Crime, Clarity & Controls: This Week in FCA Action
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Crime, Clarity & Controls: This Week in FCA Action
This week, the FCA pulled no punches in its approach to market integrity and customer protection — issuing fines, securing convictions, and upgrading its regulatory infrastructure. Here's what matters and what firms should do next.
Enforcement Actions Take Centre Stage
Three major cases underscored the regulator’s tough stance on financial misconduct:
- Monzo Bank was fined £21 million for historical failings in anti-financial crime controls, particularly around onboarding high-risk clients.
- Two individuals were sentenced to 12 years combined for crypto fraud, after duping investors into fake schemes.
- The Korfuzis were handed 11 years combined for insider dealing and money laundering, reinforcing the FCA’s focus on market fairness.
What firms should do:
If your crime-prevention systems haven’t had a proper stress-test lately — now’s the time. From onboarding red flags to transaction monitoring, the FCA expects action, not excuses.
Ziglu Enters Special Administration
Digital payments firm Ziglu Limited has entered special administration, raising questions about fund security and continuity. Though customer funds are expected to be protected, the case highlights the vulnerability of newer entrants in the fintech space.
Next steps for firms:
- Identify any customer or platform exposure
- Revisit contingency planning and fund segregation safeguards
- Keep communication lines clear and ready in case of ripple effects
A Better Handbook for a Smarter Sector
In a more constructive move, the FCA launched an improved Handbook website. While this won’t make headlines like a fine, it could make day-to-day compliance easier for thousands of firms.
Pro tip:
Bookmark it, train your team, and refresh your internal knowledge bases — easier navigation means faster answers and fewer missteps.
Final Word
Whether the FCA is cracking down or rolling out helpful tools, the message stays the same: raise your standards, review your risks, and run your firm like the regulator is watching — because it is.
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