REGULATION
There are 878 articles for the REGULATION category
Banks will be allowed to extend the maximum delay for payments they deem suspicious as part of new powers to protect consumers against scams
Posted: 03/10/2024
The Financial Conduct Authority (FCA) has handed a £29m fine to Starling Bank for financial crime failings related to its financial sanctions screening
Posted: 02/10/2024
Smart Money People has collaborated with 24 lenders, mortgage clubs, networks and industry bodies to launch a comprehensive vulnerable people survey
Posted: 01/10/2024
The Financial Conduct Authority (FCA) is increasing its protection for customers of payment and e-money firms that go out of business
Posted: 26/09/2024
London-based financial services advisory firm Strabens Hall Limited has entered administration and its assets have been sold to other firms
Posted: 24/09/2024
The number of complaints made about financial products has increased by 70% in the past 12 months, the Financial Ombudsman Service has revealed
Posted: 29/08/2024
The Financial Conduct Authority (FCA) has announced that it intends to launch a market study into how pure protection insurance products are sold, after highlighting concerns that competition is not working in the market
Posted: 28/08/2024
The Equity Release Council has published new guidance for member firms to consider when launching retrofit lifetime mortgages
Posted: 21/08/2024
The Financial Conduct Authority (FCA) has handed a £15m fine to PwC for failing to report to the regulator its belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity
Posted: 16/08/2024
Less than one in 10 (8%) independent financial advisers (IFAs) has seen an increase in their clients paying into ISAs since the rule changes in April, Opinium has revealed
Posted: 12/08/2024
Asset manager H2O is to pay €250m (£214.7m) to investors who have been unable to access their funds since 2020, following an investigation by the Financial Conduct Authority (FCA)
Posted: 07/08/2024
An unauthorised mortgage broker and its associates who exploited vulnerable consumers have been ordered by the Financial Conduct Authority (FCA) to pay an order of £4m
Posted: 05/08/2024
An individual has been charged for allegedly advising on and arranging mortgages without being authorised
Posted: 02/08/2024
The Financial Services Compensation Scheme (FSCS) has revealed it paid out £423m in compensation to customers during 2023/24
Posted: 30/07/2024
The Financial Conduct Authority (FCA) has indicated that the rules governing financial services could be “streamlined” to reduce the burden on businesses
Posted: 29/07/2024
More than a third (36%) of UK financial services firms said they have been penalised at least once in the past 12 months for failing to meet regulatory compliance demands
Posted: 25/7/2024
Over four in five (84%) consumers have reported no improvement in how financial providers treat them following the implementation of Consumer Duty by the Financial Conduct Authority (FCA) last year, Smart Money People has reported
Posted: 24/7/2024
Which? has called on the Financial Conduct Authority (FCA) to crack down on insurers that are causing "significant harm" to consumers during the claims process.
A report by the consumer champion revealed that almost half (48%) of all people making a claim about home, travel, motor and pet insurance experienced at least one problem in their claim journey
Posted: 23/7/2024
The King’s Speech has outlined Government proposals to "get Britain building", as the Labour Party looks to uphold its promise to reform the system in order to build 1.5 million new homes over the next five years.
In the opening of Parliament, King Charles III said that through planning reform, the Government will "accelerate the delivery of high-quality infrastructure and housing"
Posted: 17/7/2024
PIMFA has laid out a five-year agenda for the course of the new Government to seek wealth creation and help the UK achieve economic growth
Posted: 16/07/2024
The Financial Conduct Authority is overhauling its listing rules in an effort to boost growth in the UK stock markets
Posted: 11/07/2024
Over two fifths (41%) of customers have said they still haven’t noticed any changes to their treatment since Consumer Duty was introduced a year ago, Moneyhub has found
Posted: 09/07/2024
Almost one in five (19%) wealth firms have lost clients due to poor complaints procedures, Simplify Consulting has revealed
Posted: 04/07/2024
Four fifths (80%) of financial advisers have said they believe that the introduction of Consumer Duty has made it harder for them to service more clients, the lang cat has revealed
Posted: 04/07/2024
The Personal Investment Management & Financial Advice Association (PIMFA) has called on the Financial Ombudsman Service (FOS) to address the “economic imbalance” between claims management companies and the financial services sector
Posted: 03/07/2024
Over three in five (63%) financial advisers have said their clients have experienced conditional selling in the six months to May 2024, Access Financial Services (FS) has revealed
Posted: 27/06/2024
Two individuals suspected of running an illegal cryptoasset exchange have been arrested following an investigation by the Financial Conduct Authority (FCA)
Posted: 21/06/2024
Tenet Group has entered administration leaving some of its advisers unable to continue providing regulated advice to customers
Posted: 06/06/2024
Three quarters (75%) of financial advisers are reviewing their retirement approach following the Financial Conduct Authority (FCA)’s thematic review of retirement income advice
Posted: 04/06/2024
HSBC has been fined £6.3m by the Financial Conduct Authority (FCA) for its mistreatment of customers in financial difficulty
Posted: 23/05/2024
Inflation has fallen to 2.3% in the year to April, missing the expected analysts' figure of 2.1%, bringing some doubt to a potential cut in the Bank of England (BoE) base rate in June
Posted: 22/05/2024
It is "possible" that the base rate could be cut over the summer, the deputy governor at the Bank of England (BoE), Ben Broadbent, has said
Posted: 21/05/2024
The Financial Conduct Authority (FCA) has brought charges against nine individuals relating to an unauthorised foreign exchange trading scheme promoted on social media
Posted: 16/05/2024
UK Finance has called for new changes to help victims of domestic abuse to regain control of their finances.
