The Federal Court has ordered record penalties totalling $300.2 million against collapsed contracts for difference (CFD) issuer Union Standard International Group Pty Ltd (Union Standard) and its former authorised representatives for systemic unconscionable conduct and other contraventions of the law between 2018 and 2020.
Focus on ASIC — 26-117MR Federal Court orders record $300 million penalties in ASIC’s case over ‘egregious’ Union Standard and CFD operator misconduct.
The Federal Court has ordered record penalties totalling $300.2 million against collapsed contracts for difference (CFD) issuer Union Standard International Group Pty Ltd (Union Standard) and its former authorised representatives for systemic unconscionable conduct and other contraventions of the law between 2018 and 2020.
This enforcement action underscores the FCA's continued focus on individual accountability for disclosure obligations under the Market Abuse Regulation. For compliance teams, it signals that the regulator expects robust systems and controls to ensure timely and accurate disclosure of inside information. Firms should review their disclosure policies and procedures, ensuring clear escalation paths and training for relevant staff. The fine, while not massive, highlights personal liability for senior managers and approved persons. Action needed: conduct a gap analysis of current disclosure frameworks, verify that all inside information is identified and disclosed promptly, and reinforce training on MAR obligations. This case also serves as a reminder that the FCA will pursue individuals, not just firms, for compliance failures.
The High Court today confirmed the appointment of special administrators for Euro Exchange Securities UK Limited (EES). EES did not seek to overturn the court’s initial decision, which saw the firm cease trading with immediate effect last week.EES agreed it is not in the company’s interests to seek to return to normal trading and will work with the appointed special administrators to ensure client money is returned as quickly as possible.Duncan Perring and James Bennett of Teneo Financial Advisory Limited have been appointed as joint special administrators, under the Payment and Electronic Money Institution Insolvency Regulations 2021.Since being provisionally appointed last week, they have taken control of the firm, secured a significant amount of material and frozen funds.This is the first of its kind case for the FCA, and it will continue to use its powers to their fullest extent to protect consumers and the integrity of the markets. It did so after lengthy engagement with the firm
On 9 June 2026, Amplifi Capital (U.K.) Limited (Amplifi) entered administration. Robert Spence and Gareth Slater of Interpath Advisory were appointed joint administrators. Amplifi is authorised by the FCA. Amplifi trades under the names Reevo Money and My Community Finance. Reevo Money provided personal loans to consumers. My Community Finance acted as a credit broker, introducing customers to credit unions; My Community Bank (MCB) and Castle Community Bank (CCB) which issued loans and savings products. All existing loan agreements remain in place and will not change because of the administration. However, Amplifi can no longer issue new loans.Loans or savings with MCB or CCB will not change because of the administration.Customers should continue to make repayments toward any outstanding loans held with Reevo Money, MCB and CCB as usual. Not making repayments is likely to impact your credit score and future borrowing ability.
APRA finalises longevity capital reporting template following consultation
ASIC has disqualified Mrs Shashikumari Agrawal of Sydney NSW from managing corporations for the maximum period of five years due to her involvement in the failure of eight companies that formed part of the Mansa Group which collapsed in 2023.
RegCanary Insight: The listing of the Kotak Indo-Pacific Defence UCITS ETF on the London Stock Exchange signals growing investor appetite for thematic defence and geopolitical exposure within a UCITS-compliant framework. For compliance teams, this development underscores the need to review product governance and suitability frameworks, particularly for ETFs targeting sensitive sectors like defence. While the ETF itself is UCITS-compliant, firms distributing or advising on such products must ensure robust due diligence on underlying assets, especially given potential ESG and reputational risks associated with defence investments. Actionable steps include updating product approval processes to assess thematic ETF risks, enhancing client suitability assessments for defence-focused funds, and monitoring regulatory guidance on ESG disclosures for defence-related securities. This listing also highlights the LSE's role as a venue for innovative ETF listings, which may prompt firms to reassess their market access strategies and counterparty due diligence for new issuers.
This press release from ADGM, Capital Market Authority, and Sandooq Al Watan highlights the graduation of the third cohort of the Financial Market Pioneers Programme. For compliance teams, this signals a continued focus on developing local talent in financial markets, which may lead to increased regulatory expectations for Emiratisation and local hiring in the UAE financial sector. Firms should monitor for any future mandates requiring participation in such programmes or reporting on local workforce development. The initiative also underscores ADGM's commitment to building a skilled financial ecosystem, potentially creating opportunities for firms to engage with emerging talent and align with national strategic goals. No immediate compliance actions are required, but firms should consider how this development might influence future regulatory priorities around human capital and market development.
RegCanary analysis: The launch of Dhabi at ADGM signals a strategic expansion of global banking capabilities within the Abu Dhabi Global Market. For compliance teams, this development underscores the need to reassess cross-border banking operations and regulatory alignment with ADGM's framework. Key actions include reviewing licensing requirements, ensuring adherence to ADGM's anti-money laundering (AML) and data protection standards, and evaluating opportunities for enhanced market access. This move may increase competitive pressure on existing institutions, but also opens avenues for partnerships and innovation in banking services. Firms should monitor ADGM's evolving regulatory guidance to capitalize on this new entrant while maintaining robust compliance postures.
Euribor panel to include KBC Bank 11 June 2026 Benchmarks Press Releases On 27 May 2026, the European Money Markets Institute (EMMI), the administrator of Euribor, announced the inclusion of KBC Bank in the Euribor panel. ESMA and the Belgian Financial Services and Markets Authority (FSMA) welcome the inclusion of KBC Bank in the panel as a positive development that contributes to strengthening the robustness and reliability of this critical benchmark. Verena Ross, ESMA Chair, said: “The addition of KBC Bank to the Euribor panel reflects the interest of financial institutions active in the money market to contribute to the calculation of Euribor, as well as continued market confidence in this key benchmark. A strong benchmark enhances transparency and the availability of reliable information, which are essential to fostering trust and ensuring the smooth functioning of financial markets.” Jean-Paul Servais, Chairman of the FSMA, said: “We welcome the addition of KB
We are seeking views on how the right to time off work for public duties operates in practice, and on proposed changes to the list of public duties eligible for time off under this legislation.
In his latest blog, Governor Gabriel Makhlouf explains the ECB Governing Council decision to raise interest rates by 0.25 per cent. This first change since June 2025 brings the Deposit Facility Rate to 2.25 per cent. He supported the decision and, along with his colleagues on the Governing Council, is committed to delivering our 2 per cent inflation target over the medium term.
EU structural financial indicators: end of 2025
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The Financial Reporting Council (FRC) is seeking new members to join its UK GAAP Technical Advisory Group (TAG) and help shape the future of UK and Ireland Accounting Standards.
EEAS Op-ed: The Power of Partnership: Celebrating the Spirit of Giving and A Joint Call for Life saving
SRA: SRA updates supervision guidance to aid litigation work 12 June 2026 We have published our updated guidance on supervision arrangements following the Court of Appeal's judgment on Mazur vs Others.
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