• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

FCA responds to complaints into its regulation of Premier FX

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • FCA responds to complaints into its regulation of Premier FX


    The FCA has today responded to complaints from people who complained to the FCA after losing money when Premier FX (PFX), a payment services firm, authorised for money remittance, collapsed in 2018. Following an independent internal assessment of each complaint, the FCA has upheld or partially upheld 5 out of 31 allegations.

    The upheld or partially upheld allegations relate to the timeliness and accuracy of updates made to the Register, the reauthorisation of the firm just prior to its collapse in 2018 and concerns over how information was handled and not actioned. The issues identified relate to events that happened several years ago, which the FCA’s wider work, including on transformation has largely remediated. For example, data capabilities have been improved and a ‘single view of firms’ dashboard has been rolled out across the organisation to ensure intelligence is handled, assessed and shared effectively. This forms part of the FCA’s strategy to improve its use of data so that harm can be identified and prevented sooner.

    The FCA investigated the circumstances that led to Premier FX's insolvency. The investigation identified serious misconduct perpetrated by Premier FX and its bankers Barclays Bank Plc. The FCA took action on both and as a result of enforcement action taken against Barclays Bank Plc, it voluntarily agreed to repay the people who lost money in Premier FX and by April 2022 they were repaid all the money they originally paid in, that had not been paid out when Premier FX collapsed.

    The FCA’s response

    An FCA spokesperson said: 'We recognise that the collapse of Premier FX resulted in the loss of significant sums of money for its customers, and welcome the fact our successful enforcement action against Barclays Bank plc has meant that all 167 affected Premier FX customers with accepted claims have had 100% of the money they paid in returned.

    'We are very sorry for the mistakes we made prior to the collapse of Premier FX. We are a very different regulator today than we were during the period that these complaints cover. We strive to continuously improve and learn lessons and have been transforming the way in which we operate. Complaints, like those received about our regulation of Premier FX, provide a vital source of insight, which have led to improvements to our processes and working practices and has enabled us to become a more assertive, adaptive and innovative regulator.'


    https://www.fca.org.uk/news/statemen...ion-premier-fx
    Tags: None

  • #2
    I lodged a claim in 2019. It has obviously been ignored.
    Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

    Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf

    Comment


    • #3
      FCA couldn't regulate the water temperature from a mixer tap.

      Comment

      View our Terms and Conditions

      LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

      If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


      If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
      Working...
      X