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The UK Payments Initiative has been launched as an industry-led scheme to advance open banking and commercial variable recurring payments in the UK. The FCA expects the initiative to spur competition among commercial open banking schemes and is supporting plans for an independent standards-setting body.
S&P Global Ratings has reaffirmed Futu Holdings’ BBB- long-term issuer credit rating with a stable outlook, despite a sharp regulatory setback and share price decline. The decision comes less than two weeks after a proposed penalty from Chinese regulators that erased about a quarter of Futu’s market value in one session.
UP Fintech Holding reported a first-quarter net loss after Chinese regulators imposed about $59.7 million in fines and confiscated income on its units. Revenue rose year on year, and the broker announced a $50 million share buyback plan.
The UK Financial Conduct Authority has stated that PINEXFINANCECHAIN is not authorised to provide financial services in the UK. Individuals dealing with this firm will not have access to the Financial Ombudsman Service or protection from the Financial Services Compensation Scheme.
The UK Financial Conduct Authority has warned that VirPoint is not authorised and may be targeting people in the UK. The regulator notes that dealing with this firm would not provide access to the Financial Ombudsman Service or protection from the FSCS.
Halo Financial Limited has entered special administration, with joint special administrators from BTG Begbies Traynor (Central) LLP appointed to manage customer claims and return funds where possible. The firm had previously agreed to a voluntary undertaking restricting its payment services activities.
The Hong Kong Securities and Futures Commission and the China Securities Regulatory Commission have launched a coordinated enforcement initiative targeting cross-border securities and fund-related activities. The move follows an SFC sweep of 12 licensed brokers and signals heightened regulatory scrutiny of Hong Kong intermediaries serving Mainland Chinese investors.
Italy's Companies and Exchange Commission (Consob) has ordered internet service providers to block access to five unauthorized investment websites. The move brings the total number of websites blocked by the authority since July 2019 to 1,723, including 204 related to crypto activities.
Regulators including IOSCO, ESMA and the FCA are converging on stricter oversight of digital engagement practices on retail trading platforms. New empirical evidence links high-engagement app design to higher trading frequency, larger losses and increased financial distress.
The FCA reports progress by UK financial firms in preventing sanctions breaches, with £37bn in assets frozen, but highlights persistent control weaknesses. A new MoU with the Office of Trade Sanctions Implementation aims to strengthen cooperation and intelligence sharing.
ICM.com has surrendered its FCA licence, ending its UK operations nearly two years after applying to cancel its authorisation. The broker has shut its UK services and website, while remaining regulated in several other jurisdictions.
Sukate & Bezeboh Ltd (SB Remit), a small payment institution authorised by the FCA, entered administration on 22 May 2026. Charles Turner and Frank Ofonagoro of Opus Restructuring LLP have been appointed as joint administrators to manage customer claims and return funds where possible.