A new report released by the banking trade body, From Control to Financial Freedom, has explored some of the obstacles experienced by victim-survivors when regaining their financial independence
Posted: 16/05/2024
Over three million people in the UK may have borrowed from illegal lenders in the past 12 months, Creditspring has found
Posted: 16/05/2024
The Financial Conduct Authority (FCA) has charged Kristofer McGuire, Keith Williamson and Karla Walker with fraud for their alleged involvement in a high-risk trading scheme, which targeted people’s pension savings
Posted: 15/05/2024
A company which claimed to offer advice to help people invest in cryptocurrency has been shut down following investigations by the Insolvency Service
Posted: 14/05/2024
The base rate set by the Bank of England (BoE) will remain at 5.25% for the sixth consecutive period
Posted: 09/05/2024
The former CEO of Shard Capital Partners, James Lewis, has been banned by the Financial Conduct Authority (FCA) and fined £120,300
Posted: 08/05/2024
The Equity Release Council has issued a reminder to advisers of their responsibilities under the next phase of the FCA’s consumer duty, which comes into force on 31 July 2024
Posted: 01/05/2024
The Association of Short-Term Lenders (ASTL) has criticised proposals by the Financial Conduct Authority (FCA) that would enable the regulator to name firms it is investigating at the outset of the investigation
Posted: 29/04/2024
Financial services firms received 1.87 million complaints in the second half of 2023, a 1% fall from H1 2023, new figures published by the Financial Conduct Authority (FCA) have revealed
Posted: 25/04/2024
The Financial Conduct Authority (FCA) has secured £533,000 to return to investors after the High Court granted a distribution order to the FCA
Posted: 24/04/2024
Half (50%) of individuals aged 65 and over have reported that they have been contacted by criminals attempting to scam money, True Potential has revealed
Posted: 22/4/2024
UK Finance is set to work on a new UK regulated liability network (RLN) experimentation phase with 11 of its members
Posted: 16/04/2024
Link Fund Solutions (LFS) failed to act with care and due diligence in its management of the Woodford Equity Income Fund (WEIF), new findings published by the Financial Conduct Authority (FCA) have stated
Posted: 11/04/2024
A total of 7.4 million people in the UK were struggling to pay bills and credit repayments in January, new research published by the Financial Conduct Authority (FCA) has warned
Posted: 10/04/2024
The Financial Ombudsman Service (FOS) has increased the number of complaints it is predicting to receive in the 2024/25 financial year to 210,000
Posted: 05/04/2024
The Financial Conduct Authority (FCA) has obtained £1.6m from Argento Wealth and its sole director, Daniel Willis, after he promoted two alleged unlawful investment schemes
Posted: 04/04/2024
Two men have been sentenced for their roles in a £3m mortgage fraud case following a prosecution brought by the Financial Conduct Authority (FCA)
Posted: 28/03/2024
The Financial Conduct Authority (FCA) has issued new guidance for firms and online “finfluencers” around how they are promoting financial services
Posted: 26/03/2024
The Financial Conduct Authority (FCA) has written to the chief executives of financial advice firms asking them to review how they provide retirement income advice
Posted: 20/03/2024
The Financial Conduct Authority (FCA) has handed a £5.95m fine to the former sole controller and chief executive of Indigo Global Partners
Posted: 19/03/2024
Just over a third (37%) of regulated firms have said they identify the ultimate beneficial owners (UBOs) at companies, a drop from more than half (53%) in 2023, SmartSearch has found
Posted: 19/03/2024
The Financial Conduct Authority (FCA) has fined Inspirational Financial Management (IFM), which is in administration, £897,840, after it found that the firm poorly advised members to transfer out of defined benefit (DB) pension schemes, including the British Steel Pension Scheme (BSPS)
Posted: 12/3/2024
Almost half (49%) of UK adults have said they would like help in understanding how much they need to save for a comfortable retirement, EV has found
Posted: 12/3/2024
Chancellor Jeremy Hunt has today announced a brand new British ISA which will allow an additional £5,000 annual investment for investments in UK equity, and has implemented a 2p cut in national insurance (NI) rates effective in April
Posted: 06/03/2024
More than nine in 10 (92%) regulated firms do not carry out daily monitoring on clients, which potentially exposes them to sanction breaches and financial crime, SmartSearch has found
Posted: 01/03/2024
The Competition and Markets Authority (CMA) has stated that “significant intervention” is needed in the British housebuilding market, after it launched an investigation into eight firms
Posted: 26/02/2024
Over two in five (42%) regulated firms have reported a rise in financial crime attempts in the past six months, with over a quarter (26%) stating that they have been a victim, SmartSearch has found
Posted: 22/02/2024
The Financial Conduct Authority has written to a number of financial adviser firms, requesting information about their delivery of ongoing services, for which their clients continue to be charged after advice has been given
Posted: 15/02/2024
The Equity Release Council has updated its standards to support good consumer outcomes, as well as generate innovation within the later life lending sector
Posted: 15/02/2024
Over 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following intervention from the Financial Conduct Authority
Posted: 14/02/2024
The Financial Conduct Authority (FCA) has banned and fined a former director of London Capital & Finance (LCF) for breaking financial promotion rules
Posted: 14/02/2024
Defaqto has launched a pilot of its new independent Consumer Duty profiles for selected product providers in the personal pension, SIPP and adviser platform space
Posted: 06/02/2024
The number of people falling victim to romance scams increased by over a fifth (22%) year-on-year in 2023, according to Lloyds Bank
Posted: 02/02/2024
Regulated firms should leave behind outdated and time-consuming compliance processes as a result of increased regulation and tighter budgets, SmartSearch has said
Posted: 31/01/2024
HSBC has been fined £57.4m by the Bank of England’s Prudential Regulation Authority (PRA) for failings around protecting customer deposits
Posted: 30/01/2024
The Financial Conduct Authority has charged Guy Flintham, 46, for fraud by false representation and for carrying out regulated activity without authorisation
Posted: 23/01/2024
Financial services company LADH Limited has been fined £50,000 by the Information Commissioner’s Office (ICO) for sending tens of thousands of spam text messages
Posted: 19/01/2024
The Financial Services Compensation Scheme (FSCS) has proposed a management expenses budget of £103.1m for the 2024/25 financial year
Posted: 12/01/2024
Regulated firms are at risk of becoming enablers for sanction evasion by trusting long-term client relationships over critical compliance checks, a new SmartSearch survey has revealed
Posted: 11/01/2024
Advice firms applying a capital growth mindset to clients in retirement are likely to be targeted by tougher regulation to improve their management of key later life financial risks
Posted: 08/01/2024
The Financial Conduct Authority has confirmed it will continue with the shake-up of the UK’s listing rules, warning that the new regime could lead to an "increased possibility of failures"
Posted: 20/12/2023
Nine out of 10 financial advice firms are confident they have met the key outcomes of Consumer Duty this year, despite the significant challenges it presented
Posted: 19/12/2023
Signposting a vulnerable client to a different organisation for help is not enough to avoid potential harm and meet Consumer Duty requirements, MorganAsh has warned
Posted: 18/12/2023
The Financial Conduct Authority (FCA) and the Government have announced plans which aim to give people more access to advice while also enhancing the UK investment market
Posted: 08/12/2023
The Financial Conduct Authority (FCA) has set out proposals to make improvements to the credit information market, with the aim of better reflecting people’s credit files in line with their financial circumstances
Posted: 05/12/2023
The Financial Conduct Authority (FCA) has fined three money transfer firms £150,000 collectively after they admitted to fixing prices charged to consumers in Glasgow
Posted: 30/11/2023
