The FCA has placed r...来自IqraFx

22 Oct 2024, 17:16 · 阅读量 446

The FCA has placed restrictions on Business Agent Limited. The action follows concerns about the firm’s failings related to its 'Nextcrowd' platform. The move to restrict Business Agent Limited came on 22 July 2024, after our review exposed significant regulatory breaches. Following a review of the firm’s representations, we issued a Second Supervisory Notice on 10 September 2024, detailing the findings and the restrictions imposed. Key concerns uncovered The review found a number of areas of concern about Business Agent Limited's operations, including: Unauthorised handling of client money - the firm held and controlled client funds without the necessary permissions. ISA regulation compliance issues - the firm received ISA subscriptions into accounts that were not properly set up under the ISA Regulations. Lack of systems and controls - the firm did not implement effective measures to: manage potential conflicts of interest conduct adequate due diligence on investments listed on its Nextcrowd platform Failure to disclose information - Business Agent Limited did not supply requested details about individuals connected to the firm. Potential breach of financial promotion rules - there may be compliance issues related to the approval of financial promotions. Advice for affected investors With the restrictions now in place, Business Agent Limited can no longer act as an ISA Manager. Investors with ISAs managed by the firm are urged to contact Business Agent Limited directly if they have concerns. The restrictions relate to the platform not the investments. However, investors should reach out to the issuer of their investments to decide if there will be any impact. You can read a copy of the Second Supervisory Notice which outlines further details about our concerns and the basis for imposing the restrictions.

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Speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer delivered at an FCA Innovation 10th anniversary event. Link to content Speaker: Jessica Rusu, Chief Data, Information and Intelligence Officer Event: FCA 10th anniversary eventDelivered: 17 October 2023Note: This is a drafted speech and may differ from the delivered version Highlights We’re launching an AI Lab. The AI Lab adds a new AI-specific focus to our Innovation services. 10 years ago, we became the first financial regulator in the world to launch a regulatory sandbox. We are celebrating our impact as well as the UK’s leading global position in FinTech and innovation in financial services. Since then, we have supported almost 1,000 firms and over 95 other regulators have introduced a sandbox model. I’d like to take a minute to take you back to 10 years ago. The Lego Movie was one of the biggest movies of the year, streaming data was included in the singles charts for the first time, and no one could escape clapping their hands to Pharell Williams and 'Happy'. And in the UK, the FinTech market was still in its infancy, estimated to be worth around £5-6 billion, with less than 1000 firms active. In August 2014, then Chancellor of the Exchequer, George Osborne, announced the UK Government’s ambition to make the UK the 'global capital of FinTech'. Meanwhile, Project Innovate was made up of 2 people based in our previous Canary Wharf offices. The landscape of UK financial services and FinTech were drastically different. So, what’s changed? As of 2023, the UK FinTech market has exploded, reaching a value of around £30 billion. Furthermore, we’ve seen the number of FinTechs in the UK more than treble to over 3000 today. In 2023, while the US saw FinTech deals worth over $24 billion take place, the UK did come in second place with over $5 billion. Last year, capital secured by the UK was greater than the next 28 European countries combined - something to really celebrate. I believe that our support for sustainable growth and innovation has contributed to that success. And what about that support? Since 2014, Project Innovate has grown and evolved. No longer driving the innovation agenda alone, it now sits in its own department in an expanded division, with data, digital intelligence, product development and technology. The Data, Technology and Innovation (DTI) division, which I’ve led since 2021, is responsible for supporting innovation not only in industry but also for delivering regulatory solutions to help the FCA deliver against its ambitions, leveraging the power of data and technology. Innovation is now over 30 colleagues, with many more right across the FCA supporting technology and innovation. Our Innovation services now has an expanded offering, including our world-first Regulatory Sandbox which has been replicated by over 95 global and domestic regulators. Our Innovation Pathways services have helped guide firms through the complexities of regulation and our processes. Over the past 10 years we’ve supported almost 1000 firms serving UK consumers. Through our TechSprints, we used our convening power to bring communities and expert collaborators together to find solutions to the biggest challenges in financial services using technology and innovation, such as Authorised Push Payment (APP) fraud and tackling money laundering. PolicySprints soon followed. Through discussion and exploration by bringing experts together, this novel approach assists in informing our thinking on various topics, from Crypto to Open Finance, allowing for more dynamic policy considerations and creation, and