Buying shares in volatile markets is risky and you may quickly lose money. These losses are unlikely to be covered by the Financial Services Compensation Scheme.
Broking firms are not obliged to offer trading facilities to clients.  They may withdraw their services, in line with customer terms and conditions if, for instance, they consider it necessary or prudent to do so. Firms are exposed to greater risk and therefore more likely to need to take such action during periods of abnormally high transaction volumes and price volatility.
We will of course take appropriate action wherever we see evidence of firms or individuals causing harm to consumers or markets.

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RegData is central to our data strategy which sets out our plan to harness the power of data and advanced analytics to transform financial regulation. We started moving firms over to RegData in October 2020, with their moving dates determined by the nature of their reporting obligations and schedules. 
Firms still using Gabriel should make sure they’ve registered for RegData, as we continue to move more firms across over the next few months.
Last year we announced some of the benefits of moving to the new platform. The main improvements are summarised in our Welcome to RegData video, and we have a series of explainer videos and user guides on our dedicated RegData resources page.
Let us know what you think
We’re keen to hear from firms that have already moved to RegData and invite you to complete a short survey on your experience of the move and the system so far.
Your feedback is important to us and, while we can’t commit to taking forward all suggestions, we will review all feedback as we continue to improve the platform.
Moving more firms from Gabriel
To ensure a smooth transition onto the new system, we’ll continue to move remaining firms across in stages. Firms will not be able to access RegData until we move their users across from Gabriel. Until then, they should continue to submit their regulatory reports through Gabriel. 
Find out more about the move in our Moving to RegData video or on our dedicated page.
Register for RegData before your moving date 
All Gabriel users must register for RegData before their move by logging in to Gabriel with their normal login details and completing a one-time activity when prompted. Firms’ Principal Users should make sure all other firm users complete this activity as soon as possible. This needs to be completed before your firm’s planned moving date, otherwise the Principal User will need to set others up as new users in RegData once your firm has been moved to the new system.
If you’re a Gabriel user who does not complete online submissions and communicates with us directly or use Secure File Transfer Protocol (SFTP) instead of accessing Gabriel online, there is no need to register. We’ll outline the process for these services before your move, so that you’re prepared.

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What action you need to take
If you have a Part 4A permission, but have not carried on any regulated activities for 12 months or more and have no current plans to do so, please apply for cancellation using Connect.
If you have a Part 4A permission and have not used and no longer need some of the permissions, please apply to remove the permissions you no longer need by completing and submitting a Variation of Permission application using Connect. 
Why it’s important to you
Reviewing your permissions – and maintaining only those you need – helps to assure you that you will continue to meet the threshold conditions, are demonstrating effective oversight of your business, meet your obligations under the Senior Managers Regime and are providing accurate information to consumers. You are required to provide us with an annual attestation that the information held on the Financial Services Register is accurate. This also means you do not pay unnecessary fees for unused or out of date permissions. 
Why’s it important for the market and consumers
The Financial Services Register is a valuable source of information for consumers and firms. It enables users to find out the regulatory status of firms and individuals that are authorised/approved by us. Incorrect or outdated permissions increase the risk of harm to consumers. Inaccurate information about firms’ permissions can mislead consumers about the level of protection offered or give credibility to unregulated activities – so it is important the Register is kept up to date. 
Why we are reminding you now
New powers in the Financial Services Bill, which is currently making its way through Parliament, mean we will be able to act more quickly where we consider firms are no longer carrying out regulated activities. 
With the new powers, where we believe that a firm is not carrying on a regulated activity, we will be able to serve notice on the firm, asking for a written response within 14 days. If the firm does not respond we will be able to publish a second, public notice, explaining it appears that the firm is not carrying on a regulated activity. We can then vary or cancel the firm’s permissions after 1 month.
Firms must act now to review existing permissions and make any necessary changes to ensure that you present a clear picture of what you do, and help us prevent scams and misleading information.

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Access the DBAAT
The DBAAT is used to assess advice given before October 2020. An updated tool that incorporates rule changes that came into force on 1 October 2020 will be published in the coming months.
We used the DBAAT in the latest phase of our review assessing the suitability of DB transfer advice. The tool sets out the key factors to consider when checking the suitability of advice and disclosure, thereby allowing firms to understand what is expected. We are publishing it now to give all firms access to this tool and recommend that firms, compliance consultants, auditors, insurers and trade bodies use it to understand how suitability should be assessed.
Making the tool widely available is part of our work to improve the suitability of DB transfer advice. We have been conducting intensive supervisory work on DB transfers since 2015 and we have taken action against pension transfer advisers where advice has been unsuitable. We have published rules and draft guidance to improve the quality of DB transfer advice. We will publish Finalised Guidance alongside the updated DBAAT.
Our work on DB transfers forms a key part of the FCA’s work to reduce harm in the consumer investments market, which we identified as a priority in our 2020/21 Business Plan.

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In addition, the Court ordered Choucair to pay £403,552 in prosecution costs to the FCA.
In June 2019, Walid Choucair (04/03/1979) was sentenced to 3 years’ imprisonment in respect of five offences of insider dealing alongside Fabiana Abdel-Malek (17/09/1982) taking place in 2013/4. The trial was brought by the FCA.
The amount of the confiscation order takes into account the amount of profit in the sum of approximately £1.4 million made by Choucair from the five insider dealing charges together with profits arising from other trading carried out by him which the court is permitted to assume also represents proceeds of crime.
Abdel-Malek was employed as a senior compliance officer by the investment bank UBS AG in their London office and used her position to identify inside information which she passed to her family friend Choucair, an experienced day trader of financial securities, using pay-as-you-go mobile telephones. 
They appealed their convictions alleging insufficient disclosure by the FCA before, during and after the trial made their convictions unsafe. The Court of Appeal dismissed the appeals in December 2020 and found there was no irregularity or unfairness.  
The total amount confiscated exceeds the profits generated from the prosecuted offences. This is as a result of the application of the confiscation regime which permits the court in this case to assume that profits from other trading also represent proceeds of crime.
Mark Steward, Executive Director of Enforcement and Market Oversight, said:
‘This confiscation order means Mr Choucair will have to surrender significant illegal trading profits following his convictions for insider dealing. Today’s order demonstrates that insider dealing does not pay.’
Mr Choucair is required to pay the confiscation order by 1 March 2021. If he fails to do so he will need to serve 5 years in default of payment. 
On 7 August 2020, the Southwark Crown Court made a consent confiscation order against Ms Abdel-Malek in the sum of £34,194.53. That order was satisfied in full on 10 September 2020.
Notes to editors
Two charged with insider dealing, FCA press release, June 2017.
Two convicted of insider dealing, FCA press release, June 2019.
Insider dealing convictions upheld by the court of appeal, FCA press release, December 2020. 
As Mr Choucair was convicted of five offences from which he benefited by more than £5,000 the Proceeds of Crime Act 2002 required the Court to make some assumptions, set out at s.10 of the Act, in determining the total amount of his benefit. Relying on this, the FCA asked, and the Court determined, that some trading conducted by Mr Choucair, in relation to which he had not been prosecuted, was nevertheless based on insider information. The Court added Mr Choucair’s gains from these extra trades to the total amount of his benefit.  
The money subject to the confiscation order will be paid to Her Majesty’s Courts and Tribunals Service (HMCTS).

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