The Open Property Data Association (OPDA) has welcomed the Government launch of pilot projects to explore digital solutions that could improve the home buying and selling process
Posted: 29/11/2023
The Financial Conduct Authority (FCA) has banned Nigel Lewis and Susan Jones of West Wales Financial Services (WWFS), which is in liquidation, from advising customers on pension transfers and pension opt outs
Posted: 29/11/2023
The Financial Conduct Authority (FCA) has announced a new package of measures to improve the transparency of sustainable investment products as the regulator looks to minimise greenwashing
Posted: 28/11/2023
MorganAsh has announced a full range of upgrades to its consumer vulnerability assessment platform, MorganAsh Resilience System (MARS)
Posted: 28/11/2023
The Economic Affairs Committee has said that the operational independence of the Bank of England (BoE) should be preserved but “reforms are vital” to improve its performance
Posted: 27/11/2023
Almost four in five (79%) of landlords are in favour of raising the minimum energy efficiency standard (MEES) on rental properties, Social Market Foundation (SMF) has found
Posted: 24/11/2023
The Right DA Club has announced that its member firms can now access virtual mortgage applicant fraud and quality masterclasses to help identify potentially fraudulent activity in the course of their client work
Posted: 22/11/2023
Only a quarter (25%) of regulated firms in 2023 always check new customers against sanctions or politically exposed person (PEP) lists, down from 73% of firms in 2022, new survey data by SmartSearch has found
Posted: 22/11/2023
Three in four landlords (74%) have said that they welcome the Government’s decision to scrap the proposal that all rental properties must have an energy performance certificate (EPC) rating of at least C by 2028, Landbay has found
Posted: 22/11/2023
A review by the Financial Conduct Authority (FCA) has found that while most authorised fund managers (AFMs) have made efforts to comply with its expectations on the delivery of their ESG and sustainable funds, “further improvement” is needed
Posted: 16/11/2023
More than two thirds (70%) of regulated firms do not always complete essential identity checks when taking on new individual customers, data from SmartSearch has revealed
Posted: 16/11/2023
Two men have been found guilty of 11 charges of fraud by false representation following a prosecution brought by the Financial Conduct Authority (FCA), with false applications totalling £3m
Posted: 16/11/2023
Almost half (49%) of all consumers in the credit sector are ‘in difficulty’, MorganAsh has found
Posted: 15/11/2023
Lloyds Bank has issued an urgent warning over the rising threat of crypto scams, as a growing number of British investors risk being defrauded by a wave of fake adverts posted on social media
Posted: 10/11/2023
The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published new proposals on their approach to regulating a new digital currency, stablecoins
Posted: 06/11/2023
The Financial Conduct Authority (FCA) has set out potential regulatory breaches and a number of areas for improvement for NatWest Group and Coutts following the completion of phase one of its review into the incident earlier this year with Nigel Farage
Posted: 27/10/2023
Financial services firms must understand the financial impact on disabled clients under the new Consumer Duty rules, MorganAsh has warned
Posted: 26/10/2023
PIMFA is repeating its call for the Financial Conduct Authority (FCA) to have a greater role in combatting fraud in response to a call for evidence from the Home Affairs Committee
Posted: 23/10/2023
Firms using vulnerability assessments for their Consumer Duty compliance are identifying a similar number of vulnerable clients as the Financial Conduct Authority (FCA), data from the MorganAsh Resilience System (MARS) has found
Posted: 18/10/2023
Equifax has been fined £11.2m by the Financial Conduct Authority (FCA) for failing to manage and monitor the security of UK consumer data it had outsourced in 2017 to its parent company in the US, leading to one of the largest cybersecurity breaches in history
Posted: 16/10/2023
More than a third of firms in emerging finance sectors have been a victim of financial crime, including money laundering, in the last six months, new data from a cross-sector survey led by SmartSearch has found
Posted: 12/10/2023
The Financial Conduct Authority (FCA) has censured London Capital & Finance (LCF) for “unfair and misleading” financial promotions of minibonds
Posted: 11/10/2023
The Financial Conduct Authority (FCA) has issued 146 alerts about cryptoasset promotions on the first day of its new regime to tackle crypto marketing
Posted: 09/10/2023
The Financial Conduct Authority (FCA) has banned Simon Hughes of S&M Hughes Limited, which is in liquidation, from advising customers on pension transfers and pension opt outs, and from holding any senior management function in a regulated firm
Posted: 04/10/2023
The Conveyancing Association (CA) has updated its conveyancing member pledges, following the publication of its digital conveyancing protocol document and the Financial Conduct Authority’s Consumer Duty rules
Posted: 04/10/2023
The FCA has handed a £6.5m fine to a broker, ADM Investor Services International (ADMISI), for inadequate anti-money laundering (AML) systems and controls
Posted: 02/10/2023
The Financial Conduct Authority (FCA) has taken action against two financial advisers for providing “dishonest” pension transfer advice
Posted: 29/09/2023
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are proposing new measures to boost diversity and inclusion across the financial services sector
Posted: 25/09/2023
Discussions about vulnerable clients following the introduction of Consumer Duty on 31 July was the most popular thread on the cherry forum in August
Posted: 22/09/2023
The Financial Conduct Authority (FCA) has written to insurers calling for more action to be taken to ensure good consumer outcomes
Posted: 21/09/2023
Two advisers have been banned and fined by the Financial Conduct Authority (FCA) for their failings in relation to advice given for the British Steel Pension Scheme
Posted: 14/09/2023
New rules by the Financial Conduct Authority (FCA) that ban incentives such as ‘refer a friend’ bonuses on cryptoasset products are set to come into force on 8 October.
Posted: 08/09/2023
The Financial Conduct Authority (FCA) has set out issues it will consider as part of a review of the treatment of domestic politically exposed persons (PEPs) by financial services firms
Posted: 05/09/2023
The Financial Conduct Authority (FCA) has handed out fines and moved to ban two advisers for their roles in operating a flawed pension advice process
Posted: 04/09/2023
The Financial Conduct Authority (FCA) is set to analyse the information that nine banks and building societies have provided to ensure the savings products that they are offering are fair value
Posted: 1/9/2023
Recent survey data has shown that firms operating in emerging financial sectors show a concerning lack of commitment to screening new customers against sanctions or politically exposed persons (PEP) lists
Posted: 23/08/2023
Women over the age of 45 consider products and services that ‘meet individual needs’ more important than men of a similar age, the latest research from Air has found
Posted: 17/08/2023
LiveMore has called on lenders and intermediaries to take note of the vulnerability aspect of the new Consumer Duty rules, as data shows a rise in mortgage arrears and non-payment of bills
Posted: 16/08/2023
Almost half (48%) of landlords have said they are unsure whether the introduction of a private rented sector ombudsman is a good idea, Landbay has found
Posted: 15/08/2023
The Financial Conduct Authority (FCA) has launched a new campaign to help consumers spot and avoid loan fee fraud
Posted: 09/08/2023
The proposed date for all landlords to achieve a minimum EPC rating of C could be pushed back once again, Michael Gove has hinted
Posted: 03/08/2023
New plans to ban cold calls for financial products including cryptocurrency schemes, mortgages and insurance have been set out in a new consultation by the Government
Posted: 02/08/2023
The Financial Conduct Authority (FCA) has confirmed the appointments of three new chairs to its panels
Posted: 01/08/2023
Almost half (44%) of financial advisers expect their profitability to decrease, following the introduction of the Financial Conduct Authority’s (FCA) Consumer Duty regulation
Posted: 01/08/2023
Consumer Duty is in action as of today, as the Financial Conduct Authority (FCA) sets out new rules to bring about a higher standard of consumer protection in financial services.
