First-time investors in crypto assets will be offered a 24-hour cooling-off period as part of a wider crackdown on advertising in the industry by the UK’s financial regulator.
First-time investors in cryptoassets should be offered a 24-hour cooling-off period by those marketing them, according to the City regulator.
A new advertising crackdown being launched by the Financial Conduct Authority (FCA) will mean firms marketing cryptoassets to UK consumers will need to introduce a cooling-off period for first-time investors from 8 October.
The regulator’s policy statement on financial promotion rules for cryptoassets said: “Even when the financial promotions regime comes into force, cryptoassets will remain high risk and largely unregulated.
“Consumers should only invest in cryptoassets if they understand the risks involved and are prepared to lose all their money. Consumers should not expect protection from the Financial Service Compensation Scheme (FSCS) or Financial Ombudsman Service if something goes wrong.”
As part of the package of measures designed to ensure those who buy crypto understand the risks, the FCA said “refer a friend” bonuses will also be banned.
The regulator said it wants consumers to receive timely, high-quality information that enables them to make effective investment decisions without being pressured, misled or inappropriately incentivised to invest in products that do not meet their needs.
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Firms promoting cryptoassets must put in place clear risk warnings and ensure adverts are clear, fair and not misleading, the regulator said.
The FCA’s rules follow Government legislation to bring crypto promotions into the regulator’s remit.
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Sheldon Mills, executive director, consumers and competition at the FCA, said: “Consumers should still be aware that crypto remains largely unregulated and high risk. Those who invest should be prepared to lose all their money.
“The crypto industry needs to prepare now for this significant change. We are working on additional guidance to help them meet our expectations.”
Russia has a “pretty good map” of Britain’s crucial network of undersea cables, experts have warned – potentially presenting Vladimir Putin with a “vulnerable soft underbelly” to attack.
While separated by 21 miles of water, a web of cables and pipelines nonetheless connects the UK and Europe.
These lines carry critical civilian and military communications, electricity and gas – things that underpin the fabric of our society.
But it’s hard to constantly keep an eye on hundreds of miles of subsea cables, leaving them vulnerable to sabotage.
After damage to undersea cables in the Red Sea caused internet disruption in Asia and the Middle East, Sky News looks at what subsea cables are and what damage to one or more of them – accidental or otherwise – could mean for the UK.
Image: HMS Somerset shadowing Russian ship Yantar. Pic: Royal Navy/PA
At first glance, it might be odd for a Royal Navy warship to be asked to shadow a civilian boat. But Britain doesn’t believe the Yantar is a civilian vessel, it believes it is used for Russian surveillance.
Defence Secretary John Healey spelled it out in parliament, saying: “Let me be clear, this is a Russian spy ship used for gathering intelligence and mapping the UK’s critical underwater infrastructure.”
The Yantar complied with international rules of navigation, Mr Healey said. But this was not the first time it had been detected near Britain’s subsea installations, he added.
Image: Fibre optic cables on the ocean floor. File pic: iStock
What are undersea cables?
There are around 60 sets of undersea cables branching out from the UK, Dr Sidharth Kaushal, an expert in maritime technology, told Sky News.
They are fairly wide, he says, and usually encased in a metal sheath. Closer to shore, they are often buried under concrete to further protect them. There are also pipelines which carry gas from the continent.
Some cables are in relatively shallow waters and are relatively easy to repair – they are often damaged unintentionally by commercial activity – while others are in deeper waters and require specialist equipment to fix if a problem arises.
A recent report from the IISS thinktank (the International Institute for Strategic Studies) highlighted the extent to which the European and global economies relies on them.
“Cables transmit around 95% of global data flows and underpin an estimated $10trn in financial transactions every day,” it said.
Image: Around 60 subsea cables connect the UK with the world beyond
Making a map?
Experts believe Russia has spent recent years covertly mapping undersea cables in the West – some of which are military and whose locations are not public knowledge.
“We have seen an uptick in activity of Russian surveillance,” said RUSI thinktank expert Dr Kaushal.
