The Financial Conduct Authority (FCA) has announced that Elevate Credit International Limited, trading as Sunny (and also previously under the ‘1 Monthly Loan’ and ‘Quid’ brands), was put into administration on 29 June 2020. Edward George Boyle and David John Pike from KPMG UK LLP were appointed as joint administrators.

The Financial Conduct Authority (FCA) has announced that, on 9 January 2023, Indigo Michael Limited, trading as Tappily and SafetyNet (Indigo), went into administration. Joseph O’Connor, Clare Kennedy and Simon Appell of AlixPartners UK LLP were appointed joint administrators. Indigo is a high-cost lender which provides customers with running account credit facilities; these are credit agreements with no fixed or minimum duration. Running account credit is a facility under a credit agreement through which the borrower can receive cash up to a certain credit limit.

The Financial Conduct Authority (FCA) has announced that Intelligent Money Ltd, a self-invested personal pension (SIPP) operator authorised and regulated by the FCA, has entered administration.

The Financial Conduct Authority (FCA) has announced that, on 22 December 2020, MyJar Ltd was placed into administration. David Clements, Paul Boyle and Anthony Murphy of Harrisons Business Recovery & Insolvency (London) Limited were appointed as joint administrators. MyJar Ltd is a high-cost short-term lender, otherwise known as a payday lender, which lends small sums to customers until the next payday or up to 12 months.

The Financial Conduct Authority (FCA) has announced that, on 19 January 2023, Short Term Finance Ltd entered a creditors’ voluntary liquidation. Michael Solomons and Milan Vuceljic of Moorfields Advisory Ltd were appointed joint liquidators. Short Term Finance Ltd is a high-cost lender based in Birmingham. It offered customers home collected cash loans of between £100 and £300, with a maximum repayment term of 16 weeks. It also offered Love2shop gift cards with a maximum 15-week repayment term. All existing loan agreements remain in place, although the firm is no longer able to issue new loans.

The Financial Conduct Authority (FCA) has announced the arrest of three individuals in the West Midlands as part of an investigation into suspected unauthorised debt activities believed to have targeted vulnerable people facing repossession proceedings. With support from the National Crime Agency, the FCA conducted searches at two residential properties, an office and a storage facility. The individuals were interviewed under caution and released on conditional bail. Enquiries are ongoing, and the FCA will provide further details in due course.

The Financial Conduct Authority (FCA) has announced that it will provide Palantir Technologies Inc with access to its regulatory data as part of a pilot project exploring the use of artificial intelligence (AI) in tackling financial crime. In response to enquiries from Law360, a LexisNexis® company, the FCA confirmed that Palantir will be granted access to confidential intelligence and regulatory data for a three-month trial and the initiative forms part of the FCA’s efforts to assess whether AI can be used to aggregate information held across its systems into a single search tool for investigators. The FCA expects that improved use of data and technology will support more effective identification of financial crime risks and enhance regulatory decision-making. According to the FCA, the pilot will operate under strict controls to ensure that data is protected and used in accordance with legal, regulatory and ethical requirements. The data will remain under the FCA’s control, and Palantir will be restricted to using it solely for the purpose of developing the search functionality. The company will also be required to delete the data after two years. The FCA has highlighted that fraud accounts for a significant proportion of crime in the UK and has emphasised the importance of leveraging technology to address this trend.

The Financial Conduct Authority (FCA) has announced that Raymondip Bedi and Patrick Mavanga have been sentenced to a combined 12 years’ imprisonment for their roles in a £1.5m crypto fraud. Between February 2017 and June 2019, the individuals cold-called victims and sold fake investments in crypto consultancy services. At least 65 investors were defrauded, with total losses amounting to £1,541,799. Bedi was sentenced at Southwark Crown Court to five years and four months’ imprisonment, and Mavanga received a sentence of six years and six months. Both had previously pleaded guilty to conspiracy to defraud and conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000. Bedi also admitted to money laundering offences, while Mavanga was additionally convicted of perverting the course of justice. Confiscation proceedings are continuing. The FCA says that it has attempted to contact investors who lost out and has asked any who have not yet been contacted to come forward.

The Financial Conduct Authority (FCA) has announced its work programme for 2025-2026, focusing on becoming a smarter regulator, supporting growth, helping consumers navigate financial lives, and fighting financial crime through data-led detection and collaboration with partners.

The Financial Conduct Authority (FCA) has compelled motor insurers to revise their claims handling practices after identifying a widespread of underpayments in settlements for stolen or written-off vehicles, affecting over 270,000 motorists. Following a multi-firm review and direct engagement with insurers covering 90% of the market, the FCA found that automatic deductions for assumed pre-existing damage had led to unfair outcomes, particularly disadvantaging careful drivers. In response, insurers have paid £129m to nearly 150,000 customers so far, with total compensation expected to reach £200m. These changes align with the FCA’s Consumer Duty, which mandates fair treatment and good outcomes for consumers. The regulator’s broader efforts to improve fairness in the insurance sector include reforms to pricing, claims handling, and product value assessments.

The Financial Conduct Authority (FCA) has announced plans to consult on an industry-wide compensation scheme for motor finance customers following the Supreme Court ruling in Hopcraft and another v Close Brothers Limited, Johnson v FirstRand Bank Limited (London Branch) t/a MotoNovo Finance and  Wrench v FirstRand Bank Limited (London Branch) t/a MotoNovo Finance [2025] UKSC 33.

The Financial Conduct Authority (FCA) has announced that two brothers, Matthew and Nikolas West, have pleaded guilty to insider dealing at Southwark Crown Court. Between November 2016 and January 2020, Matthew West obtained confidential information from brokers through the legitimate process known as wall crossing—a standard market practice for sharing non-public, price-sensitive data. He used this information to trade shares in Proactis Holdings Plc, Palace Capital Plc, Concha Plc, and Bushveld Minerals Limited, and subsequently disclosed the details to his brother, who traded shares in Asimilar Group Plc. Their transactions resulted in total profits of £42,948. Both brothers, operating as professional day traders, pleaded guilty to six instances of insider dealing. Sentencing is scheduled for 3 July 2025, and the FCA is set to apply for confiscation orders with regards to the related proceeds.