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Wealth Manager held in breach of contract

Full Circle Asset Management has been held to have been in breach of its contractual terms with an investor by allowing the risk profile to exceed what had been agreed and by failing to operate the agreed stop-loss policy.

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Bank fraud compensation scheme floated

Concerns about authorised “push” payment frauds have prompted the Payment Services Regulator to suggest that a compensation scheme could be put in place next year. 

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FinTech companies struggling to get customer data from banks may now have leverage

Banks that delay in providing customer data are under scrutiny. The suspicion is that they are deliberately hindering companies they see as potential competitors.Customers give their consent to the transfer of data necessary to use the FinTech company’s services. Competition regulators have conduted dawn raids on banks suspected of intentionally holding up the transfer.The raids were reportedly on Polish and Dutch banks, but they were coordinated by the European Commission. Those having difficulty getting data from UK banks can complain to the Commission or to the UK authorities, or they could threaten to do so, to try to speed up the process.

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