Financial

With Christmas fast approaching, the FCA launches its latest ScamSmart campaign aimed at giving consumers the knowledge and tools to avoid loan fee fraud.

https://mondovisione.com/media-and-resources/news/uk-financial-conduct-authority-festive-shoppers-at-rising-risk-of-loan-fee-scam/

The Financial Services Compensation Scheme has declared an advice firm in default, months after one of its directors was jailed for fraud.

https://www.ftadviser.com/investments/2022/12/14/firm-in-default-after-adviser-jailed-for-1-6mn-ponzi-scheme/

A couple from Anglesey have been sentenced for their involvement in a multi-million-pound fraud of investors, which helped him and his wife lead a "lavish" lifestyle.

https://www.itv.com/news/wales/2022-12-16/anglesey-couple-sentenced-over-fraud-which-funded-lavish-lifestyle

A former Premier League footballer who used the names of stars including Rio Ferdinand to entice investors is facing jail after he was found guilty of an £8 million trading scam.

https://uk.style.yahoo.com/ex-charlton-athletic-footballer-richard-163109270.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

Three fund managers have been convicted of a large-scale fraud which resulted in losses of $8.45 million to the Libyan Sovereign Wealth Fund.

https://nationalcrimeagency.gov.uk/news/city-fund-managers-convicted-in-a-46m-fraud

In April, the FCA set out a new three-year strategy designed to improve outcomes for consumers and markets.

https://www.fca.org.uk/news/press-releases/highlights-fcas-approach-2022

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank plc (“TSB”) a total of £48,650,000 for operational risk management and governance failures, including management of outsourcing risks, relating to the bank’s IT upgrade programme. Technical failures in TSB’s IT system ultimately resulted in customers being unable to access banking services.

https://www.fca.org.uk/news/press-releases/tsb-fined-48m-operational-resilience-failings

A couple from Anglesey have been sentenced for their involvement in a multi-million-pound fraud of investors, which helped him and his wife lead a "lavish" lifestyle.

https://www.itv.com/news/wales/2022-12-16/anglesey-couple-sentenced-over-fraud-which-funded-lavish-lifestyle

A man from Lancashire has been arrested in an early morning raid as part of a regional investigation into fraud.

https://uk.news.yahoo.com/lancashire-man-arrested-fraud-money-112332704.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

The investigation and enforcement of potential sanctions violations by crypto exchanges is an area of focus in the US at present. The US Department of the Treasury’s Office of Foreign Assets Control’s (OFAC) recent settlement with Kraken, a global virtual currency exchange, is the most recent OFAC case demonstrating the risks for virtual currency platforms that process transactions without comprehensive sanctions controls. Kraken agreed to pay USD 362,158.70 to settle its potential civil liability for alleged breaches of the Iranian Transactions and Sanctions Regulations and also agreed to invest USD 100,000 in the implementation and improvement of its sanctions compliance controls. The indications are that this enforcement trend will develop across the UK and Europe in 2023, as regulators in both jurisdictions are looking to bring crypto exchanges generally more into the regulatory fold.

https://www.globalinvestigations.blog/cryptocurrency/increasing-us-enforcement-action-for-sanctions-violations-by-crypto-exchanges-likely-to-have-ripple-effect-in-uk-and-europe/