Following an investigation, the FCA has commenced criminal proceedings against Larry Barreto and Tassib Hussain. The proceedings relate to an offence of conspiracy to commit fraud by false representation involving both defendants and two further offences by Larry Barreto of carrying on regulated activities without authorisation. Larry Barreto traded as Barreto and Partners, an unauthorised financial services firm based in Nottingham. Tassib Hussain is an accountant who ran Keystone Chartered Accountants also based in Nottingham.

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Charles Randell, Chair to the Finance and Leasing Association, recently delivered a speech at the Finance and Leasing Association Industry Gathering on 22 April 2021. It’s now more than a year since we all started our extraordinary new ways of living and working with coronavirus. Last summer, three months into the first lockdown, I made a speech about the consequences of coronavirus and the financial system we would need for the recovery. I said that the recovery would be determined more by decisions about public health and fiscal and monetary policy than by financial conduct regulation, but I noted that the pandemic had exposed some stark truths: that we have too much debt; that we don’t save enough; and that when people do save, they are too often persuaded to buy unsuitable investments. I said that the financial conduct regulator we need for the recovery is one that fundamentally changes this picture. Continue reading…

by Ian Ross

The last three years have seen some seismic changes in both EU and UK anti-money laundering legislation along with related enforcement reporting initiatives. Updated Money Laundering Regulations were enacted in 2017. In early 2018, the Treasury set up a new body; the Office for Professional Body Anti-Money Laundering Supervision (OPBAS), to act as a ‘supervisor’ of AML supervisors with the responsibility for monitoring money laundering activity. 2018 also saw the first ‘Unexplained Wealth Order’ (UWO’s). The EU Parliament brought into force the sixth AML Directive with some stark changes to both penalties and reporting and data sharing policies. Continue reading…

On Wednesday, March 31, 2021 the Ethics in the Age of Digital Finance: Issues and Challenges event was held online, which was organised jointly by the Observatoire de la Finance (Geneva) and the Hoffmann Global Institute for Business and Society (INSEAD). From online banking to contactless payments and cryptocurrencies, financial technology – or FinTech – is rapidly impacting the financial services industry and those who must supervise and use it. The webinar presented an invaluable opportunity to engage in a meaningful discussion on how new technologies impact financial services and what the ethical opportunities and challenges are by the digitisation of finance. It also introduced the audience to the global Prize “Ethics & Trust in Finance for a Sustainable Future” that was initiated in 2006 by the Observatoire de la Finance. The Risk & Compliance Platform Europe also took part in this online event and covered it via its website. This is part two in a series of three articles on this webinar. Continue reading…

The Basel Committee on Banking Supervision has recently published its work programme for 2021-22. The work programme sets out the strategic priorities for the Committee over the coming year and reflects the outcome of a recent strategic review by the Committee to ensure that it continues to effectively promote global financial stability and strengthen the regulation, supervision and risk management practices of banks worldwide.   Continue reading…

On Wednesday, March 31, 2021 the Ethics in the Age of Digital Finance: Issues and Challenges event was held online, which was organised jointly by the Observatoire de la Finance (Geneva) and the Hoffmann Global Institute for Business and Society (INSEAD). From online banking to contactless payments and cryptocurrencies, financial technology – or FinTech – is rapidly impacting the financial services industry and those who must supervise and use it. The webinar presented an invaluable opportunity to engage in a meaningful discussion on how new technologies impact financial services and what the ethical opportunities and challenges are by the digitisation of finance. It also introduced the audience to the global Prize “Ethics & Trust in Finance for a Sustainable Future” that was initiated in 2006 by the Observatoire de la Finance. The Risk & Compliance Platform Europe also took part in this online event and covered it via its website. This is part one in a series of three articles on this webinar. Continue reading…

The Financial Conduct Authority (FCA) has acted to stop a Cypriot based firm, Finteractive Limited (trading as FXVC), from offering high risk contracts for difference (CFDs) to UK investors. FXVC used a variety of inappropriate techniques, including misleading financial promotions which appeared to offer consumers the opportunity to purchase shares in a well-known company and failed to mention that they were actually promoting CFDs. Continue reading…

by Michel Klompmaker

Economic crime costs more than £193bn per year. Tackling this complex problem requires an interdisciplinary perspective. A seminar series in economic crime invited those with expertise and interest in economic crime across faculties, departments, students and broader community to come together, share ideas, and engage in a collaborative work. This interdisciplinary initiative was organised by Dr. Branislav Hock, who is a Senior Lecturer in Economic Crime at the University of Portsmouth. The Economic Crime Seminar Series was held on March 24 2021 online, and was organised through the joint effort of the Institute of Criminal Justice Studies, Portsmouth Law School, Portsmouth Business School – the Department of Economics and Finance, and Portsmouth Business School – the Department of Accounting and Financial Management. Continue reading…

The Financial Stability Board (FSB) recently published a letter from the FSB Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors of their virtual meeting on 7 April. The FSB also delivered to the G20 a report on factors to be considered in extending, amending and ending COVID-19 support measures. The letter notes that, while progress is moving at different speeds across jurisdictions, the vaccine rollout heralds an inflection point in the COVID-19 pandemic. While it is sensible to keep measures that support financial system stability and financing of the real economy in place as long as needed,  the factors to be considered in deciding whether to extend, amend and, eventually, end support measures are taking shape. Continue reading…