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Oh c'mon, it's the same consumers who used to pan banks as dinosaurs 10-15 years ago and craved for nonbank financial services providers. They should've known that banks are protected by deposit insurance whereas nonbanks are not. Lame of them to protest now and deflect their irresponsible behavior to FCA / regulators. If FCA does what they demand in terms of audits, etc., the UX and CX of these nonbanks will become as good or bad as that of banks and these same consumers will again whine and accuse regulator of killing nonbanks and suffering from regulatory capture by banks. 

Going by the predictions of Finsurgents in 2014, I'm extremely surprised that traditional high street banks are still around in 2024, not to mention that they make profits and have 80% market share. KPMG is obviously talking its book here but I'm old enough to remember a time when such things were done with finesse. 

12 years ago, I predicted The Death Of Cash Is At Least 190 Years Away. 

Only 178 more years to go!

Ah finally my long-standing wish out of genAI in Banking is fulfilled! Right from the time ChatGPT was launched, I've been craving for a genAI that answers simple questions like "What was the last amount I paid my CA?". Bunq is the first product I've come across that fulfills my requirement. Kudos to Bunq! 

Kudos to JPMC. As I've been saying for a long time, banking data is the exhaust of customers' transactions with a bank and does not belong exclusively to the customer. Open Banking forced banks to hand it over to fintechs and, that too, for free. There are no similar laws compelling companies in other industries to hand over their data exhausts to third parties - either for free or at a price. I see no reason why it should be any different in the banking industry. Now that JPMC has shown the way to fight this injustice, I'm guessing other banks will follow suit.

"Whatever the final ruling, the lesson is clear: we need to rebuild trust in trading."

I doubt if that's the lesson at all.

For over two years, SEBI has been warning market participants that 89% of Indian retail traders lose money, still F&O volumes in India have only gone up. That rules out trust deficit. On the contrary, punters's trust in their own ability to outwit titans of Wall Street and Dalal Street has only risen. I've heard some of them say, "Oh, Jane Street Shane Street and all is only USA, it won't work in India". 

Not sure what's the real lesson from this scandal but it surely has nothing to do with rebuilding trust.

"As a consequence, over half (55%) of those who acted on advice lost money as a result."

That means 45% gained money. To me, that doesn't seem to be bad at all. But that's only me.  

If Registered Investment Advisors are, say, 2X as good as finfluencers, then 90% (being 2*45%) of their clients should make money and the regulator should announce the same penalty on them for any profit rate than that. 

Deal?

Failed to comply in February 2022.

Fined in July 2025.

Keen to know why it takes three years for Bank of England to impose a fine: Is it a process issue, system issue, risk management framework issue, or something else?!!!

Nice feature. 

Any idea what is the latest TPV of AliPay (and WeChat Pay)? Last I checked many years ago, it was $17T for that year. 

I'd agree with this logic before genAI. But genAI exhibits tons of resilience to bad data quality, as I highlighted in section 5. Makes GIGO Obsolete of my blog post titled Ten Revolutionary Things About AI - Part 1. In fact, CIO advocates enterprises to use AI to improve data quality, which can't be said of any other OLTP technologies in the past.