The FCA has said two brothers, Matthew and Nikolas West, have pleaded guilty to insider dealing at Southwark Crown Court in London following a prosecution brought by the regulator.
Mathew West was accused of using “confidential, inside, information to deal in shares in four companies: Proactis Holdings Plc, Palace Capital Plc, Concha Plc, and Bushveld Minerals Limited,” according to a press release.
“Matthew West also disclosed inside information to his brother Nikolas West in relation to a fifth company, Asimilar Group Plc. Nikolas West used this inside information to deal,” the press release adds.
According to the FCA, the two brothers made a profit of £42,948 ($56,662) from the deals.
Regulation
The FCA has announced a new consultation process on steps to simplify mortgage rules and make it easier, faster and cheaper for borrowers to make changes to their mortgage.
In a press release, the watchdog said: “Doing so will help consumers better navigate their financial lives and support growth, both priorities in our new strategy.”
According to the regulator, the overall aim of the consultation process is to make it:
- “quicker and easier for consumers to discuss options with a firm, while still having access to advice if they want or need it;
- “easier for consumers to reduce their mortgage term, lowering the total cost of borrowing and reducing the risk of repaying into later life;
- “easier for consumers to access cheaper products when remortgaging.”
The FCA has said it has introduced a new consumer credit return as part of its efforts to become a smarter regulator. This will replace the consumer credit data reports.
In a press release, the regulator has said the new return will replace two existing returns, with the aim of replacing four more in the future.
“We have confirmed a new regulatory return for the consumer credit activities of:
- credit broking;
- providing credit information services;
- debt adjusting;
- debt counselling.”
The announcement is part of the efforts to streamline and simplify reporting requirements for firms, requiring them to only submit information that is necessary.
Also last week, the FCA announced it had “finalised rules allowing pooled investment funds greater freedom in paying for investment research. These new rules help UK markets to be more efficient to support growth. High-quality, easily accessible investment research is crucial for fund managers to make informed investment decisions for the benefit of investors,” a press release reads.
Media and speeches
The FCA said its review of smaller asset managers and alternative business models has found most firms are meeting regulatory expectations.
It was part of the regulator’s plan “to focus on smaller firms to identify business models posing greater risks of harm to consumers as part of our 2022 Alternatives supervision strategy.”
According to the FCA: “Its findings support customers investing confidently, by providing firms with examples of good practice and highlighting where some need to improve.
“The findings focus on three areas:
- high-risk investments (HRIs).
- conflicts of interest.
- the Consumer Duty.”
The FCA has announced the appointment of David Geale as permanent executive director for payments and digital finance, and managing director of the Payment Systems Regulator (PSR).
“In his role David will be responsible for helping to deliver the National Payments Vision and driving the FCA’s work on open banking and digital finance,” the FCA said in a press release.
Consolidating the PSR into the FCA and supervising payments and crypto asset firms will also be part of his role.
Ashley Alder, FCA chair, delivered a speech at Caixin Media’s London Atlantic Dialogue event on Strengthening the UK-China financial partnership, on May 8 2025.
Highlights included:
- “The UK-China financial relationship can be a stabilising force – an example of how two major but very different world economies can build trust, deliver mutual benefit, and support global market integrity.
- “Across areas such as green finance, wealth management, and supervision – we need to build systems that benefit both of our economies.
- “We will continue to advocate for the global cooperation and openness which benefits us all, and we hope China will join us in supporting this approach.”
Emad Aladhal, the FCA’s director of retail banking, delivered a speech at the Building Societies Association Annual Conference on May 7, 2025.
Highlights included:
- “Our five-year strategy aims at deepening trust and rebalancing risk to support growth and improve lives.
- “We are taking swift action to make sure regulation supports sustainable home ownership, while maintaining strong consumer protection.
- “Achieving home ownership is increasingly challenging for many people, risking long term financial resilience. Increasing numbers of consumers will also be borrowing into later life. We want to ensure the sector is ready to support them with the options they need.
- “The mortgage market is resilient. Over recent years we have seen improvements in mortgage lenders’ conduct standards and default rates stay historically low.
- “With the introduction of the Consumer Duty, we want to enable consumers and firms to take informed risks – and in doing so support a dynamic and competitive market.”