FCA fines Dinosaur Merchant Bank Limited
30 March 2026 UK
Image: Bro_Vector/stock.adobe.com
The UK Financial Conduct Authority (FCA) has fined Dinosaur Merchant Bank Limited (DMBL) 拢338,000 for failing to put in place effective systems and controls to detect and report suspicious trading in its contracts for difference (CFD) business.
In June 2024, DMBL introduced a new order system that led to a sharp increase in CFD trading by its clients.
Between June and October 2024, trades with a corresponding asset value of approximately US$3.05 billion were executed via the platform, however, these orders and trades were not captured and reviewed by the automated surveillance system, which meant that potential market abuse could have gone undetected.
Despite DMBL identifying the issue in October 2024, the firm failed to properly address the deficiencies until May 2025, limiting the firm鈥檚 ability to identify and report potentially suspicious trading, according to the FCA.
Steve Smart, joint executive director of enforcement and market oversight, at the FCA states: 鈥淒MBL鈥檚 failures had the potential to undermine the integrity of the market. Firms must ensure they have effective surveillance arrangements in place. We will continue to take action where this is not the case.鈥�
DMBL fully cooperated with the FCA investigation and qualified for a 30 per cent discount, without which, the fine would have been 拢482,900.
The firm stopped selling CFDs in May 2025.
In June 2024, DMBL introduced a new order system that led to a sharp increase in CFD trading by its clients.
Between June and October 2024, trades with a corresponding asset value of approximately US$3.05 billion were executed via the platform, however, these orders and trades were not captured and reviewed by the automated surveillance system, which meant that potential market abuse could have gone undetected.
Despite DMBL identifying the issue in October 2024, the firm failed to properly address the deficiencies until May 2025, limiting the firm鈥檚 ability to identify and report potentially suspicious trading, according to the FCA.
Steve Smart, joint executive director of enforcement and market oversight, at the FCA states: 鈥淒MBL鈥檚 failures had the potential to undermine the integrity of the market. Firms must ensure they have effective surveillance arrangements in place. We will continue to take action where this is not the case.鈥�
DMBL fully cooperated with the FCA investigation and qualified for a 30 per cent discount, without which, the fine would have been 拢482,900.
The firm stopped selling CFDs in May 2025.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 网爆吃瓜 Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 网爆吃瓜 Finance Times
