The UK Financial Conduct Authority (FCA) has issued a directive to asset managers, requiring them to substantiate the fees associated with their funds, intensifying the scrutiny that firms are facing in light of the growing popularity of low-cost passive trackers.
The U.S. Securities and Exchange Commission (SEC) has imposed a $1.5 million fine on electric vehicle manufacturer Canoo Inc for alleged reporting failures related to overinflated revenue projections. The regulator asserts that the company misled investors about its financial prospects before going public through a merger with a special purpose acquisition company (SPAC) in December 2020.
U.S. regulators have unleashed a barrage of penalties, amassing a total of $549 million against Wells Fargo and a cohort of smaller or non-U.S. firms for their failure to uphold electronic records of employee communications. The Securities and Exchange Commission (SEC) spearheaded this crackdown, unveiling charges and levying $289 million in fines against 11 companies over "widespread and longstanding failures" in record-keeping. In tandem, the Commodity Futures Trading Commission (CFTC) announced fines totaling $260 million against four banks for their noncompliance in maintaining records stipulated by the agency.
The Securities and Exchange Commission (SEC) has made a historic announcement, granting awards totaling more than $104 million to seven whistleblowers for their pivotal role in facilitating a successful SEC enforcement action and related proceedings by another agency. This substantial combined award ranks as the fourth largest in the history of the SEC's whistleblower program.
The Financial Conduct Authority (FCA) of Britain embarks on a groundbreaking reform today, compelling firms to adhere to a new duty aimed at justifying charges to customers. This granular regulatory shift is poised to enhance consumer protection and trust, with the FCA signaling a proactive approach to preventing potential mis-selling scandals.
Regulators at the Financial Conduct Authority (FCA) in the UK and the Board of Governors of the Federal Reserve System (Federal Reserve Board) in the US have raised alarm over the use of artificial intelligence (AI) in the financial services sector. This shared concern comes amid an increasingly collaborative global effort to address consumer protection risks in the adoption of AI technology.
Albemarle Corporation, a global leader in lithium production and chemicals manufacturing, has reached a significant agreement in principle with U.S. authorities to pay a substantial fine of $218.5 million. The settlement aims to resolve an investigation into potential foreign bribery conducted through third-party sales representatives, according to a statement released by the company.