FCA publishes findings from its review of fast-growing ("FGF") firms.
The UK financial oversight agency ("FCA") published the findings of its reviews of fast-growing ("FGF") firms on March 10, 2023. The FGF reviews looked at companies' financial and non-financial resources. The review was conducted in 2021-22 and looked into the activities of 25 solo regulated firms that the FCA identified as experiencing "very fast growth" between 2018-20, which could pose a "higher risk of harm to customers and other market participants. The FCA discovered that each of the firms it chose for review experienced rapid growth in one or more of the following areas: · revenue; · total balance sheet assets; · client number; and/or · Client money holdings and/or custody assets/assets under management/outstanding e-money. CFD providers, wealth managers, and payment services institutions were among the firms examined. The FCA, on the other hand, was quick to point out that its "observations ar