintained and updated by the Global Foreign Exchange Committee, this Code sets global principles of good practice standards in the foreign exchange (FX) market, promoting the integrity and effective functioning of the wholesale FX market. UK Money Markets Code (MM) – maintained and updated by the Money Markets Committee, this sets standards and best practice expected from participants in the deposit, repo and securities lending markets in the United Kingdom. Both these codes have been written and are owned by the industry and reflect their views of best practice. The FCA established its codes recognition scheme last year for recognising industry codes for unregulated financial markets and activities. The FX and MM Codes are the first codes to be recognised by the FCA.   Individuals subject to the Senior Managers and Certification Regime (SM&CR) need to meet the requirements for market conduct, for both regulated and unregulated activities.  Behaviour that is in line with an FCA recognised code, such as the FX and MM Codes, will tend to indicate a person subject to the SM&CR is meeting their obligation to observe ‘proper standards of market conduct’.  The FCA consulted on recognition of the codes in December 2018. The consultation responses all agreed that they met the recognition criteria and that the FCA should recognise both. The FCA’s SM&CR rules have not changed as a result of our code recognition scheme, nor has its powers or the circumstances in which it supervises or enforces its SM&CR rules. Firms and their Senior Managers, under the SM&CR, are expected to train, monitor and where necessary, discipline their staff in relation to the Individual Conduct Rules.  Following recognition, the FCA will not supervise firms or individuals directly against these codes in unregulated markets. The FCA’s role is to make sure that firms meet their governance and systems and control obligations, including under the SM&CR. The FCA expects firms and individuals to consider both the spirit and letter of code provisions to make sure they fully meet ‘proper standards of market conduct’.  For more information on the codes recognition process, please refer to the FCA’s recognised industry codes pages.

Solo Capitals

Wed, 06/26/2019 - 10:40
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Wagon Finance (clone of authorised firm)

Wed, 06/26/2019 - 10:29
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

ASCO Investment Services

Wed, 06/26/2019 - 09:33
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

31FX

Wed, 06/26/2019 - 09:31
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Black Trading Corp (clone of authorised firm)

Tue, 06/25/2019 - 15:56
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

Liberty Property Finance Limited (clone of authorised firm)

Tue, 06/25/2019 - 15:25
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

Chiba Bank UK (clone of authorised firm)

Tue, 06/25/2019 - 12:31
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

Belair House (clone of EEA authorised firm)

Tue, 06/25/2019 - 10:20
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

Joint statement on opportunistic strategies in the credit derivatives markets

Mon, 06/24/2019 - 16:00
The Financial Conduct Authority (FCA) today issues the following joint statement on opportunistic strategies in the credit derivative markets. The statement outlines our respective agencies concerns and the commencement of collaborative efforts to address these concerns.

FCA confirms next event for British Steel Pension Scheme Members

Fri, 06/21/2019 - 13:07
We have confirmed the second of our series of events for British Steel Pension Scheme Members (BSPS). These events are designed to provide information for members concerned about the advice they may have received when they transferred their pension out of the scheme.

FCA fines Bank of Scotland for failing to report suspicions of fraud at HBOS Reading

Fri, 06/21/2019 - 09:16
The Financial Conduct Authority (FCA) has today fined Bank of Scotland (BOS) £45,500,000 for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland.

Capital Finances

Thu, 06/20/2019 - 15:47
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Bad Credit Site (clone of authorised firm)

Thu, 06/20/2019 - 12:07
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

FXCM Germany (clone of authorised firm)

Thu, 06/20/2019 - 10:25
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

Cadwyn Capital (clone of authorised firm)

Thu, 06/20/2019 - 10:20
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

Independent reviews of Interest Rate Hedging Products and the Connaught Income Fund Series 1

Thu, 06/20/2019 - 10:01
The FCA has appointed Independent Reviewers for the lessons learned reviews commissioned by the FCA’s Board. One review will cover the redress scheme for Interest Rate Hedging Products and the other will cover the regulation of firms involved with the Connaught Income Fund Series 1.

JP Holdings LTD (clone)

Thu, 06/20/2019 - 09:04
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Lend Direct, Lend-Direct (clone of authorised firm)

Wed, 06/19/2019 - 14:50
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

CWG Markets (clone of authorised firm)

Wed, 06/19/2019 - 11:09
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

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