Two speeches emphasizing the regulator’s role in promoting growth lead our latest roundup.

Media and speeches

The FCA says it has set out a package of measures to reinforce the UK’s leading position in the bond, derivatives and asset management sectors, supporting growth. 

The UK regulator has said in a press release: “New transparency rules for bonds and derivatives markets will give investors more information and reduce costs for firms.”

It adds that, “under new proposals, asset managers for pooled investment funds will be given greater flexibility in how they pay for investment research, making it easier to buy insight and analysis across borders.”

“We want to seize opportunities to enhance and streamline our rules and support the competitiveness of sectors in which the UK is already a recognised world leader,” says Jon Relleen, director of supervision, policy and competition at the FCA.

Emily Shepperd, FCA chief operating officer, delivered a speech at the UK Sustainable Investment and Finance Association (UKSIF) Leadership Summit, IET London. on November 6, 2024.

Key highlights. of her remarks included:

• Our objectives underpin the growth of the economy and encourage investment required for UK and financial services to achieve net zero by 2050.
• We will continue to engage with industry, balancing proportionate regulations more broadly while recognizing and avoiding unnecessary regulatory pressures and costs on businesses.
• Our expansion to Leeds and Edinburgh enables us to attract new talent and better reflects the demographic of firms nationwide. 

Enforcement

Also last week, the FCA announced that three individuals and two firms had been charged over alleged unauthorised business activities.

The UK regulator said it had “started criminal proceedings against Anthony Hay, Laura Hay, Tim Stewart, Premier Finance GB Ltd and Proserv GBR Limited, for allegedly engaging in unauthorised business.”

It went on: “Anthony Hay, Laura Hay and Tim Stewart are jointly charged for their involvement in the conduct of two Bristol firms, Premier Finance GB Ltd and Proserv GBR Limited, in relation to high-end luxury vacuum cleaners retailing for up to £3,000.”

They are accused of having made at least £4m ($5.18m) from their illegal business activities which affected thousands of customers. They were scheduled to appear before Westminster Magistrates’ Court on November 7, 2024. 

And in a separate enforcement action the FCA says it has secured “convictions against two individuals for £1.5m ($1.94m) fraud.”

A press release by the regulator has said the two individuals “have been convicted for their roles in an £1.5m investment fraud following a prosecution brought by the FCA. Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga, defrauded at least 65 investors out of £1,541,799.”

It adds that these individuals “cold-called consumers, directing them to a professional-looking website where they were offered high returns for fake investments in crypto.”