Financial

The FCA welcomes today’s report by the National Audit Office - Regulating to protect consumers: Utilities, communications and financial services markets. The report provides a view of the challenges that regulators, including the FCA, face when measuring their performance and understanding what works well for consumers.

https://www.fca.org.uk/news/statements/fca-response-national-audit-office-report

Two companies involved in a £1.4 million fraudulent art investment have been closed after a brush with the law.

http://onwww.moneyinternational.com/investments/fine-art-scam-shut-by-courts-after-brush-with-the-law/

The Serious Fraud Office, working in conjunction with the Financial Conduct Authority, has opened an investigation into individuals associated with London Capital & Finance Plc.  On 4 March 2019, four individuals were arrested in the Kent and Sussex areas.  All four individuals have been released pending further investigation.

https://sfo.gov.uk/2019/03/18/sfo-opens-investigation-into-london-capital-finance-plc/

Financial firms could be ordered to pay up to £350,000 in compensation by a UK ombudsman in response to complaints raised about their acts or omissions from April this year.

https://www.out-law.com/en/articles/2019/March/fca-confirms-ombudsman-service-compensation-limit/?utm_source=Emerge&utm_medium=Email&utm_content=1e18aac7-f8a7-4f80-9a2d-765ce734e982

LONDON (Reuters) - A long-awaited probe into what Lloyds Banking Group executives knew about one of Britain’s worst ever banking frauds is now not likely to be completed until next year, a source with knowledge of the review said.

https://uk.reuters.com/article/uk-britain-lloyds-probe/inquiry-into-lloyds-handling-of-hbos-fraud-slips-to-2020-source-idUKKCN1QV29M

Huge penalty levied by the watchdog after a whistleblower sounded the alarm and the FCA launched an investigation which found firm failed to train staff to give suitable advice.

The UK's efforts to tackle money-laundering are "highly fragmented" and need greater focus, an influential committee of MPs has warned.

https://www.bbc.co.uk/news/business-47490567

The UK's Office of Financial Sanctions Implementation (OFSI) has imposed its first monetary penalty for a breach of financial sanctions using its civil enforcement powers

Revolut is facing a police probe over a money transfer, adding to the fast-growing fintech firm’s woes after a series of controversies.

https://www.aol.co.uk/news/2019/03/05/police-assessing-revolut-over-money-transfer-complaint/?a_dgi=aolshare_twitter&guccounter=1&guce_referrer_us=aHR0cHM6Ly90LmNvL3cyUGFvYTJCYW4_YW1wPTE&guce_referrer_cs=gXCLa3TQRaMRE5TMAkWNJw&guce_referrer=aHR0cHM6Ly93d3cuYW9sLmNvLnVrL25ld3MvMjAxOS8wMy8wNS9wb2xpY2UtYXNzZXNzaW5nLXJldm9sdXQtb3Zlci1tb25leS10cmFuc2Zlci1jb21wbGFpbnQvP2FfZGdpPWFvbHNoYXJlX3R3aXR0ZXI&guce_referrer_sig=AQAAAGUs4AML7_Dfhfw0slpBNIzGzomFWPABxpOAIbJwz7kPoDenm4TKPRRKTeBp8iNWo0ic2onTTWcyRybiw80uRSMN1a1s8rsnyitJZonbqKlDDisBslMr2FZokW5RegGEQFrMAjH3sDWDP707Yizl9BC9CxuQpwNmjgOufnC3HGnT

A day of action coordinated by the newly formed National Economic Crime Centre (NECC) will seek to freeze 95 bank accounts containing an estimated £3.6m.

http://nationalcrimeagency.gov.uk/news/news-listings/1573-multi-agency-day-of-action-to-freeze-95-bank-accounts-suspected-of-laundering-millions