Surface vessels have been gathering intelligence, but there have also been reports of Russian uncrewed submersibles being operated near undersea cables, he added.
“Given that this has been a persistent activity in an area on which they have placed some importance for quite some time… one would expect they have a pretty good map.”
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2:56
‘Putin wants to trick Trump’
What does sabotage look like?
Severing undersea cables can have a detrimental impact on the countries they serve.
“There’s quite a bit of redundancy in the cable networks running across the Atlantic and indeed the cable networks that service the UK,” Dr Kaushal said. “It certainly would not be very easy to sabotage cables… in a way that would be impactful.”
While it might be easy for a hostile state to deny cutting one or two cables, a systematic effort to affect the UK by cutting enough to have an impact would be harder to disavow, he added.
This is particularly the case with cables that are in deeper water, reachable only by a handful of states.
Recent disruption to undersea cables has been blamed on “anchor-dragging by Russia’s shadow fleet”, the IISS said in its report.
Russia has previously denied damaging undersea infrastructure.
Image: RFA Proteus monitoring Russian ship Yantar in November 2024. Pic: Royal Navy/PA
Does the UK need to prepare?
Faced with an increasingly fraught international picture as the war in Ukraine grinds on, the UK parliament’s National Security Strategy committee launched an inquiry into undersea cables earlier this year.
It is examining how well the UK is able to defend its undersea infrastructure – and how resilient the nation would be in the event of a major, protracted disruption to our internet connection.
“Our internet cable network looks like an increasingly vulnerable soft underbelly,” chairman Matt Western MP said as the inquiry began.
“There is no need for panic – we have a good degree of resilience, and awareness of the challenge is growing. But we must be clear-eyed about the risks and consequences: an attack of this nature would hit us hard.”
Dr Kaushal argued that while there is a degree of redundancy in the undersea cables that serve the UK, the pipelines that bring gas to British homes are perhaps more vulnerable.
“I think in some ways the pipeline network is far more fragile because there we are more reliant on a handful of critical pipelines,” he said.
While the nature of Donald Trump’s second state visit is indeed unusual, from the moment Sir Keir Starmer delivered the gold-edged invitation it began a process steeped in tradition.
Typically, second-term US presidents are offered a shorter visit, perhaps tea or lunch with the monarch at Windsor Castle. But the red carpet is literally being rolled out once again, with Trump receiving a second full state visit, with all the pomp and pageantry it entails.
An indication was given early on in Trump’s second term that he’d be receptive to a second state visit, and so – on perhaps the advice of the new prime minister – the King issued a second invitation.
The greatest form of tradition is one that always evolves, and so this may now set a new precedent for presidents who are voted out but then return to serve a second term.
Image: Trump and his wife Melania with the then Prince of Wales and Duchess of Cornwall in 2019. Pic: PA
Any nation can hold a state visit, but what is unique about Britain remains our internationally respected pageantry.
Even down to the very invitation – there is a very precise format for inviting someone on a state visit.
An invite must be issued, established by international law. Written on a special gold-edged paper, embossed with a golden coat of arms that is issued, it forms part of a historic archive.
Breaches of protocol
Much has been made in the past about moments where protocol was breached – Michelle Obama famously put her arm around Queen Elizabeth in 2011, but, in all honesty, I doubt very much the Queen was upset by this.
Image: In a breach of protocol during a visit to the UK in 2009, Michelle Obama touched the late Queen. Pic: AP
The fuss was not made by the late monarch, who accepted that what mattered was that Americans should be made very welcome on behalf of the UK.
And then criticism emerged against Trump, who appeared to make the Queen change places when the Guard of Honour was to be inspected.
But, in truth, it was Elizabeth II who had to correct herself because, in her long life as sovereign, she never escorted a visiting president.
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1:31
When Trump met the Queen – and protocol was breached
The escort should stand further from the troops and her self-correction was misinterpreted as his error.
Trump’s visit this time will likely generate just as many headlines, but I don’t think there will be critical moments where a breach occurs.
What will happen today?
