Date: November 26, 2021
News Author(s): Huw Jones
Photo Credit: Investing.com
Britain's financial watchdog will speed up its response to cases of financial misconduct and fraud after criticism it has been slow to tackle the soaring rate of scams costing consumers millions of pounds.
The watchdog said on Friday that it was introducing proposals it put out to public consultation in July that certain decisions regarding authorisations, starting civil proceedings and using powers to curb a financial firm's activities should be taken by its executive staff.
Such decisions had been taken at arm's length, by its Regulatory Decisions Committee, which in future will focus on significant misconduct cases, the FCA said.
Britain is facing a wave of financial frauds and scams costing consumers 754 million pounds in the first six months of this year, up 30% from the same period in 2020, piling pressure on the FCA to act more aggressively.
The watchdog was also criticised for being too slow in its handling of London Capital & Finance, an investment fund that collapsed, forcing the government to pay compensation to investors.
FCA Chief Executive Nikhil Rathi said earlier this year the watchdog should be readier to test its powers to the limit instead of being worried about challenges to its decisions in court.
"We want to be an organisation that runs toward the fires of complex, difficult issues – and to try to put them out," Rathi said in July.
The FCA said on Friday that most respondents to its public consultation were concerned that speed and efficiency were being emphasised unduly and would increase the potential risk of a lack of fairness and objectivity in decision-making.
The watchdog made no changes to its proposals, saying its procedures provide a fair process.
Keywords: sterlinghousetrust.com, Sterling House Trust, SHT
Sterling House Trust is a private trust with a difference. It offers its members an exclusive and reliable platform to access unique opportunities and lifestyle services reserved for the select few. With its team of professional managers Sterling House Trust constantly scans the markets and collaborate with reliable global partners to create a portfolio of carefully curated programmes for its members. Members can access these programmes according to their individual needs, interest and financial capacity. Sterling House Trust is headquartered in Auckland, New Zealand, and has operations based in London, UK.
The Sterling House Trust platform was established with the objective of providing its members, secure access to opportunities across a range of global locations, sectors and services.
Our unique Platform was established within the framework of a trust so that the trust would have oversight and governance over the range of services and its quality. Member protection is a core principle and drive in all that we do. Our trustees ensures that the interests and quality of service provided by the Platform are always maintained at the highest standards.
The trust and its trustees provide robust oversight and is constantly on the move to identify and shortlist select opportunities in the international markets. Likewise, we apply the same stringent standards in identifying and selecting providers and professional partners to join our Platform.
The Sterling House Trust Platform utilises our international footfall and relationships to provide our members with access to a range of international opportunities via our global network which covers a broad range of sectors including:
Asset protection, international property ownership and management, alternative and direct ownership, estate planning, banking services, foreign exchange, card services, alternative investment and lifestyle services.
New Zealand Head Office
31/335 Lincoln Road,
14-16 Dowgate Hill,
England EC4R 2SU