The duty provides consumers with support, communications that are easily understandable for consumers, and products and services that meet their needs and offer fair value
Posted: 31/07/2023
A quarter (25%) of landlords have stated that new energy efficiency requirements for rental properties are already influencing their buying decisions, Paragon Bank has found
Posted: 31/07/2023
Around one in three (32%) financial advisers are expecting their customer fees to increase as a result of the Financial Conduct Authority’s (FCA’s) Consumer Duty
Posted: 24/07/2023
One in seven (15%) independent financial advisors (IFAs) have stated that they are still unclear about advising clients on good customer outcomes, an Opinium survey has found
Posted: 24/07/2023
The Financial Conduct Authority (FCA) has reduced harm to consumers and businesses by stopping 627 firms from operating in the past year which had failed to meet the minimum standards
Posted: 21/07/2023
The Financial Service Compensation Scheme (FSCS) has announced that it has helped around 68,000 customers with compensation claims or has enabled them to transfer to a new financial provider for their investment or insurance policy in the last year
Posted: 19/07/2023
The Financial Conduct Authority (FCA) has started criminal proceedings against Daniel Pugh, who is charged with one count of fraud and three offences of breaching the Financial Services and Markets Act 2000 (FSMA)
Posted: 19/07/2023
Flexible workspace firms, infinitSpace and The Instant Group, have found that the setting of waste management targets are the most popular measure that office landlords are putting in place to introduce energy-saving measures
Posted: 19/07/2023
The FCA has unveiled fresh plans to combat illegal and non-compliant financial promotions on social media
Posted: 17/07/2023
The flow of dirty money into emerging regulated firms is increasing, software firm SmartSearch has warned, with more than a third (36%) reporting a rise in the number of suspicious activity reports (SARs) they have submitted over the past six months
Posted: 13/07/2023
Bastion Capital London Limited has been fined £2.45m by the Financial Conduct Authority
(FCA) for serious financial crime control failings in relation to cum-ex trading
Posted: 13/07/2023
The FCA has banned Paul Steel of Estate Matters Financial from working in financial services, with £850,000 to be paid in redress to the Financial Services Compensation Scheme (FSCS)
Posted: 05/07/2023
PIMFA has warned advice firms and wealth managers not to be “consumer duty zombies”, as the new consumer duty deadline to comply with the new regulatory regime comes into effect in 28 days.
Posted: 3/7/2023
Just one in five (21%) of older consumers, aged 45 and over, are aware of consumer duty, with 38% aware of the role of the Financial Conduct Authority (FCA), research by Air has found.
Posted: 30/06/2023
The “worrying weight of compliance” is having an effect on regulated firms in the emerging financial sectors, with over two thirds saying that they are concerned about committing an anti-money laundering (AML) breach, a survey by SmartSearch has found
Posted: 28/06/2023
The Association of Financial Mutuals (AFM) has welcomed an announcement that the Law Commission will carry out a review of the Friendly Societies Act 1992 in the coming months
Posted: 22/06/2023
Nearly two-thirds (65%) of UK lenders have stated that they are yet to fully review the regulation requirements for the new Consumer Duty, research by AI powered transaction analytics firm, Fuse, has found.
Posted: 16/06/2023
Three individuals have been charged by the Financial Conduct Authority (FCA) for carrying out regulated activity without authorisation, by offering a number of sale-and-rent-back agreements
Posted: 13/06/2023
Nearly half of firms are unsure on how long it will take to implement the most challenging consumer outcome of the Financial Conduct Authority’s (FCA’s) Consumer Duty, as the implementation deadline starts its 50-day countdown
Posted: 12/06/2023
The Financial Conduct Authority (FCA) has announced plans to introduce tougher rules for marketing cryptoassets to UK consumers
Posted: 08/06/2023
UK banks have incurred fines totalling £178.3m in the last year, new estimates have indicated
Posted: 07/06/2023
The Financial Conduct Authority (FCA) has fined ED&F Man Capital Markets (MCM) £17.2m for serious failings in its oversight of cum-ex trading
Posted: 05/06/2023
The Financial Conduct Authority (FCA) has revealed plans to ban providers of debt advice from receiving referral fees from debt solution providers
Posted: 02/06/2023
More than half of advisers (52%) believe the thematic review of retirement income advice by the Financial Conduct Authority (FCA) should recommend a different investment approach for clients in decumulation compared to those in accumulation
Posted: 26/05/2023
The Financial Services Compensation Scheme (FSCS) has revised its levy forecast for 2023/24 to £270m
Posted: 25/05/2023
The Financial Conduct Authority (FCA) has revealed that it has so far secured up to £47m of redress from 17 lenders for over 195,000 customers
Posted: 25/05/2023
Two brothers have been convicted at Southwark Crown Court for removing £750,000 from a failed investment firm
Posted: 23/05/2023
The Financial Conduct Authority (FCA) has issued a fresh reminder to financial services firms to ensure they are ready for the 31 July Consumer Duty deadline
Posted: 10/05/2023
The Treasury Committee has written to several lenders and widened its campaign for firms to increase the savings rates offered to loyal customers
Posted: 10/05/2023
The Financial Conduct Authority (FCA) is planning to reform its listing rules to help attract a wider range of companies, encourage competition in the UK and improve choice for investors
Posted: 03/05/2023
New measures designed to reduce the risk of money laundering through the Post Office have today been set out by the FCA
Posted: 24/04/2023
Link Fund Solutions (LFS) has agreed to provide Link Administration Holdings (Link Group) a significant redress payment to investors in the Woodford Equity Income Fund of up to approximately £235m
Posted: 20/04/2023
A significant proportion of medium-sized firms may not have looked at Consumer Duty as closely as the FCA is expecting them to ahead of the 31 July deadline, legal firm Konexo has warned
Posted: 17/04/2023
The Prudential Regulation Authority (PRA) has fined the former chief information officer (CIO) of TSB Bank for breaching a senior manager conduct rule
Posted: 13/04/2023
The Financial Conduct Authority (FCA) has commenced criminal proceedings against four individuals for conspiracy to commit fraud and for conspiracy to carry out unauthorised regulated activity
Posted: 05/04/2023
The Financial Conduct Authority (FCA) has imposed several restrictions on an independent financial adviser (IFA) to stop them from conducting any regulated activity
Posted: 05/04/2023
The Prudential Regulatory Authority (PRA) is facing calls to consider changes to proposed new bank capital rules
Posted: 21/03/2023
More than seven in 10 advice firms (73%) are behind on their Consumer Duty implementation plans, new research has indicated
Posted: 16/03/2023
The Financial Conduct Authority (FCA) has announced new plans to tackle competition problems with the trade data market
Posted: 02/03/2023
Just 7% of advisers currently have plans to offer a stripped back “core advice” service for their ISA customers, according to new AJ Bell research
Posted: 28/02/2023
Economic Secretary to the Treasury, Andrew Griffith, has criticised the Financial Conduct Authority (FCA) for its planned Consumer Duty measures
Posted: 28/02/2023
An increased understanding of customers’ vulnerability required under Consumer Duty regulations could help to resolve challenges around new and existing life policies, according to MorganAsh
