Gurpreet Jhand

We’ve fined Monzo Bank Ltd £21,091,300 for its inadequate anti-financial crime systems and controls between October 2018 and August 2020. Monzo also repeatedly breached a requirement preventing it from opening accounts for high-risk customers between August 2020 and June 2022. Banks are a vital line of defence in the collective fight against financial crime. We’ll continue to supervise firms to improve standards and ensure they have the right systems and controls to manage financial crime risks. https://lnkd.in/e--xCDzG #FightingFinancialCrime #FinancialServices #FinancialRegulation

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The Serious Fraud Office has today charged six people with multiple fraud offences following an investigation into the transfer of £75 million in pension funds. Between 2011 and 2014, over 1,900 investors transferred their pensions into self-invested personal pensions to invest in a ‘store-pod’ product from UK storage company Store First.  Investors were promised a long-term leasehold on a pod and a return on their investment through renting the pod out. It is alleged that various misrepresentations were made in the marketing of the product to persuade individuals to invest.  Read more on our website: https://lnkd.in/eGK5fKax

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Challenger bank expands after £5 billion boost “We’ve built a resilient, diversified balance sheet that sets us up for sustainable profitability – and we’re still building momentum.” Chetwood Bank has unveiled expansion plans after breaking a £5 billion balance sheet benchmark. The digital lender is opening a Manchester office which will build on existing bases in London, Wrexham and Fleet, leaving it primed to continue its momentum across the UK banking sector. Read more here: https://lnkd.in/eZpHStrf Paul Noble

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Against a complex economic backdrop, our Chief Economist Philip Shaw explains why the Bank of England cut the Bank Rate today – and if further cuts are expected.

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Afin Bank, the new digital bank serving foreign nationals and UK borrowers, has launched new five-year fixed rates across its owner occupied, buy-to-let, Professionals and Premier/High Net Worth product ranges with rates starting from 5.69%. - Owner Occupier: Five-year fixed rates starting from 5.89%, maximum loan-to-value (LTV) 90% - Buy-to-Let: Five-year fixed rates starting from 5.69%, maximum LTV 75% The new five-year fixed rates will sit alongside Afin’s existing two-year fixed and tracker products. All fixed rate products allow overpayments of up to 10% of the mortgage balance per year without penalty. https://lnkd.in/eeNfNy6t

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The Financial Conduct Authority is updating its processes, policies and approaches to regulation to encourage growth in the financial services sector and wider economy.   In Scotland, the FCA's progress on modernisation will be closely watched by financial service providers looking to keep pace with regulatory change.   To explain new developments in its evolving approach to regulation, the FCA recently hosted an event at Dentons' Edinburgh office in collaboration with the Scottish Financial Enterprise.   Find out about the future role of the regulator and how it is looking to support financial services in Scotland: https://lnkd.in/eKeMW9ct   #FinancialServices #Scotland #Regulation #Dentons

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The Financial Conduct Authority has announced formal regulation for Buy Now, Pay Later services from July 2026 - a pivotal shift for UK fintech. Key requirements include mandatory affordability assessments and enhanced borrower support, utilising existing Consumer Duty frameworks rather than creating new regulation. With over 10.9 million UK adults using BNPL services, this regulatory milestone will reshape operations across fintech, lending and retail sectors. Smaller providers face particular operational challenges as compliance requirements intensify. Industry professionals should prepare for significant adjustments as the regulatory landscape evolves. Read more: https://lnkd.in/g_NWt4Ar #FCA #BNPL

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