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FCA fines TSB £10.9m for failing to properly support customers in financial difficulty, with inadequate systems and controls that led to unaffordable repayment plans and inappropriate fees

October 10, 2024

TSB Bank has been fined £10.9 million by the FCA for failing to properly support customers in financial difficulty, with inadequate systems and controls that led to unaffordable repayment plans and inappropriate fees. Despite identifying issues in 2016 effective action wasn’t taken until 2020 FCA-ordered review which revealed the extent of the failings. TSB has since paid £99.9 million in redress and implemented a £105 million program…

The Betting and Gaming Council (BGC) launches its first International Best Practice Guide, a vital new resource for online gaming operators and policymakers around the world

October 9, 2024

The guide, commissioned by the BGC and compiled by leading professional services firm Alvarez and Marsal (A&M), sets out core objectives for policymakers, and the different approaches jurisdictions take to achieve them. Drawing on lessons from around the world, it then highlights the benefits and disadvantages of those varying regulatory choices. Please request a copy, email Pierre.Tournier@BettingandGamingCouncil.com...

UK and 38 countries unite with international cyber insurance bodies at the Counter Ransomware Initiative 2024 to endorse new guidance supporting organisations experiencing ransomware attacks

October 6, 2024

The guidance will encourage organisations to carefully consider their options instead of rushing to make payments to cyber criminals in an attempt to stop disruption and data loss. It makes clear that paying a ransom will often only embolden these criminals to target other victims, and there is no guarantee of data retrieval, malware removal or the end of a ransomware attack…

NCA profiles Russian cybercrime group, Evil Corp, in new briefing

October 2, 2024

Evil Corp has developed a series of malware and ransomware strains which have caused significant harm to numerous organisations and sectors, including healthcare,
critical national infrastructure and government.

FCA consults on proposals to make safeguarding rules stronger and clearer for payment and e-money firms

October 1, 2024

Firms have until December 17, 2024, to provide feedback on these proposals. The FCA proposes a new framework where funds and assets are held in trust for consumers, similar to the client assets (CASS) regime, to minimize risks associated with the current safeguarding practices. The changes are designed to make safeguarding practices clearer and more robust…

JMLSG publishes revisions to Part II Sector 18 (Wholesale markets)

September 30, 2024

This sectoral guidance considers specific issues over and above the more general guidance set out in Part 1, Chapters 4, 5, and 7, which firms operating in the wholesale markets may want to take into account when considering applying a risk-based approach

FCA delivers speech at the AFME Annual European Compliance and Legal Conference on the FCA’s evolving enforcement strategy, emphasising the need for faster, targeted investigations to combat financial crime and provide timely market alerts

September 28, 2024

The FCA is improving its processes and embracing innovation, intervening earlier, acting faster and with more focus. The FCA is taking a targeted, outcomes-based approach, enabling a fair and thriving financial services sector for the good of consumers and the economy…

OPBAS 5th Report highlights the urgent need for reform in AML oversight within the UK legal and accountancy sector

September 25, 2024

While most Professional Body Supervisors (PBSs) are compliant with AML regulations, the effectiveness of their supervisory practices is inconsistent. The report highlights deficiencies in risk-based approaches, with many PBSs only applying these measures to high-risk populations, neglecting medium- and low-risk groups…

UK Govt warns of a rise in “smishing” scams targeting students with fraudulent text messages requesting personal and banking information related to student loans

September 18, 2024

Scammers target students at this time of year as they receive their first maintenance loan payment. SLC is expecting to pay £2bn to students over the autumn term and last year it stopped £2.9m of maintenance loan payments being taken by smishing and phishing scams, where students received and acted on false communications…

UK Govt launches Office of Trade Sanctions Implementation (OTSI) to enforce UK trade sanctions, whose powers come into effect on 10 Oct 2024

September 16, 2024

The OTSI will be responsible for the enforcement of UK trade sanctions, ensuring compliance with UK laws on financial, commercial, and trade-related restrictions. The OTSI will work closely with international counterparts to ensure the UK’s sanction policies align with broader global measures, particularly post-Brexit…

FCA consults on proposals for tackling authorised push payment (APP) fraud, focusing on enabling a risk-based approach to payment processing

September 16, 2024

The UK has seen a significant increase in authorised push payment (APP) fraud. This is where someone is deceived into authorising a payment either: (i) to an account that they think belongs to a legitimate payee but is actually controlled by a fraudster, or (ii) for something they believed was legitimate but is actually fraudulent

National Economic Crime Centre (NECC) releases its first Annual report for 2023/24, focusing on its efforts to combat ML, fraud, and other financial crimes

September 13, 2024

The report identifies the ability to share and leverage data with banks and other key private sector counterparts as a key determinant of future success. It cites existing partnerships with crypto analysis specialists that are starting to uncover many previously hidden leads as evidence of the opportunity in this area…

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