The Prince and Princess of Wales will greet the president and his wife in the grounds of the Windsor estate in the morning, before accompanying them to meet the King and Queen for an open-air greeting.
Mr and Mrs Trump, the King, Camilla, William, and Kate will then take part in a carriage procession through the estate to the castle, with the carriage ride joined by the Household Cavalry Mounted Regiment, which will provide a Sovereign’s Escort, as well as members of the armed forces and three military bands.
A ceremonial welcome with a guard of honour will be staged in the quadrangle of the castle, as is customary, followed by lunch with the royal family and a visit to see a Royal Collection exhibition within the castle.
The president and his wife will then visit St George’s Chapel privately on Wednesday afternoon to lay a wreath on the tomb of Queen Elizabeth II, whom they both met on their first state visit.
They will then be treated to a flypast by the Red Arrows alongside UK and US F-35 military jets on the east lawn at Windsor Castle, as well as a special Beating Retreat military ceremony.
They will then be treated to a flypast by the Red Arrows alongside UK and US F-35 military jets on the east lawn at Windsor Castle, as well as a special Beating Retreat military ceremony.
The traditional grand state banquet is set to follow in the castle’s St George’s Hall in the evening, with both Mr Trump and the King to give speeches as the event gets underway.
What it means for Trump – and is it worth it?
Trump’s mother would cut out and keep in a scrapbook containing pictures of the young Princess Elizabeth and her sister, Margaret Rose. It was an era before endless celebrity news, a time when public life revolved around the royals, the war, and survival.
And the president loved his mother, like many men do, so these things mean an enormous amount to him.
Image: Trump and Charles inspect the Guard of Honour. Pic: PA
When the horses go back to the stables and the carriages are put away, the impact of this visit will remain fresh in the mind of a president who may feel his nation – and maybe even he himself – have been affirmed by their ally.
Quite apart from the politics, although much will be said and written on that, there is one great hope for any state visit: that the country so many (myself included) have fought for can be safer and more successful as a result of the pomp and pageantry on display.
The son of boxing legend Ricky Hatton has opened up about the death of his father, paying tribute in an emotional Instagram post.
“Heartbroken isn’t the word,” Campbell Hatton said in the post, alongside a series of family photos.
“Everybody has always said I was your double – never a truer word said. Looked up to you in every aspect of life.”
The boxing legend was found dead at his home in Hyde, Greater Manchester on Sunday. Police said there were no suspicious circumstances.
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Like his father, Campbell pursued a career in boxing, making his professional debut in 2021. He retired earlier this year.
He added in his post: “Can’t explain how much I’m going to miss the laughs we had and all the good times, which I will remember forever. Just can’t believe we won’t have any more. Love you, Dad.”
The family of Hatton, a former world welterweight champion who was 46, said they had been “deeply moved” by the outpouring of love and support towards him.
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2:20
‘More than a champion’ – Hatton’s family tribute
‘A man who gave everything’
“Richard was so much more than a world champion. To us, he was simply ‘Richard’, our son. A loving father, grandfather and brother, and a true friend to many,” a statement read.
“He had a heart as big as his smile, and his kindness, humour and loyalty touched everyone who was lucky enough to know him.
“To the wider world, Richard will always be remembered as one of boxing’s greatest champions – a man who gave everything inside the ring and wore his heart on his sleeve outside of it.”
Greater Manchester Mayor Andy Burnham has said the city will give consideration to how best to honour Hatton’s memory properly in the weeks and months ahead.
It comes after soap star Claire Sweeney said she “adored and cherished” her ex-boyfriend. They were long-time friends and dated for several months after competing on Dancing On Ice in 2024.
Image: One of the many tributes laid in memory of Hatton. Pic: PA
‘The people’s champ’
Soap star Sweeney wrote on Instagram: “I’ve needed a few days to process the devastating news about my dear friend Ricky.
“My thoughts are with his family especially his children Campbell, Millie Fearne and Lyla, his granddaughter.
“Ricky, you were the people’s champ. We adored and cherished you. Love you always.”
She also posted a montage of photos of them together.
Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK.