A sustainable approach to regulation which breaks the “regulate, de-regulate, repeat” cycle is critical, according to the Financial Conduct Authority’s acting chief executive Tracey McDermott. Speaking at the City Banquet at Mansion House yesterday evening (22 October), she said this will require regulators, firms and individuals alike to help change the way financial services operates. […]

Sesame, the UK’s largest network of financial advisers, has been fined £1.6m by the Financial Conduct Authority (FCA) for setting up a pay-to-play scheme that “undermined the ban on commission payments brought in by the Retail Distribution Review (RDR)”. The pay-to-play scheme meant the range of products recommended to Sesame clients under its restricted advice […]

The FCA has fined and banned two former directors of stockbroking and wealth management firm Pritchard Stockbrokers. Pritchard managing director David Gillespie has been fined £10,500 and finance director David Welsby has been fined £14,000 for serious failings relating to the protection of client money. They both provided evidence of serious financial hardship, and otherwise […]

Tracey McDermott, the Director of Enforcement and Financial Crime at the new Financial Conduct Authority (FCA), has made it plain that the new financial regulator means business. In a speech at the Thompson Reuters Compliance & Risk Summit on 18 June, she set out her vision for a new, improved regulator which will take a […]