informing potential future regulation. We have recognised that innovation and emerging technologies know no borders. They are global in nature, requiring an international approach. For this reason, we created the Global Financial Innovation Network (GFIN) in 2019, and since then we have continued to invest in growing this global community to now more than 90 regulators. Global markets mean that global events have an impact on the UK financial market, impacting volatility and bringing about potentially stormy waters. Through that time, we’ve tasked ourselves with a critical responsibility - to help steer the ship through both calm and rougher seas. Whether that be helping firms navigate the choppy waters of product development, or the sunshine and fair winds of investment booms. We endeavour to ensure beneficial innovation can flourish while maintaining our commitment to safeguarding consumers and the stability of the financial system. We’re creating the right environment for firms to flourish and grow, and for the UK to remain a great place to be an innovator. Partnership One of the key factors in our success over the past decade has been the strong partnership between industry and regulator. As many of you know, the role of a regulator is often misunderstood. Some see us as gatekeepers, others as enforcers. A wall, or teachers with red pens. And, in truth, we are at times all of those things. But our role is more nuanced, more holistic. Especially with innovation. It’s about creating an environment for sustainable growth, fostering competition, and ensuring that consumers get the best outcomes, and markets benefit from advancements in the long term. Here, we are not barriers to progress. We aren’t a wall, we’re a bridge. Partners in helping shape and support beneficial innovation. Innovation plays a vital role in growth and competitiveness of UK financial services. Another thing that’s changed in the last 10 years is the addition of our secondary international competitiveness and growth objective. Our Innovation services play a key role in helping us realise our vision for the future. Our commitment to innovation isn’t just rhetoric. We’ve witnessed, and supported, huge growth in the financial sector. Firms have brought forward new solutions to old problems, sometimes through our TechSprints, our Sandboxes, or through our Innovation Pathways. Helping to improve financial inclusion, drive efficiency, and better serve customers. Firms for example, like Zilch, a buy-now-pay-later service for retail customers. In 2019, Zilch launched their beta product, and were accepted into our Regulatory Sandbox, finalising testing and exiting it in 2020, becoming fully FCA authorised not long after. Since then, Zilch has raised over £11m investment, reached 3 million customers, and become profitable on a per transaction basis. We have seen them go from strength to strength to become one of the most successful UK unicorns. The sandbox provided Zilch with the support and live environment to test their solutions in line with regulated activities in the consumer credit space. We also supported Finexos, who are addressing financial inclusion and credit poverty issues through provision of enhanced risk detection tools to credit providers. Through application of AI, behavioural analytics and real-time data, they aim to reduce risk, costs, and default rates, benefiting both lenders and borrowers. In our Digital Sandbox, Finexos were able to develop and test this next generation of credit risk analysis, using open banking to assess a timeline of borrower’s financial capabilities, with an analytics focus on affordability, probability, and suitability, to create a fairer financial landscape. All this work is, in part, due to the collaborative efforts between regulators, incumbents, and new entrants, alike. Our innovation initiatives have been a resource and a launchpad, working hand in hand with firms to deliver the necessary steers for innovation and growth. In fact, an independent study found that FCA sandbox firms are 50% more likely to raise funding than their peers, and on average raise 15% more in investment. Feedback from firms on their experiences with our Innovation Services also support our role as a facilitator. Many say they don’t think their company or product would have been able to scale up or mature in the same way if they hadn’t engaged with us, whether through our TechSprints or our sandboxes. Even firms that didn’t make it through the application stage for our sandboxes tell us how helpful we were. Our last firm survey found that 50% of firms whose applications were unsuccessful still rated our Innovation services as useful for their business development thanks to our engagement and signposting. As part of our 10th anniversary celebrations, we are today publishing a Lookback Report, which includes detail on the depth and breadth of our services and support we’ve provided to firms across the financial services landscape over the past decade. Future of AI in financial services Whilst we should look back over the last 10 years, and celebrate our successes, we are actively working on the future. Our work is far from done, and if anything, the pace of innovation is only accelerating. New challenges and opportunities are emerging on the horizon. One of the most transformative of these is AI. AI will revolutionise financial services, providing solutions to improve consumer financial inclusion, help prevent market abuse, and support the delivery of new products and services. And