The Financial Conduct Authority has secured its first conviction for illegal crypto ATM operation in the UK.

Olumide Osunkoya pleaded guilty to five offences at Westminster Magistrates’ Court on Monday (30 Sept).

Osunkoya, 45, was also convicted for using false documents and possession of criminal property.

Last month, the FCA charged Osunkoya with running a multimillion-pound crypto ATMs without authorisation.

The regulator alleged that Osunkoya operated a network of at least 11 crypto ATMs that processed more than £2.6m in crypto transactions between 29 December 2021 and 8 September 2023.

During that period, he acted as a director of a company named Gidiplus Ltd and later as a sole practitioner.

It was also alleged that Osunkoya, the first person to be prosecuted for illegally operating crypto ATMs, completed no customer due diligence or source of funds checks on those who used his crypto ATMs located in local convenience shops across the country.

The court heard that those likely committing money laundering or tax evasion were using his machines. Osunkoya is suspected to have made substantial profit from the operation.

Crypto ATMs are machines that allow customers to buy or convert money into cryptoassets. There are currently no legal crypto ATM operators in the UK.

The court also heard that Osunkoya created a false alias to try and evade FCA rules.

Sentencing for the offences will take place at Southwark Crown Court at a date to be confirmed.

HUNDREDS of users are reporting issues with Lloyds Bank, Halifax and Bank of Scotland this morning.

The main issue appears to be with access to online banking, with more than 60 per cent of customers having problems , according to Downdetector.

A further 34 per cent of people have reported problems with logging into mobile banking services, with

Users have also been locked out of mobile banking services at Halifax and Bank of Scotland, according to the website.

In a statement on X, Lloyds Bank said: “We know some customers are having issues with Internet Banking and Mobile Banking. We’re sorry about this and we’re working to have everything back to normal.”

Follow our live blog below for all the latest updates …

Don’t want full access? REGISTER NOW for limited access and to subscribe to our newsletters.

Tavistock has announced the sale of two subsidiary businesses, Tavistock Partners Limited (TPL) and Tavistock Partners (UK) Limited (TPUK), to Saltus Partnership Holdings for up to £37.75m.

The deal, revealed this morning (1 October), is subject to shareholder approval and requires ‘change of control’ clearance from the Financial Conduct Authority (FCA).

It includes Tavistock’s Abacus and Duchy brands, boosting Saltus’s assets under advice and management to over £7bn and increasing its team to more than 300.

This acquisition contributes £2.4bn in assets under advice, 140 advisers and 95 additional staff.

Mal Harper, the current managing director of Abacus Associates Financial Services, will continue to lead the business, reporting to Saltus managing partner Jon Macintosh.

The acquired units will operate as a separate business within Saltus.

The transaction, expected to complete this autumn, marks a significant milestone for Saltus as it enhances its offering for a broader range of clients and partners.

For Tavistock, the agreed cash consideration represents a premium of 211% on its market capitalisation as of market close on 30 September 2024.

Tavistock has indicated it has “no plans” to return any of the proceeds to shareholders, opting instead to use the funds for “working capital purposes,” which may include potential future acquisitions.

The company is also seeking approval from shareholders to authorise a buyback of ordinary shares over the next five years, utilising part of the cash injection for this purpose.

More than 30% of shareholders have already expressed support for both the asset sale and the proposed share buyback.

Tavistock ‘transformed’ by sale of wealth arm to Titan

Commenting on the overall deal, Macintosh said: “We are delighted to welcome Mal and his team on board. We are impressed by the record of growth Mal has achieved and the quality of care he and his colleagues provide to their clients.

“Abacus is already an important client for Saltus; we have been looking after some of Abacus clients’ investments for some time. We have been helping to turn around the performance of their in-house investment management proposition and we have got to know each other well.

“Saltus enjoys the highest rate of organic growth in the industry, driven in part by a very strong sales and marketing operation, which the Abacus business will benefit from.

“Moreover, the combined business will benefit substantially from having access to the investments we have made at Saltus, particularly in our platform and our client and adviser facing technology.”

Brian Raven, Tavistock’s chief executive, said: “We have worked with Mal and his businesses since 2014, so it was important for us to find the best home for him, his advisers and his staff. We believe that is Saltus. Our two businesses may now be moving in different directions, but we wish Mal and his team all the very best for the future.”

Malcolm Harper, managing director of Abacus Associates Financial Services, said: “We have been impressed by the quality of Saltus and what Jon and the team have achieved and the professionalism and quality of the Saltus operation. Abacus and our associated operations fit neatly into the Saltus mould and will do much to extend the company’s footprint.

“There is plenty more scope for development and investment to come across the entirety of the business and there is much to be gained from applying Saltus technology across our activities. It’s a great cultural fit and our people, partners and clients will be very happy at Saltus. I am thrilled to be joining.”

HALIFAX’s and Llyods online banking app has gone down leaving customers unable to transfer money.

Both lenders are owned by Lloyds Banking Group and have millions of customers between them.

1

A combined total of 5,000 customers have flagged the issue on Downdector, with nearly all the reports related to online banking.

The pair have been facing complaints on X, formally known as Twitter.

Taking to social media this morning one Halifax customer said: “Why can’t I transfer money out of any of my savings pots?”.

While another said that the app was down and their balance was showing up as £0.

The high street lender has responded to customers’ queries and said it working to resolve the issue.

