Financial

The FCA has commenced criminal proceedings against the 2 former directors of Collateral (UK) Ltd (Collateral), Peter Currie and Andrew Currie, who each face 2 charges under the Fraud Act 2006 and 1 charge under the Proceeds of Crime Act 2002.

 https://www.fca.org.uk/news/press-releases/criminal-proceedings-collateral-uk-ltd

FCA found ‘serious weaknesses’ in systems used to monitor for possible criminal activity in transactions

https://www.theguardian.com/business/2021/dec/17/hsbc-fined-64m-failures-anti-laundering-fca

A man who invested £100,000 in two hotel rooms of Northern Powerhouse Developments' Afan Valley Project in 2018 has said he has lost most of his retirement fund due to the company going bust.

https://www.thecaterer.com/news/northern-powerhouse-developments-investor-loses-100000-pension-fund

The LIBOR Critical Benchmarks Bill, which ministers hope will ensure a smooth transition away from panel bank LIBOR at the end of the year, has received royal assent.

https://www.pinsentmasons.com/out-law/news/uk-passes-libor-transition-legislation

CRYPTOCURRENCY investors are being urged to watch out amid a recent rise in fraud attempts relating to crypto.

https://www.express.co.uk/finance/personalfinance/1541246/cryptocurrency-crypto-fraud-scam-cope-money-UK-2021

On 22 December 2021, the PRA issued a final notice to Metro Bank plc fining it £5,376,000 for breaches of the PRA's fundamental rules during the period from 13 May 2016 to 23 January 2019

https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/regulatory-action/final-notice-from-pra-to-metro-bank.pdf

Consumer complaints outfit Which? has accused banks of treating authorised fraud victims unfairly, with some firms getting decisions over scams and reimbursement wrong in nearly nine in 10 cases.

https://www.finextra.com/newsarticle/39197/three-in-four-app-fraud-cases-rejected-by-banks-overturned-by-financial-ombudsman

SCOTTISH banks have been named and shamed amongst those most often found to be treating transfer scam victims unfairly in what has been described as "reimbursement lottery".

https://www.heraldscotland.com/news/homenews/19708145.scots-banks-named-shamed-nine-ten-fail-scam-victims/?ref=twtrec

Some major banks are getting decisions about certain customer scams and reimbursement wrong in around eight in 10 cases seen by the ombudsman, according to Which?.

https://uk.sports.yahoo.com/news/banks-getting-fraud-reimbursement-decisions-000100392.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr&guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvLw&guce_referrer_sig=AQAAAEeakPy27U1KFa8YGb4vG1NfJXXZl1Z5yvC06QV5UA6_DltFN4rtXcZR0kIGTsrJe2IiGIqnM83PVToZIaYZJEbFNfiCfkBQp_P-COwUOCM1Vddff4ZnCWqLZcUMLFJn7e3sYViddsdu7vKX9VQ917Icgyomv9bcFiq2zgdDIcZk

Google has offered the Financial Conduct Authority $3m (£2.19m) worth of ad credits to help fight online scams and pledged a further $2m (£1.46m) in credits to support industry scam awareness campaigns.

https://www.ftadviser.com/fca/2021/11/01/google-offers-fca-2m-advertising-credits-to-fight-scams/