Posted: 23/02/2023
The Financial Conduct Authority (FCA) has announced it is inviting views about regulatory change in the UK’s asset management industry
Posted: 20/02/2023
The introduction of Consumer Duty will drive more specialist equity release referral relationships when the market steps up to meet the new standards, a new report from Key Partnerships has suggested
Posted: 16/02/2023
Amigo Loans has been publicly censured by the Financial Conduct Authority (FCA) for failing to conduct adequate affordability checks on borrowers and guarantors
Posted: 14/02/2023
The Financial Conduct Authority (FCA) has commenced court proceedings against an unauthorised investment firm in order to recover money for victims of the firm’s unlawful activity
Posted: 07/02/2023
The Financial Conduct Authority (FCA) required firms to amend or remove 8,582 promotions last year
Posted: 03/02/2023
The Financial Conduct Authority (FCA) is to move forward with plans to ban debt packager firms from receiving referral fees from debt solution providers
Posted: 02/02/2023
The Financial Conduct Authority (FCA) has revealed that some firms may struggle to apply the Consumer Duty effectively once the rules come into force
Posted: 25/01/2023
A thematic review assessing the advice consumers are receiving on meeting their income needs in retirement has been announced by the Financial Conduct Authority (FCA)
Posted: 19/01/2023
The average anti-money laundering (AML) fine issued to the estate agency sector for non-compliance has started to rise, reversing the previous downward trend recorded throughout the pandemic
Posted: 17/01/2023
The Financial Services Compensation Scheme (FSCS) has announced that its 2023/24 annual management expenses budget will be £99.8m
Posted: 12/01/2023
The Financial Conduct Authority (FCA) has fined Al Rayan Bank £4.02m for failing to put in place adequate anti-money laundering (AML) controls
Posted: 11/01/2023
Guaranty Trust Bank (GT Bank) has been fined £7.7m by the Financial Conduct Authority (FCA) for failings related to money laundering
Posted: 10/01/2023
TSB has been fined a total of £48.7m by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) for operational risk management and governance failures
Posted: 20/12/2022
The FCA is beginning to “flex its muscles” with notices issued to firms needing more data on vulnerability, MorganAsh has warned
Posted: 15/12/2022
The FCA has fined Metro Bank £10,002,300 for breaching the listing rules by publishing incorrect information to investors
Posted: 13/12/2022
The Treasury has unveiled a raft of financial service reforms, including plans to lay regulations to reform the defined contribution (DC) pensions charge cap in early 2023, and plans to increase the pace of DC pension consolidation
Posted: 12/12/2022
Santander UK has been £107.8m after the FCA found serious and persistent gaps in its anti-money laundering (AML) controls, affecting the group’s business banking customers
Posted: 09/12/2022
Three brokers have been fined £4.7m by the FCA for failing to ensure they had appropriate systems and controls in place to effectively detect market abuse
Posted: 08/12/2022
The FCA has set out new guidance that mortgage firms can use to help customers struggling with their mortgage payments as a result of the cost of living crisis
Posted: 08/12/2022
The FCA has announced it is planning to clamp down on misleading financial marketing
Posted: 06/12/2022
Pembrokeshire Mortgage Centre (PMC) has been fined £2.4m by the FCA for delivering unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes
Posted: 02/12/2022
The FCA has issued an £18m fine to investment advisory and wealth management firm, Julius Baer International (JBI)
Posted: 30/11/2022
The FCA has announced new proposals to improve access to financial advice as part of its consumer investment strategy
Posted: 30/11/2022
Eighty-six per cent of financial advisers are anticipating that they will need to make changes to their operations as a result of the FCA’s Consumer Duty, research from Air has indicated
Posted: 28/11/2022
The formation of a group to develop a Code of Conduct for environmental social and governance (ESG) data and ratings providers has been announced by the Financial Conduct Authority (FCA)
Posted: 25/11/2022
New plans to improve the credit information sector have been announced by the FCA as it aims to deliver more comprehensive information for consumers and firms
Posted: 22/11/2022
The FCA has warned stock trading app operators to review their design features, including those with game-like elements, which risk prompting consumers to take actions against their own interest
Posted: 21/11/2022
The FCA has publicly censured the former CEO of Sonali Bank UK (SBUK), Mohammad Ataur Rahman Prodhan, for anti-money laundering (AML) failings
Posted: 18/11/2022
Concern over the deadline for the FCA’s Consumer Duty regulations is growing among decision makers at investment, wealth and pension firms, according to recent research from Moneyhub
Posted: 16/11/2022
The FCA has obtained a judgment against London Property Investments (LPI), NPI Holdings, their director Daniel Stevens and his father, Tony Stevens, for arranging mortgages without the regulator’s authorisation
Posted: 14/11/2022
The Financial Conduct Authority (FCA) has said that there are a number of lessons for the regulatory community to learn from the recent issues around liability driven investment (LDI), highlighting a particular “gap in regulation” around investment consultants
Posted: 11/11/2022
More than 1,000 customers will receive payments following an investigation by the Competition and Markets Authority (CMA) that found Barclays failed to send PPI information
Posted: 09/11/2022
The FCA intervened to amend or withdraw 4,151 financial promotions in the period between July and September, the highest figure since the regulator started publishing the data
Posted: 04/11/2022
Struggling UK borrowers are to be repaid £12m by lenders following intervention by the FCA
Posted: 03/11/2022
A group of companies that scammed more than £2m from investors have been wound up by the High Court
Posted: 27/10/2022
New proposals to clamp down on greenwashing have today been set out by the FCA
Posted: 25/10/2022
The FCA has placed restrictions on twice as many firms in the investment market compared to last year, figures published by the regulator have shown
Posted: 18/10/2022
Gatehouse Bank has been fined £1.5m by the FCA for “significant weakness” in its financial crime systems and controls
Posted: 14/10/2022
The FCA plans to carry out a review of the advice/guidance boundary
Posted: 27/09/2022
Lenders in the UK are being urged to update their conveyancing guidance around climate risk, environmental analytics business Groundsure has stated
Posted: 12/09/2022
NatWest has been found to have breached banking rules by forcing business customers to open a business current account, which incurs fees, in order to secure a loan
Posted: 31/08/2022
Thousands of leaseholders who paid a doubled ground rent will receive refunds following action from the Competition and Markets Authority (CMA)
Posted: 24/08/2022
Buy Now Pay Later (BNPL) firms are being warned by the FCA that all financial promotions of their products must comply with the regulator’s financial promotion rules
Posted: 19/08/2022
Conservative leader hopeful Liz Truss is planning to merge the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) into a single body, should she become the next Prime Minister
Posted: 18/08/2022
A financial adviser has pleaded guilty to carrying on regulated activities without authorisation, the FCA has confirmed
Posted: 10/08/2022
The FCA has outlined new rules that aim to make authorised financial firms more responsible for their appointed representatives (ARs)