whilst we are just starting to see AI’s benefits emerge, we are clear that those benefits do not come without risks. As a regulator, we must play a critical role in ensuring AI is deployed in a way that is safe, fair and in the best interests of consumers and the market as a whole. Even some of the world’s most profusive backers of AI recognise the importance of ensuring the risks of AI are mitigated, as we all work to realise the undoubtedly enormous benefits the technology has to offer. That’s why AI is a priority for us. We are committed to enabling a safe and responsible environment for the beneficial use of AI in UK financial markets, in a way that supports the growth and competitiveness of the sector. We are dedicated to working alongside industry leaders, academia, consumer groups, Government and fellow regulators to explore how AI can be safely and effectively integrated into financial services. This includes our work with the Digital Regulation Cooperation Forum (DRCF), with whom we launched an AI & Digital Hub in April this year, for innovators looking for cross-sectoral guidance on AI solutions. In our AI Update, published in April 2024, we reiterated our principles-based and outcomes-focused approach to AI, including how many of the associated risks can be mitigated within our existing outcomes-based regulatory frameworks, such as the Consumer Duty and Senior Managers & Certification Regime, while supporting beneficial innovation. We’re taking an evidence-based approach to AI. We have previously conducted two Machine Learning surveys taking stock of the use of the use of the technology in the sector. As AI has continued to expand in use, we’re also expanding our research remit. The third edition of our AI Survey, alongside the Bank of England, which is due to be published soon, gives us further insights into how the technology has evolved, including usage of generative AI, and how it is currently being deployed in financial services. We stand ready to support the next wave of technological innovation in financial services. And as AI continues to evolve, we want to ensure that the technology works for the benefit of everyone, not just a select few. The FCA will remain vigilant, proactive and committed to enhancing AI use without sacrificing the trust and security that underpin financial services. To this end, we have listened to the challenges firms face around AI and continue to adapt to their needs and work towards removing blockers to innovation. One of these steps was making our Digital Sandbox permanent in August of last year, to facilitate firms testing of innovative proofs of concepts for products and services. Since launch, 53 AI-related applications have been made, accounting for almost half of all the applications made to the service. But that’s not all. AI Lab As part of our ongoing commitment to innovation, I am thrilled to announce the launch of a new initiative. Our AI Lab. This is the next step in our mission to help firms overcome challenges they face in building and implementing AI solutions, as well as supporting the Government’s work on safe and responsible AI development. We are also exploring closer collaboration with the DRCF on this initiative, a natural evolution in our work together following our collaboration on the AI & Digital Hub. Our AI Lab will play a critical role by providing AI-related insights, discussions, and case studies, helping us deepen our understanding of potential AI risks and opportunities in a collaborative environment, where regulators and industry can engage candidly and openly. The Lab will be made up of four components: AI Spotlight AI Sprint AI Input Zone Supercharged Sandbox and testing AI Spotlight The AI Spotlight will provide a space for firms and innovators to share real-world examples of how they are leveraging AI, and to share emerging AI solutions that will lead to industry growth. The AI Spotlight will be hosted on the Innovation Services FCA portal, offering a valuable repository of practical solutions that showcase applications of AI across specific themes. Those accepted will also take part in a Showcase Day at the FCA London office on 28 January 2025. Firms can apply to the AI Spotlight today. AI Sprint The AI Policy Sprint will bring together the brightest minds in industry, academia, regulation, technology and consumer representatives, to focus on how we enable the safe adoption of AI in financial services. We will host this inaugural AI Sprint in January 2025. AI Input Zone We look forward to inviting all stakeholders to have their say on the future of AI in UK financial services, including our regulatory approach, through an online feedback platform. We want to hear your views on the most transformative use cases, how our current framework works and how we may need to adapt in the future. The platform will open next month. Supercharged Sandbox Looking ahead, we’ll run AI-focused TechSprints and enhance our Digital Sandbox infrastructure through greater computing power, enriched datasets and increased AI testing capabilities. We’ve heard directly from firms about the challenges they face, and we’ve adapted our approach to meet those needs. The AI Lab is a testament to our commitment to listening and responding to industry, while continuing to push for innovation that creates better outcomes for consumers and markets alike. It’s a chance for us to work together to shape the future of AI in financial services, providing us with a practical understanding of AI usage, and helping to inform