The FCA has provisionally fined Nailesh Teraiya, formerly sole controller and chief executive of Indigo Global Partners Limited (Indigo), £5.95m and has provisionally banned him from carrying out any regulated activity after finding him guilty of making fake trades.

Convicted money launderer and ex-solicitor Dale Robert Walker, 64, has satisfied a confiscation order after a member of his family paid £33,500 outstanding from £716,719 he was ordered to repay due to his criminal activities relating to an investment scheme.

The FCA is to conduct a review into what regulated firms are doing to understand and respond to the needs of customers in vulnerable circumstances.

FCA CEO Nikhil Rathi has said that the FCA will take a ‘pragmatic’ approach to enforcing its new Consumer Duty.