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Compliance Corner - FCA, ADGM

Editorial Staff

8 June 2018

FCA
The number of investigations conducted by the Financial Conduct Authority increased over the last year, but the number of total fines imposed reduced, WealthBriefing understands.

The UK financial watchdog has increased the number of its investigations by 75 per cent since last year.

The regulator issued a total of £3.8 million of fines within six penalty notices in the first five months of 2018. This is the lowest total level of fines since 2007, when the  (SFC) and  (ADGM), the International Financial Centre in Abu Dhabi, have entered into a cooperation agreement.

The agreement will enable both institutions to jointly promote and support financial services innovation in Hong Kong and the United Arab Emirates (UAE). 

This cooperation framework enables both regulators to work closely in projects and fintech start-ups to ADGM’s fintech regulatory laboratory and the HK-SFC fintech contact point.