the FCA’s policy approach. Whether you represent a fintech, financial institution, academia, consumer interests or a technology provider, sign up today to receive details of these services. Find more information on our AI Lab page. These initiatives are built with your needs in mind, and we are eager to continue collaborating to ensure that the next wave of innovation is more impactful than the last. Conclusion That next wave of innovation, whether it be fund tokenisation, green finance, AI, quantum, or any other of the exciting innovations on our horizon, will be met with a financial services regulator ready to support the adoption of these innovations to support growth in our economy. We’ve established FinTech and RegTech market analysis functions, alongside an Emerging Tech team looking at Horizon Scanning, ensuring that we have a telescope trained at whatever is coming next. This applies to new technologies and priority areas, such as financial inclusion or market abuse, that affect both consumers and the markets we protect. To our collaborators - the FinTechs, institutions, suppliers, technology firms, consumer groups, academics, government members, and innovators – thank you for your continued support. Our services thrive because of your participation. Thanks to all the firms who applied to the Regulatory Sandbox, Innovation Pathways or the Digital Sandbox. Working with you has enriched our services immensely. Your collaboration has been invaluable, and together, we’ve navigated uncharted waters over the last 10 years to help create a more innovative, inclusive and competitive financial ecosystem in the UK. We are proud of what we’ve achieved together, and this is just the beginning. We remain committed to working alongside you, ready and waiting to tackle the challenges and seize the opportunities that the next decade will bring. We’re excited to continue this journey as we plot a course for the future of innovation in financial services.

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Speech by Graeme Reynolds, director of competition, delivered at the Personal Investment Management & Financial Advice Association's (PIFMA) Wealth Vulnerability event. Speaker: Graeme Reynolds, director of competitionEvent: PIFMA's Wealth Vulnerability eventDelivered: 24 October 2024Note: This is the speech as drafted and may differ from the delivered version. Highlights We are aiming to unlock greater competition and innovation. We want firms to take time to understand what vulnerability means for their business, and for their client base. Firms need to understand what procedures need to be implemented to support the delivery of good outcomes for those different aspects of vulnerability. I am delighted that this event has been widened out to the whole wealth management sector, not just the PIMFA membership, and to see so many of you here and online today. That is hugely encouraging given the firms you represent support millions of clients in achieving their financial goals and manage almost a trillion pounds in assets on their behalf. But, as we know, there is a substantial financial support gap in the UK. 4.5 million UK consumers with investible assets of £10,000 or more held mostly or entirely in cash. Thirteen million people, as Barclays reports, with £430 billion that could be made to work harder. The cost to growth, national and personal, is significant. It’s why we’re undertaking with the Treasury a review of the financial advice/guidance boundary. We are aiming to unlock greater competition and innovation. As we recently set out in our supervisory strategy for the financial advice sector, ‘it’s good to be different’. To look together at new and different ways of reducing the advice gap. Greater opportunities to compete to find new ways to deliver financial advice. And all pointing towards getting more people the financial help they need, in easy to access ways, at prices they can afford. And with that, the potential to untap those savings that can be put to more productive use and help the economy grow as well. Trust and recognising vulnerability But to achieve all that we need better levels of trust. A trusted wealth and advice industry is vital in helping people feel empowered and confident to make the most of their savings and investments and achieve good outcomes. Central to that is knowing that you won’t be taken advantage of and will be properly supported if you are, or become, vulnerable. That word – vulnerability – in the mouths of regulators like me can become something technical, and risks becoming another box to tick. What we’re talking about is people – you, me, our family and friends – your clients – their circumstances and life experiences. It’s about the events that can happen to us all – ill health, bereavement, job loss. About resilience to unexpected financial or emotional shocks, and capability and capacity to make good decisions about money management, including in times of personal stress or difficulties. It’s about financial firms being able to proactively recognise those characteristics and take action to address the increased risk of financial harm they might entail. Delivering a fair result for those who – for one reason or another – might find navigating their finances more challenging. In 2022, according to our Financial Lives survey, nearly a third of UK adults with £50,000 or more of investible assets – wealth management clients among them – had at least 1 characteristic of vulnerability. Delivering for those clients is therefore