Halifax said: “We know some customers are having issues with Internet Banking and Mobile Banking.

“We’re sorry about this, and we’re working to have it back to normal soon. We appreciate your patience”.

The bank faced a similar issue last month.

Meanwhile, customers at Lloyds have also made complaints.

One user said: “I cannot view transactions in my new Lloyds app even previous months’ data is not visible.”

The bank also said it was working to have the service “back to normal soon”.

The Sun has approached both parties for comment.

Around 19million people use Lloyds Group online banking and the service has become increasingly popular as lenders shut their physical branches.

Just last month it was confirmed that a total of 32 Halifax branches and 19 Lloyds branches will shut their doors in 2025.

This latest round of closures means that 128 Lloyds branches will close in total this year and next, as well as 119 Halifax sites.

The firm has slashed its portfolio of in-person sites as youngsters favour digital banking.

Can I claim compensation for an outage?

Banks aren’t obliged to pay compensation to customers if there’s been an outage or if they’ve experienced technical issues.

But you might be entitled to some money back depending on how much the disruption affected you.

You’ll have to present evidence of how the outage negatively impacted you, including any extra costs incurred through late payment fees for instance.

You should make a note of when you were unable to access the services and the names of the people you spoke to at the bank that suffered the outage.

You can find more details about how to complain to Lloyds or Halifax on its website.

If your bank doesn’t resolve your complaint, you can take your case to the Financial Ombudsman Service.

It is an independent body which will resolve any issues based on what it thinks is “fair and reasonable” depending on the circumstances of the case.

The service can resolve your issue over the phone, by email or post depending on what best suits you.

In the case of an IT system outage at a bank, the FOS says any compensation you may receive will be dependent on your circumstances and whether you lost any money as a result.

If it finds the bank was at fault, you may see any fees, charges or fines reimbursed.

Good morning and welcome to your Morning Briefing for Tuesday 1 October 2024. To get this in your inbox every morning click here.

Tavistock sells two subsidiaries to Saltus in £37.75m deal

Tavistock has announced the sale of two subsidiary businesses, Tavistock Partners Limited (TPL) and Tavistock Partners (UK) Limited (TPUK), to Saltus Partnership Holdings for up to £37.75m.

The deal, revealed this morning (1 October), is subject to shareholder approval and requires ‘change of control’ clearance from the Financial Conduct Authority (FCA).

It includes Tavistock’s Abacus and Duchy brands, boosting Saltus’s assets under advice and management to over £7bn and increasing its team to more than 300.

eToro teams up with ARK Invest to launch new portfolio

eToro has partnered with investment management firm ARK Invest to launch a new technology and innovation-focused portfolio, ARK-FutureFirst, on its platform.

The Smart Portfolio allows eToro users to invest in pioneering companies across sectors such as technology, healthcare and sustainability, aiming for high growth while tackling global challenges.

Raven partners with Aspen to enhance investment portfolio offerings

Boutique investment bank and management consultancy Raven has announced a new strategic partnership between its Raven Wealth Planning service line and premium investment management firm Aspen Advisers.

Through the collaboration, Raven Wealth Planning will integrate the Aspen portfolio range into its full suite of service offerings.

This strategic partnership reflects Raven’s “ongoing commitment” to enhancing the value and quality of services provided through its Raven Wealth Planning service line.

Quote Of The Day

This only highlights what we have been saying for some time – without urgent support for households facing unaffordable arrears, energy debt will only rise further

– Steve Vaid, chief executive of the Money Advice Trust, responds to the rise in UK energy bills by £149 a year

In Other News

GSB is seeking approval from the Swiss Financial Market Supervisory Authority (FINMA) to establish a wealth management operation in Geneva.

Once the licence is granted, GSB Switzerland SA will offer independent private banking, wealth planning, and private finance services to high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), as well as families and businesses.

The new Swiss entity aims to attract clients with multi-jurisdictional financial needs who are seeking exposure to Switzerland’s stable financial environment.

This move will allow GSB to expand its boutique private banking services and cater to its existing international clients more effectively.

In preparation for the launch, GSB has appointed Russell Hunter, formerly of Schroders Private Bank, to lead the External Asset Management (EAM) team.

Hunter has extensive experience in private banking, having held senior roles at Coutts and Barclays Wealth.

Additionally, GSB has hired Béatrice Kofmehl Hofer as private client manager, bringing over 20 years of expertise from Schroders, Lloyds Bank and UBS.

Alison Whatnall, GSB’s chief operating officer, said the move would strengthen the company’s presence in Switzerland, a key market for wealth management, and expand its offerings to global clients.

Optimism in UK economy sinks to lowest level since Truss fallout (Bloomberg)

Fear of a Soviet-style collapse keeps Xi Jinping up at night (The Economist)

Fed sees no ‘hurry’ to cut rates as confidence in economy grows (Reuters)

Did You See?

I don’t mind admitting I turn 50 next year, writes Kevin Carr, managing director at Carr Consulting and Communications and chief executive at Protection Review.

The big 5-0 has also brought around a review of our business protection, which recently resulted in a phone call to go through a new application for life cover, something I’ve not done for a very long time.

With hindsight, I’m not sure what I was expecting. I perhaps assumed the process may have become a bit slicker, a bit more appropriate to my circumstances, and maybe a bit more ‘human’.

Alas, none of these were true. If anything, on the basis that standing still isn’t moving forward, we’ve gone backwards.

Read the full article.