UK FCA Fines Coinbase Group's CB Payments £3.5 Million; 14 Banks Face New Rules Amid Actions Against HSBC, TSB, and Lloyds

The UK's financial regulatory landscape is undergoing significant changes as multiple banks face scrutiny and penalties.

The Financial Conduct Authority (FCA) has imposed a £3.5 million fine on CB Payments Limited, a subsidiary of Coinbase Group, for breaches related to high-risk customers.

Additionally, the Competition and Markets Authority (CMA) has identified several breaches of the Retail Banking Market Investigation Order 2017, notably involving HSBC and TSB, both of which have agreed to implement corrective actions.

Furthermore, a list of 14 banks and building societies will be required to adhere to new UK rules, signaling ongoing reforms in the financial sector.

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