a business necessity, crucial to a good client service – as well as being a regulatory expectation enshrined in the Consumer Duty. With so many of you joining this event today it shows what we already know. There are many in this industry who get it, focused as you are on delivering for your clients. ‘Getting it’ means embracing the vulnerability guidance and the Duty, using them to challenge how they work, their culture, and to improve outcomes. In the firms that get this right, the first, vital, step is identifying vulnerability. You can’t begin to think about how to deal with vulnerability, how to meet your clients’ needs, if you haven’t first considered which of your clients might be vulnerable and why. But the firms who get it right then go on. They take a second step. They understand how their clients’ vulnerability characteristics will impact their needs as they interface with their services. And they take a third step. They provide support and adaptations to make those services work for their diverse clients’ needs. Directly and indirectly, for specific clients and clients with common characteristics. And they step forward again and again. They monitor their clients to recognise how those characteristics and needs change over time. They monitor the outcomes for those clients to continually improve their service. To ensure it meets the changing needs of clients in vulnerable circumstances. And they evaluate their progress in supporting them. They check to see whether the improvements they make are beneficial and well targeted. You will each know how far along those steps you’ve managed to go. Maybe you’ve been focusing on identifying vulnerability and are ready to now take the next steps. Maybe you are already well along to monitoring and evaluating your approach to vulnerability. But for those of you yet to really embrace step 1, I would ask you: if you don’t know which clients have additional or different needs, how can you ensure good financial outcomes for them? And if that is the case, how can you be meeting the bar set by the Consumer Duty? Wealth management: an outlier This is a really important challenge for the wealth sector because in terms of identifying clients with characteristics of vulnerability, our data suggests a significant difference in much of the wealth sector compared to what we would expect from our Financial Lives survey findings. Portfolio managers identified just 5% of their clients having characteristics of vulnerability in our 2023 wealth survey. Though that has doubled since the previous time our wealth survey was undertaken in 2022. The comparable statistic for stockbrokers rose by 25% year on year, but it still remains less than 1%. Of course, there is no set quantitative goal here. Nor should there be. But it surprised us that a quarter of portfolio managers and half of our stockbroking firms report they still have no vulnerable clients at all. This sits in contrast to the Financial Lives data I mentioned earlier. And, put together, the data shows the wealth sector remains a clear outlier. And given those aspects of vulnerability I talked about earlier, is there any reason why the wealth sector should be this much different to every other sector? Why wouldn’t bereavement and ill health, for example, be a relevant factor for a material proportion of clients? Understanding appears to be an issue for some firms. Nick Hulme, the wealth team’s head of department, invited a portfolio management firm to this event. Typically polite, they thanked him for the invitation but excused themselves. They said they didn’t deal with end clients. They said vulnerability didn’t apply to them. But to be clear, the Duty applies proportionately. Firms more remote from retail clients may have more limited obligations. But the design and value proposition for a product or service, and the information provided to ensure it is understood, can have a real impact on clients with characteristics of vulnerability. If you are part of the distribution chain, you need to act. Our supervisory work Our 2023 wealth survey led to significant supervisory work to understand the results. We’re testing firms’ understanding of those key aspects of the Consumer Duty: client needs, and monitoring training, skills and capability of staff product and service design communications and client service And to assess whether these support good outcomes for clients in vulnerable circumstances. We have seen some really positive initiatives in our supervisory and wider policy review work. For example, in identification of vulnerability. We’ve seen some firms adopt a ’tell us once’ approach to minimise the number of times a customer must inform them about their vulnerability such as in the case of a bereavement. We’ve seen other firms developing systems or working with customer relationship management providers to record a wider range of vulnerability characteristics. In one firm we recently visited this was well demonstrated by their system having detailed drop-down vulnerability characteristic options that could be selected, which client support could then be matched to. And in understanding client needs and support, we’ve seen examples of firms providing tailored support. We’ve seen some firms engaging with their vulnerable client base to understand individual needs better. Identifying vulnerability in practice We’ve also seen an investment management company who sat down with a client who could not read or write and, over several weeks, explained their options, breaking these