The FCA Increases Action Against Misleading Financial Adverts LeapRate

February 10, 2025 BY Sam Boughedda

The FCA Increases Action Against Misleading Financial Adverts

The regulator has particularly focused on cryptoasset firms, debt solution providers, and claims management companies (CMCs). The FCA reported that 9,197 CMC promotions were withdrawn, many linked to housing disrepair and motor finance claims targeting vulnerable consumers. Additionally, the regulator said it has ramped up enforcement against "finfluencers," resulting in 20 people being interviewed under…

February 06, 2025 BY Sam Boughedda

Apex Clearing Corporation Fined $3.2m by FINRA

The fine follows an investigation by the firm into Apex’s handling of customer loans, disclosures, and supervisory systems between January 2019 and June 2023. According to FINRA, Apex entered into securities loans with certain customers without ensuring the loans were appropriate, as some customers did not receive loan fees for lending their shares. Furthermore, from…

January 24, 2025 BY Sam Boughedda

Berkshire Global Advisors Fined by FINRA for Supervisory Failures

FINRA said that Berkshire Global Advisors failed to establish and enforce adequate supervisory systems and written supervisory procedures (WSPs) for monitoring its associated persons outside brokerage accounts. FINRA found that from October 2019, Berkshire’s oversight of outside brokerage accounts was inadequate. The firm is said to have failed to implement effective processes to verify disclosures,…

January 24, 2025 BY Sam Boughedda

Firstmac Fined $8 Million for Breaching Design and Distribution Obligations

It marks the Australian Securities and Investments Commission’s (ASIC) first civil penalty action against a distributor for DDO breaches. ASIC explained in a press release that the case centred on Firstmac’s marketing of its High Livez investment product, a registered managed investment scheme, to 780 existing term deposit holders between October 2021 and September 2022. …

January 22, 2025 BY Sam Boughedda

UBS Financial Services Fined By FINRA for Inaccuracies in Transaction Information

The settlement, revealed in a Letter of Acceptance, Waiver, and Consent (AWC), arises from issues in UBS FSI’s reporting of “blue sheets” between December 2012 and September 2018. Blue sheets contain critical transaction details used by regulators to investigate potential market misconduct, including insider trading and market manipulation. FINRA said UBS FSI misreported or omitted…

January 20, 2025 BY Sam Boughedda

ASIC: Buy Now Pay Later Providers Must Apply For a Credit Licence

The Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024, which received royal assent on 10 December 2024, extends the National Credit Code to BNPL contracts. ASIC explained that from 10 June 2025, BNPL providers will need to hold a credit licence authorising them to engage in credit activities as credit…

January 15, 2025 BY Sam Boughedda

Equiti Gains In-Principle Approval to Launch Investment Fund

It marks the inaugural product under its newly introduced platform, Equiti Wealth, aimed at offering diverse wealth management solutions tailored to long-term investment needs. The Equiti Global Balanced Fund is designed to provide investors with access to a wide array of professionally managed funds, with a minimum investment threshold set at $1,000. "Today signifies a…

January 15, 2025 BY Sam Boughedda

CFPB Sues Capital One: Says Company Cheated Consumers Out of Over $2bn in Interest Payments

The lawsuit alleges that Capital One deceived customers about its 360 Savings accounts, promising "best" and "highest" interest rates while freezing those rates at low levels despite rising interest rates across the market. The CFPB further claims that Capital One simultaneously introduced a similar product, the 360 Performance Savings account. This is said to have…

January 14, 2025 BY Sam Boughedda

Robinhood to Pay SEC £45m in Penalties

The SEC order found that Robinhood failed to comply with a broad spectrum of regulations. These are said to include delays in investigating and reporting suspicious transactions, inadequate measures to safeguard customer data from identity theft, and failing to adequately address a cybersecurity breach that compromised user data. “Today’s order finds that two Robinhood firms…

January 10, 2025 BY Sam Boughedda

Investments for You Fined $25,000 for Supervisory Failures

The Ohio-based broker-dealer was found to have violated several FINRA rules between June 2020 and September 2024. According to FINRA’s investigation, Investments for You did not implement policies to comply with Regulation Best Interest (Reg BI), which mandates brokers to act in the best interest of retail customers. “Investments for You failed to establish and…

Category: Regulation