CySEc Chairman Updates on 2023's Regulatory Actions: AML/CFT, Fines, MicA
The Financial Conduct Authority (FCA) has released its Business Plan for the 2024-2025 financial year, outlining priorities such as consumer protection, long-term financial wellbeing, and improving UK wholesale markets. The FCA aims to become a world-class data-led regulator and has already taken action against misleading adverts and unauthorized firms. It has also collaborated with other regulators to address concerns about debt collection practices and strengthen consumer protection measures.
US-based brokerage firm Robinhood has finally launched its services in the UK after two previous failed attempts. However, it faced a setback as it had to remove margin trading services from its UK offerings shortly after the launch. Despite this, Robinhood continues to offer trading services for over 6,000 US-listed stocks to UK customers, with commission-free services and 5% interest on uninvested capital. Robinhood's entry into the UK market follows its successful disruption of the US retail brokerage industry with commission-free services. This launch coincided with the withdrawal of services by another US-based broker, Public.com, just eight months after its own UK launch.
Dr. George Theocharide, Chairman of CySEC, held a press conference highlighting the regulator's achievements. Notable updates include the implementation of MiCA in 2024, a 12% increase in supervised entities over four years, and over 700 AML/CFT inspections. CySEC also imposed €2.2 million in fines in 2023 and enforced corrective measures on 103 firms. They are actively preparing for MiCA's adoption and warned against the risks and lack of awareness surrounding crypto assets.
The Financial Conduct Authority (FCA) has issued a warning about a clone firm named Expert Solutions that impersonates the authorized entity Claims Solution UK Limited. The clone firm, operating under the website expert-solutions.net, uses false details to appear legitimate. Engaging with clone firms poses risks to consumers as they lack access to complaint resolution and financial protection. To safeguard against scams, individuals should only engage with FCA-authorized firms and verify registration on the Financial Services Register. The FCA has taken strong enforcement actions against misleading promotions and unauthorized firms, emphasizing consumer protection and market integrity.
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