Posted: 03/08/2022
The government has brought in a new register today designed to root out elites attempting to hide gains made through UK property
Posted: 01/08/2022
The FCA has published the final guidance for its new Consumer Duty rules, which are now set to come into force on 31 July 2023
Posted: 27/07/2022
Monzo has been ordered by the Competition and Markets Authority (CMA) to review the way it informs departing customers of their historic financial transactions
Posted: 26/07/2022
Three of the UK’s supervisory banking authorities have set out new measures to strengthen the resilience of services provided by critical third parties (CTPs) to the financial sector
Posted: 21/07/2022
Around 600,000 people are now paying less in interest and charges on their credit card debt due to changes made by the FCA
Posted: 19/07/2022
The TJM Partnership Limited has been handed a £2m fine by the FCA for failing to ensure it had effective controls in place to reduce the risk of financial crime and money laundering in its business
Posted: 15/07/2022
Banks around the UK have been told by the FCA that they must improve their treatment of struggling small business borrowers
Posted: 12/07/2022
The Treasury Committee has launched a new Sub-Committee to scrutinise regulatory proposals for the financial services sector
Posted: 23/06/2022
Insurance broker JLT Specialty Limited has been fined £7.8m by the FCA for financial crime control failings
Posted: 22/06/2022
The Treasury has announced new plans to strengthen the regulation of buy now pay later (BNPL) finance products
Posted: 20/06/2022
New plans to reform consumer credit laws that would cut costs for businesses and simplify rules for consumers have been unveiled by the government
Posted: 17/06/2022
The FCA has written to more than 3,500 lenders to remind them of their required standards as UK consumers continue to be affected by the rising cost of living
Posted: 16/06/2022
The Serious Fraud Office (SFO) can confirm the imprisonment of a convicted fraudster who conned investors out of £72.5m with false claims of supplying services to the London Olympic Village
Posted: 30/05/2022
The FCA has announced it is to use new powers to swiftly cancel or change what regulated activities firms will be permitted to do
Posted: 19/05/2022
Four NatWest Group banks have been fined £1.82m by the Payment Systems Regulator (PSR) for overcharging interchange fees on credit cards
Posted: 12/05/2022
Five directors of financial advice firms have been prohibited from working in financial services by the FCA and fined over £1m, after they caused significant losses to pension customers
Posted: 09/05/2022
Four out of five (80%) financial advisers feel they are “well prepared” for the introduction of new customer care standards, as part of the FCA’s Consumer Duty Guidance
Posted: 05/05/2022
The FCA’s latest regulated fees and levies consultation has been criticised by the Association of Mortgage Intermediaries (AMI)
Posted: 28/04/2022
A ban on charging ground rent on leases in England and Wales is to come into force on 30 June, the government has confirmed
Posted: 22/04/2022
The FCA has confirmed that QPay Europe Limited, which claims to be a fintech start up offering due diligence and underwriting services, has consented to a court order to give up £2m held in its name
Posted: 22/04/2022
Rules that will require listed companies to report information about the representation of women and ethnic minorities on their boards and executive management have today been finalised by the FCA
Posted: 20/04/2022
The Financial Conduct Authority (FCA) has pledged to focus on results and outcomes rather than being driven by processes in its new three-year strategy, holding itself accountable against published outcomes for the first time ever
Posted: 07/04/2022
Anti-money laundering firm, SmartSearch, has issued a warning around the dangers of non-fungible tokens (NFTs) being used to get around sanctions
Posted: 31/03/2022
Trade bodies representing the legal, surveying, estate agency and property management sectors have launched a new version of the Buyer’s and Seller’s Property Information form (BASPI)
Posted: 31/03/2022
Asset manager, GAM International Management Limited (GIML), has been handed a £9.1m fine by the FCA for “failing to conduct its business with due care and attention”
Posted: 30/03/2022
SmartSearch has launched a new high-risk country report service in response to the introduction of sanctions against Russia
Posted: 29/03/2022
The Equity Release Council has launched a new product standard that will allow borrowers to reduce their interest costs
Posted: 28/03/2022
High-cost lender, SD Taylor Limited, has been placed into administration, the FCA has confirmed
Posted: 16/03/2022
The government has announced it is making changes to its Online Safety Bill to tackle scams and fraud
Posted: 09/03/2022
The FCA has reported a significant rise in checks for cryptocurrency scams, with checks on the regulator’s ScamSmart website rising by 49% in the period between April and September 2021
Posted: 03/03/2022
Barclays has been fined £783,000 by the FCA for oversight failings in its relationship with collapsed payments firm, Premier FX
Posted: 28/02/2022
The Conveyancing Association (CA) has announced its support for several new government proposals, including an increase to the ‘non-residential limit’ within buildings from 25% to 50%
Posted: 25/02/2022
The FCA has stopped financial advice firm, AJH Financial Services Limited, from disposing of assets without the regulator’s permission
Posted: 15/02/2022
Buy now, pay later (BNPL) finance providers Clearpay, Laybuy and Openpay have each agreed to refund borrowers who were charged late payment fees, as a result of FCA intervention
Posted: 14/02/2022
The Treasury Committee has called for “additional government action” to combat fraud and scammers in a new report published on economic crime
Posted: 02/02/2022
Property investment platform, Sourced Capital, has announced that it has received direct authorisation from the FCA and acquired Peer Funding Limited, a peer-to-peer business platform
Posted: 01/02/2022
New equity release customers will be able to mitigate the costs of borrowing in later life through a new product safeguard which has been announced by the Equity Release Council
Posted: 31/01/2022
Mastercard has been fined £31.6m by the Payment System Regulator (PSR) for infringing competition law
Posted: 18/01/2022
The FCA has fined HSBC £63.9m for failings in its anti-money laundering (AML) processes
Posted: 17/12/2021
NatWest has been fined £264.8m by the FCA for failing to comply with money laundering regulations
Posted: 14/12/2021
The FCA has announced new plans to ensure a more consistent standard of consumer protection for users of financial services and help to stop harm before it happens
Posted: 07/12/2021
The FCA is discussing new plans to improve the the financial services compensation framework
Posted: 06/12/2021
The FCA is proposing changes to the Appointed Representatives (AR) regime to reduce potential harm to consumers and markets
Posted: 03/12/2021
New rule changes in an attempt to boost growth in the UK stock markets have been confirmed today by the FCA
Posted: 02/12/2021
Several trade bodies from across the financial services sector have collectively launched a new consumer guide for the later life lending industry
Posted: 24/11/2021
The FCA has proposed banning debt packager firms from being paid to refer customers on to other firms
Posted: 17/11/2021
The FCA has fined Sunrise Brokers £642,400 for serious financial crime control failings in relation to cum-ex trading
Posted: 12/11/2021
The Financial Services Compensation Scheme (FSCS) has announced that its total levy for the 2021/22 financial year is now £717m
Posted: 11/11/2021
The FCA has launched a new strategy to help investors make more informed ESG investment decisions
Posted: 04/11/2021
The Chancellor of the Exchequer Rishi Sunak is expected to raise £2.04bn from freezing or maintaining IHT thresholds, the Lifetime Allowance and Capital Gains Tax by 2025/26
Posted: 27/10/2021
The FCA has issued new guidance to firms across the financial services sector who are operating a remote or hybrid working model
Posted: 13/10/2021
NatWest has today entered guilty pleas to criminal charges brought by the FCA under the Money Laundering Regulations 2007 (MLR 2007)
Posted: 07/10/2021
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have outlined a new framework for measuring value for money in defined contribution (DC) pension schemes
Posted: 16/09/2021
The FCA has unveiled a new strategy to tackle consumer investment harm and confirmed it will publish metrics to assess whether the new plans are being met
Posted: 15/09/2021
The FCA has drafted guidance on a new power that would allow the regulator to remove regulatory permissions that are no longer being used by financial services firms more quickly
Posted: 09/09/2021
The lack of progress on the government reforms of the UK’s leasehold system is leaving thousands of homeowners in danger of losing out, according to leasehold enfranchisement specialist, Cavendish Legal Group
Posted: 18/08/2021
The Financial Conduct Authority (FCA) has approved James Hay’s £145m acquisition of financial adviser platform, Nucleus
Posted: 06/08/2021
Aon and Willis Towers Watson (WTW) have agreed to terminate their proposed $30bn (£21.5bn) merger following an “impasse” with the US Department of Justice
Posted: 26/07/2021
Five financial services firms have stopped providing regulated debt advice until further notice following an FCA review of the practices of debt packager firms
Posted: 20/07/2021
Retail banks have been issued a warning by the FCA about weaknesses and failings surrounding their financial crime controls
Posted: 13/07/2021
The Conveyancing Association (CA) has urged the government to “move further and faster” in delivering the leasehold reform it has previously promised
Posted: 12/07/2021
The UK’s financial regulators have confirmed they are seeking views on plans to improve diversity and inclusion in financial services
Posted: 07/07/2021
The FCA has issued a warning to consumers that Binance Markets Limited is not permitted to undertake regulated activities in the UK.
The firm is part of a wider group, Binance Group, which is a Cayman Islands-domiciled cryptocurrency exchange. The latest move by the FCA is another sign of global regulatory pressure on crypto assets, as consumer harm, systemic risk and money-laundering risks continue to worry regulators
Posted: 28/06/2021
more2life has urged financial advisers to respond to the FCA’s recent call for a new Consumer Duty by the end of July
Posted: 18/06/2021
A majority 59% of financial advisers believe that regulatory change has altered investment advice, according to a new study from Aegon
Posted: 17/06/2021
Anti-money laundering (AML) specialist, SmartSearch, has warned that many businesses may be at risk of being in breach of General Data Protection Regulation (GDPR) rules due to a lack of secure data hosting
Posted: 09/06/2021
The Association of Mortgage Intermediaries (AMI) has expressed “deep concern” at the FCA’s latest fees and levies consultation
Posted: 01/06/2021
The FCA has announced new plans to stop the practice of ‘claims management phoenixing’
Posted: 17/05/2021
The Financial Services Compensation Scheme (FSCS) has revised its levy forecast for 2021/22 to £833m, a reduction from the initially forecast levy for the year of £1.04bn
Posted: 14/05/2021
Sapien Capital has been fined £178,000 by the FCA for failings which led to the risk of facilitating fraudulent trading and money laundering
Posted: 06/05/2021
The FCA has published proposals to strengthen its financial promotion rules for high-risk investments, to help retail investors make more effective decisions
Posted: 29/04/2021
The pension industry has again called for further clarity from The Pensions Regulator (TPR) regarding its new criminal sanction powers, arguing that the policy will create “very problematic consequences”
Posted: 23/04/2021
A financial adviser has been banned and fined £68,300 by the FCA for “lacking honesty and integrity”
Posted: 15/04/2021
The FCA has commenced criminal proceedings against NatWest over alleged money laundering offences
Posted: 16/03/2021
Firms in the financial services sector should not enforce mortgage repossessions, except in exceptional circumstances, before 1 April, according to updated draft guidance published by the FCA
Posted: 05/03/2021
The FCA has publicly censured Premier FX for failing to safeguard its customers’ money and for misuse of its payment accounts under the Payments Services Regulations
Posted: 25/02/2021
The FCA has published its final guidance for firms to improve the way the financial services industry treats vulnerable customers
Posted: 23/02/2021
The FCA was targeted by almost a quarter of a million (238,711) malicious and unsolicited emails over the final three months of 2020
Posted: 05/02/2021
The FCA has secured an interim restitution order of just over £676,000 against five of seven parties accused of taking deposits illegally
Posted: 03/02/2021
The FCA has published a new report on the unsecured consumer credit market following a review by its former interim chief executive, Christopher Woolard
Posted: 02/02/2021
The Financial Services Compensation Scheme (FSCS) has forecast that its levy for 2021/22 will be £1.04bn, a 48% increase on last year
Posted: 22/01/2021
The FCA has published new plans to introduce a price cap on the fees that claims management companies (CMCs) charge their customers
Posted: 21/01/2021
The FCA has announced proposals to extend its ban on repossessions until 1 April 2021
Posted: 13/01/2021
The FCA has issued a warning to retail consumers over investing in cryptoassets that promise high returns
Posted: 11/01/2021
Millions of leaseholders are to be given the right to extend their lease by a maximum term of 990 years at zero ground rent, Housing Secretary Robert Jenrick has announced
Posted: 07/01/2021
There are 4,000 financial services firms currently at risk of failure, according to research carried out by the FCA
Posted: 07/01/2021
An independent report into the Financial Conduct Authority’s (FCA) regulation and supervision of London Capital & Finance (LCF) has been published
Posted: 18/12/2020
Chancellor Rishi Sunak has extended the furlough scheme for one month until the end of April 2021
Posted: 17/12/2020
The Financial Ombudsman Service (FOS) received 40% more complaints in the first six months of the year than originally forecast
Posted: 17/12/2020
PIMFA has called for immediate action to reduce the cost of the Financial Services Compensation Scheme (FSCS) to firms while much needed reform takes place
Posted: 16/12/2020
The Financial Conduct Authority (FCA) has fined Barclays Bank UK PLC, Barclays Bank PLC and Clydesdale Financial Services Limited (Barclays) £26m for failures in relation to their treatment of consumer credit customers who fell into arrears or experienced financial difficulties
Posted: 15/12/2020
The FCA is seeking views on its proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR) for FCA prudentially-regulated investment firms (FCA investment firms)
Posted: 14/12/2020
The FCA has confirmed proposals to permanently ban the mass marketing of speculative illiquid securities, including speculative mini-bonds, to retail investors
Posted: 10/12/2020
The FCA has issued a £107,200 fine to independent financial advice firm, LJ Financial Planning (LJFP), for providing its customers with unsuitable pension switching and transfer advice.