down into small decisions where the client could indicate their preference. This gave them valuable insight that not only benefitted the client but could be used more fully across their client base if necessary. But we’ve also had concerns. We’ve seen firms who have failed to think about vulnerability proactively. For example, one wealth management firm considered the independent financial advisers it was contracted with its only clients. The firm could not articulate who was in their target market. It could not identify any characteristics of the needs of its end clients. And therefore, it had not considered any action to meet those needs. We also had to act when we found a wealth firm's policy prohibiting the onboarding of clients with a range of age, financial capacity and health vulnerabilities. We were concerned that the policy itself may not have been appropriate. In the event, it wasn’t being complied with. A fifth of the firm’s clients were aged over 80 and 42% held under £30,000. Many of these clients, sitting outside the firm’s target market, were paying high fees that did not seem aligned with fair value. In some cases these fees were as much as 65% of their portfolio for one year (2023). As well as concern about whether fair value was being provided, terms of service weren’t communicated in ways easy to understand. There is also evidence that some firms aren’t perhaps giving themselves the credit due or the information that would help us assess how they’re doing. One firm indicated none of its clients had vulnerabilities. We visited and it became clear the firm had provided tailored support to several direct clients with accessibility needs, ensuring that information was provided in a medium they could easily understand. This was great to see. For any of you doing something similar – this can be easily rectified by recognising that a client does not stop being vulnerable when a mitigation is put in place. Some of this comes down to understanding. We want firms to take time to understand what vulnerability means for their business. And for their client base. Understand that a standardised approach of having one group of clients who are labelled vulnerable and then another group of ‘not vulnerable’ clients does not account for the wide range of characteristics of vulnerability. Understand that you are highly likely to have some clients with vulnerable characteristics, and that you need to consider which clients are vulnerable and what it is that makes the client vulnerable. Understand what procedures need to be implemented to support the delivery of good outcomes for those different aspects of vulnerability. Understand that current system restrictions are not a justifiable reason not to start to make changes. Improved systems can be introduced in a timely and manageable way, while effort is made to implement effective workarounds until this is completed. Understand the need to monitor and evaluate how effectively your approach is working in practice – using data to test if outcomes are being achieved and determining appropriate metrics to provide a baseline to track against and adjust. What we want you to do One criticism of regulators is we’re long on diagnosis and short on prescription. We recognise that is a particular challenge when what we’re looking for is the outcome for those clients you serve – the end result. That might seem nebulous when set against the compliance comfort blanket of granular rules and guidance. So, what is it we want you to do? Identification We want you to put processes in place to recognise those who may need more help, or to identify those engaging with your services where they may not meet their needs. This applies to all firms – with or without direct client engagement. Support and understanding We want you to consider why people are using your products and services, what their goals are, and how the client journey you provide – from promotion to ongoing client service – supports them to be realised. Issue clear, easily understood communications and promotions so people can make informed decisions, tailoring them where necessary. Evolve well trained, empathetic client service that appreciates vulnerabilities aren’t fixed, that circumstances change and that you might need to adapt, too, as a result. Monitoring and evaluation We want you to think pragmatically and proportionately about what a ‘good’ client outcome is for those using your service. Use data to test yourselves on whether your clients are, in fact, those you expected to have, and receiving the service they and you intended. And with all of that, we want you to be open with us. Come to us when you’re not sure, or think you have an issue. Digest the work we’ve published, and will publish, on how the Consumer Duty and vulnerability guidance is being implemented elsewhere, considering what lessons there might be for you. Conclusion I’ve spent time today really focusing on why serving clients with vulnerability well really matters. But to conclude, I want to remind you of how this fits with our new growth mandate. We want the economy to flourish. We want to see people’s money, scrupulously saved, deliver the financial wellbeing they deserve. Put to productive use. We are partners in delivering that need to be different and do things differently. You play a crucial role in securing your clients’, and their families’, financial futures. Trust is central to that. And that’s built not just when the times are good, but when the chips are down – when we’re vulnerable.

