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Articles by Daniel Tunkel
FinReg Update: FCA Cracks Down On Finfluencers
Are you a 'finfluencer'? Or are you perhaps an investor who has been misled by a 'finfluencer'? The developments summarised below will be of considerable interest in either case. The UK Financial Conduct Authority ("FCA") announced on 22 October 2024 that it is cracking down on 'finfluencers' – that is, 'financial influencers' who may be deemed to promote or advise on financial products and investments on social media, but without requisite FCA authorisation.
FCA Signals A More Intense Approach To Consumer Duty Compliance
If you are an FCA-regulated retail client services firm, you will already be well aware of the Consumer Duty that FCA introduced in 2023 and more likely, it has probably become a central feature of your compliance obligations over the past year. However, be aware that your obligations do not become less of a priority now that the Consumer Duty rules have been fully implemented, as the FCA reminded the market with its Dear CEO letter to affected firms, published on 7 October 2024.
Promotion Of Services Into The UK By Non-UK Crypto Exchanges: A Background Note Related To Changes To UK Financial Regulation Made In October 2023
Important – this is a generic summary of recent changes in aspects of UK law and financial regulation and how we consider that they may be generally applicable. It is not intended as formal advice to any person. The circumstances of persons to whom this may be relevant will vary considerably, and you should always seek direct formal legal advice as to your particular circumstances, rather than placing reliance on what is set out below.
What To Do When Your Client Reneges On Their High-net-worth Certification
At a glance The following scenario should sound familiar. You are an Independent Financial Adviser ("IFA") and have taken on clients referred by outside sources. You have been assured by those third-party sources that every client referred, though classified by you as retail, has self-certified as a high net worth individual. You've seen the certificate and written statement in each case and your compliance department has diligently filed them with the clients' records.
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