Financial

The Payment Systems Regulator’s (PSR) new fraud reimbursement scheme is “fundamentally flawed,” Chair of the Treasury Committee Harriet Baldwin has said.

https://www.cityam.com/regulators-fraud-reimbursement-scheme-is-fundamentally-flawed-top-mp-says/

PIMFA, the trade association for wealth management, investment services and the personal investment and financial advice industry, welcomes the news today (3 February 2023) that the Financial Conduct Authority (FCA) has blocked four times more misleading financial promotions in 2022 than a year earlier.

https://ifamagazine.com/article/pimfa-calls-for-financial-conduct-authority-to-have-greater-role-in-protecting-public-from-fraud/

Proactive Investors - Bitcoin is a hyped-up fraud. A pet rock. A waste of time.

https://uk.investing.com/news/cryptocurrency-news/bitcoin-is-a-hypedup-fraud-says-jpmorgan-head-jamie-dimon-2888268

Four people, including a man from Clayton-le-Moors, have been jailed following an investigation into a £20 million Bitcoin fraud.

https://uk.sports.yahoo.com/news/clayton-le-moors-man-dubbed-135831494.html

A man who convinced friends and family to invest millions of pounds in his Ponzi scheme to fund his own lifestyle has today been jailed.

https://www.thebusinessdesk.com/eastmidlands/news/2067225-castle-donington-man-jailed-for-running-multimillion-pound-investment-scheme

Recent fines issued to two banks by the Financial Conduct Authority (FCA) highlight the regulator’s continued focus on driving compliance with anti-money laundering (AML) requirements in UK financial services, an expert has said.

https://www.pinsentmasons.com/en-gb/out-law/news/fca-fines-aml-compliance

A British investor said to have lost £1m in the collapse of cryptocurrency trading platform FTX is among 13 people to have made fraud reports to UK police.

https://uk.style.yahoo.com/british-investor-lost-1m-ftx-120000663.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

A former Premier League footballer has been jailed for seven and a half years after 100 people invested £15mn in his “scam” investment scheme.

https://www.ftadviser.com/investments/2023/01/12/ex-premier-league-footballer-jailed-for-15mn-investment-scheme/

Regulator TheFCA published the final notice it has issued to Guaranty Trust Bank (UK) Ltd (GT Bank), fining it £7.6 million for failures in its anti-money laundering (AML) systems and controls

https://www.fca.org.uk/publication/final-notices/guaranty-trust-bank-uk-limited-2023.pdf

A man has been sentenced to three years and four months in prison after defrauding clients out of £1mn.

https://www.ftadviser.com/investments/2023/01/06/fraudster-jailed-for-three-years-over-ponzi-scheme/