Fraudster Michael Nascimento, who helped scam £2.8m from elderly and vulnerable people, has been sentenced to an additional almost four years in prison for failing to pay a confiscation order against him.

Three financial firms, including a Financial Planning firm, have been declared as failed since the start of the year by the Financial Services Compensation Scheme.

The Financial Conduct Authority has fined Nigerian-owned Guaranty Trust Bank (UK) Limited (GT Bank) £7.67m for “serious weaknesses” in its anti-money laundering (AML) systems and controls.

The FCA has extended its suspension of the requirement for firms to issue 10% depreciation notifications to investors.

TSB Bank has been fined £48.65m by the FCA and PRA for "operational failures" that led to customers being unable to access banking services.

The FCA is to review Financial Services Compensation Scheme limits and funding class thresholds in the next step in its plans to improve the compensation framework.

The Financial Planning and wealth management sectors have welcomed radical proposals from the Chancellor to shake-up financial services regulation via the Edinburgh Reforms.

A new personalised guidance regime has moved a step closer to gaining Parliamentary approval following a debate in the House of Commons.

The Government is to scrap the 10% drop notification rule as part of The Markets in Financial Instruments Regulations 2022.

The FCA has today fined Metro Bank plc £10,002,300 for breaching the Listing Rules by publishing incorrect information to investors.