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The FCA has started criminal proceedings against 4 individuals for conspiracy to commit false accounting, with 3 of them facing further charges for fraud. Terry Dodd, John Riley and Brian Flanagan have been charged for fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain. The FCA alleges that the 4 individuals transferred funds out of the credit union for the benefit of themselves and their families. Terry MacPherson has been charged for conspiring with the individuals, using his position as an auditor to submit false returns to the FCA and PRA, which masked the true position of the credit union and the fraud taking place. The alleged offending took place over a 6-year period between 1 September 2012 and 4 September 2018. The defendants were granted conditional bail at Westminster Magistrates Court on 20 November 2024, and the case has been sent to Southwark Crown Court, with the next hearing on 18 December 2024. Notes to editors Terry Dodd was born 19 January 1949 John Riley was born on 26 May 1952 Brian Flanagan was born on 6 February 1963 Terry MacPherson was born on 8 January 1971 Fraud by abuse of position is an offence under sections 1(1) and 4 of the Fraud Act 2006 (4 offences) Conspiracy to commit false accounting is a criminal offence under section 1(1) of the Criminal Law Act 1977 Dial-A-Cab Credit Union was regulated by the FCA for conduct matters and authorised by the PRA for prudential matters from 1 April 2013 until 4 September 2018 when it entered administration. Find out more information about the FCA.

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This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised by us to carry out or promote financial services in the UK. This firm is not authorised by us and may be targeting people in the UK. Search our Warning List for other unauthorised firms and individuals we're aware of. Unauthorised firm details Name: COWELL LOCKER BUSINESS ASSOCIATES Address: 53 West 23rd Street, New York, NY, UNITED STATES OF AMERICA, 10010 Telephone: +13474976775 Fax: +13473429004 Email: [email protected] Website: www.cowelllockerbusiness.com Some firms may give incorrect contact details including postal addresses, telephone numbers and email addresses. They may change these contact details over time. They may also give you details that belong to another business or individual, so the information looks genuine. What this means for you If you deal with this firm, you won't have access to the Financial Ombudsman Service if you have a complaint. You also won't be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it's unlikely you'd get your money back if the firm goes out of business. How to protect yourself You should only deal with financial firms that are authorised by us. If a financial firm is authorised by us, it gives you greater protection if things go wrong. You can check our Financial Services Register to make sure a firm is authorised and has permission for the service it's offering you. You'll also be able to find: information on how you're protected contact details for authorised firms If you're contacted unexpectedly by a financial business or individual, make sure you reply using the contact details on the FS Register. Find out more about how to protect yourself from scams. Report an unauthorised firm If you think you've been approached by an unauthorised firm, call us on 0800 111 6768, or use our contact form.

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This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised by us to carry out or promote financial services in the UK. This firm is not authorised by us and may be targeting people in the UK. Search our Warning List for other unauthorised firms and individuals we're aware of. Unauthorised firm details Name: Lewis_Harrison Social Media Details: Instagram: Lewis_Harrison Some firms may give incorrect contact details including postal addresses, telephone numbers and email addresses. They may change these contact details over time. They may also give you details that belong to another business or individual, so the information looks genuine. What this means for you If you deal with this firm, you won't have access to the Financial Ombudsman Service if you have a complaint. You also won't be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it's unlikely you'd get your money back if the firm goes out of business. How to protect yourself You should only deal with financial firms that are authorised by us. If a financial firm is authorised by us, it gives you greater protection if things go wrong. You can check our Financial Services Register to make sure a firm is authorised and has permission for the service it's offering you. You'll also be able to find: information on how you're protected contact details for authorised firms If you're contacted unexpectedly by a financial business or individual, make sure you reply using the contact details on the FS Register. Find out more about how to protect yourself from scams. Report an unauthorised firm If you think you've been approached by an unauthorised firm, call us on 0800 111 6768, or use our contact form.

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