Financial conduct authority Financial News

Fani Titi, Investec Group chief executive, Paul Stockton, group chief executive officer of Rathbones Group, Iain Hooley, chief executive of Investec W&I UK

The update revealed the creation of an investor committee to be chaired by Jamie Drummond-Smith, a former Deloitte partner who oversaw the company voluntary arrangement of Arcadia Group as interim chair.

Four skilled persons reviews within asset management and alternatives portfolios were carried out over the year to 31 March 2023.

'We will continue to work with Odey [AM] and Lancaster on the proposed appointment of Lancaster as an alternative investment manager.'

The Financial Conduct Authority

A parallel consultation will also now open the possibility of scaling back short selling rules so that they no longer apply to sovereign debt and CDS.

Unconditional dealings are expected to commence on 11 July.

While the investigations were opened in mid-2021, Rathi said the regulator had been engaged in “intensive” supervision of Odey AM since 2020. | PA Images / Alamy Stock Photo

cryptoassets will get a 24-hour «cooling-off» period for the first time from October under tougher marketing rules unveiled by the financial regulator on Thursday. Cryptoassets, such as bitcoin, have little direct regulation globally, but regulators are taking a closer look after the downfall of FTX last year, which left millions of investors nursing losses totalling billions of dollars, some of them in Britain. The Financial Conduct Authority (FCA) said «refer a friend» bonuses for crypto buyers would also be scrapped and that those promoting such assets would have to put in place clear risk warnings and ensure adverts were clear, fair and not misleading. The new crypto rules, which are similar to those imposed by the FCA last year to tackle advertising for high-risk investment in mainstream finance, come as Britain plans to regulate cryptoassets under a new financial services law this year.