Skip to content
  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
wikifx

wikifx

  • Home
  • About
  • Contact
  • Page
  • ​Master SEO Tactics
  • Top 9 Finance News Websites Ranking
  • Toggle search form
  • HYCM Celebrates 45 Years of Group Success forex news
  • CME Group to launch E-mini S&P 500 Tuesday and Thursday Weekly Options forex news
  • BinaryBook retention agent avoids prison sentence forex news
  • SIX welcomes Invesco Digital Markets as new issuer of crypto ETPs forex news
  • Travelex completes £35 million funding raise forex news
  • Nadex releases quiz for discovery of personal trading style forex news
  • IG’s Wu Gang gets appointed as director of Tritax Big Box REIT forex news
  • SEC cannot locate TheBull accused of insider trading fraud forex news

FCA confirms warning notices issued to individuals involved in £5.9M scam

Posted on 2021-09-30 By admin No Comments on FCA confirms warning notices issued to individuals involved in £5.9M scam

The UK Financial Conduct Authority (FCA) today issued a Warning Notice Statement regarding three individuals involved in a £5.9 million fraudulent scheme.

The regulator confirms that it gave each of the three individuals a warning notice proposing to take action (including the proposed imposition of financial penalties) in respect of their misconduct:

  • An individual working at a retail advisory stockbroker whilst an approved person.
  • An independent financial adviser working at an advisory firm whilst an approved person.
  • Another independent financial adviser working at the same advisory firm whilst an approved person.

The FCA considers that the three individuals failed to act with integrity in carrying out their controlled function(s) in breach of Statement of Principle 1 contained within the FCA’s Statements of Principle and Code of Practice for Approved Persons (APER).

The conduct collectively took place between January 2015 and November 2017.

In particular, the FCA considers that the individuals each played an integral role in a pension scam and colluded together to ensure that customers were recommended to switch/transfer their existing pension funds into a self-invested personal pension (SIPP) which would be invested into certain high-risk and mainly illiquid investments in investment companies seeking to raise funds.

In return, the investment companies were requested to make substantial marketing and other payments to the individuals. In total, the scam generated approximately £5.9 million in such payments to the individuals and others involved in it.

The individuals were motivated by financial benefit. The decisions made by the individual working at the retail advisory stockbroker and the advice provided by the independent financial advisers were driven by profit, were inevitably unsuitable and exposed all customers to a very significant risk of detriment and, in many cases, actual loss.

The individuals deliberately concealed their receipt of marketing commissions and other payments from customers.

The FCA considers that the individuals’ conduct amounts to a lack of integrity.

forex news Tags:forex-news

Post navigation

Previous Post: Court finally terminates CFTC case against JAFX
Next Post: OneCoin co-conspirator pushes for new trial

Related Posts

  • FCA issues statement on RTC Management Solutions Ltd forex news
  • Sweden’s FI investigates IT incident at Klarna Bank forex news
  • What you should know about Sunton Capital Review forex news
  • ASIC cancels AFS licence of Pure Strategy forex news
  • eToro registers steep rise in trading income in Q3 2021 forex news
  • FP Markets adds more than 550 stock CFDs to offering forex news

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • EUR/USD Holds Near 1.05 as Fed, ECB Policies Shape Market Sentiment
  • Gold Prices Hold Steady Amid Global Economic Uncertainty
  • Australian Dollar: How RBA Policies, Commodity Prices, and Global Tensions Are Shaping the AUD’s Market Performance
  • EUR/USD: Understanding the Currency Pair’s Trends
  • USD Under Pressure: Navigating Economic Data and Global Uncertainties

TAG

Axiory Review 2022 B2B B2Broker News Basic Forex Knowledge broker brokers brokers in the UK Brokersview Broker tools CFDs coin News cryptocurrency Cryptocurrency News Crypto News dogecoin FCA news finance forex forex-news Forex Broker Forex Brokers Forex Demo Account Forex market forex news forex scams forex time Forex trading fx fxtrader fxtrading Global Forex Gold Analysis HotForex InstaForex LiteForex Review 2022 markets work MT4 MT5 news OctaFX Review Samtrade FX South Africa trade Forex traders Trading Forex
  • Traders need more time to amend antitrust complaint in short squeeze lawsuit forex news
  • Former HSBC director faces call for testimony in CFTC case forex news
  • LCH SwapAgent registers its first SARON/SOFR cross-currency basis swap forex news
  • Russian c-bank issues statement on Visa and Mastercard cards forex news
  • Institutional FX trading volumes show summer weakness in July, down 4% forex news
  • Refinitiv Term SONIA benchmark sees substantial adoption forex news
  • SEC pushes for entry of default against Pini Peter, Spot Option forex news
  • Google strengthens rules for investment ads in the UK forex news

Copyright © 2025 wikifx.

Powered by PressBook News WordPress theme