Posted: 10/12/2020
SmartSearch has announced the launch of a new business-owner verification solution in a bid to counter a spike in scams involving fake businesses
Posted: 10/12/2020
Specialist financial services regulatory consultancy, Bovill, has announced a new strategic partnership with software provider, Grath
Posted: 08/12/2020
The FCA has published an evaluation of the impact of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR)
Posted: 03/12/2020
The FCA has reminded financial firms across the UK to be ready for the end of the transition period in one month’s time
Posted: 01/12/2020
The Financial Services Compensation Scheme (FSCS) has announced that it will require £92m of additional funding in the form of a supplementary levy
Posted: 25/11/2020
The FCA has issued a £3.44m fine to FX options broker, TFS-ICAP, for communicating misleading information to clients
Posted: 23/11/2020
The FCA has confirmed the updated guidance it is providing firms about offering support to consumer credit customers who are experiencing payment difficulties resulting from COVID-19
Posted: 19/11/2020
Consumer complaints against firms for misadvised defined benefit (DB) transfers saw a 26% increase from 441 in 2018 to 554 in 2019, according to research from Duff & Phelps
Posted: 16/11/2020
The Financial Ombudsman Service (FOS) has revealed that it received 68,735 new complaints during the second quarter
Posted: 09/11/2020
The FCA has suggested extending the availability of payment deferrals for borrowers experiencing financial difficulty as a result of coronavirus
Posted: 03/11/2020
There have been just 34 investigations and one successful enforcement action since the FCA’s Senior Managers and Certification Regime (SMCR) was introduced four and a half years ago, new research from Bovill has revealed
Posted: 27/10/2020
PIMFA has called on the government to tighten the rules around the promotion of unregulated financial products
Posted: 26/10/2020
The FCA’s recent decision to ban the sale of derivatives and exchange traded notes (ETNs) linked to cryptoassets to retail customers is a “setback” for the UK, according to Global Digital Finance (GDF)
Posted: 21/10/2020
The FCA has urged members of the public who invested in an unauthorised land banking scheme, and who may be eligible to receive some of their money back, to get in contact with the regulator
Posted: 09/10/2020
The FCA has published its final rules outlining the ban of the sale of derivatives and exchange traded notes (ETNs) that reference types of cryptoassets to retail consumers
Posted: 06/10/2020
The Conveyancing Association (CA) has urged its member firms to endorse a series of new home buying and selling pledges for property stakeholders
Posted: 28/09/2020
The FCA has launched a new consultation on its approach to regulating international financial firms operating in the UK
Posted: 23/09/2020
The FCA has announced that interim chief executive, Christopher Woolard, will chair a review on the future regulation of the unsecured credit market
Posted: 16/09/2020
The FCA has announced new proposals for firms to provide tailored support for users of consumer credit and overdraft products facing financial difficulties due to COVID-19
Posted: 16/09/2020
The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England (BoE) have announced the appointment of Amerdeep Somal as complaints commissioner
Posted: 10/09/2020
Housing Secretary Robert Jenrick has announced a new model for shared ownership to help more people onto the property ladder by vastly reducing the minimum initial share, and launching a consultation to ensure new homes deliver the accessibility that families need
Posted: 08/09/2020
The Competition and Markets Authority (CMA) is launching enforcement action involving four leading housing developers it believes may have broken consumer protection law in relation to leasehold homes
Posted: 04/09/2020
The Financial Ombudsman Service has announced that it has received more than 3,500 complaints related to COVID-19
Posted: 26/08/2020
Over a thousand investment firms in the UK will be adversely impacted by the FCA’s new prudential regime for MiFID firms, according to research from Bovill
Posted: 25/08/2020
The Personal Finance Society (PFS) has announced it is launching a new associate firm membership
Posted: 11/08/2020
The FCA has published new findings of a review into repeat borrowing by firms that offer high-cost credit
Posted: 06/08/2020
The FCA has announced it is consulting on plans to reduce the potential for harm to investors from the “liquidity mismatch” in open-ended property funds
Posted: 03/08/2020
New guidance for financial services firms to do more to protect vulnerable consumers has been announced by the FCA
Posted: 29/07/2020
The government is drawing up plans for an extension to the Help to Buy property support scheme
Posted: 28/07/2020
The FCA has announced the launch of its updated Financial Services (FS) Register which includes a simpler design and clearer language
Posted: 27/07/2020
Around 18,000 former clients of wealth management firm, SVS Securities, can from today begin to access their money and assets from the new nominated broker, ITI Capital, the Financial Services Compensation Scheme (FSCS) has announced
Posted: 24/07/2020
The Government has proposed that the FCA should be given powers to regulate adverts and promotions in the cryptocurrency market, following a surge in cryptocurrency buying in the past year
Posted: 20/07/2020
The FCA has announced new plans to extend the deadlines for which FCA solo-regulated firms will need to have implemented its Certification Regime
Posted: 17/07/2020
The FCA has confirmed the support that will be available for high cost credit customers who continue to face payment difficulties due to coronavirus
Posted: 15/07/2020
The Financial Services Compensation Scheme (FSCS) has revealed it paid a total of £527m in compensation to customers from levies raised on just over 49,000 regulated financial services firms during 2019/20
Posted: 10/07/2020
The Competition and Markets Authority (CMA) has announced that payday lender, Shelby Finance, has written off loans and apologised to customers after not providing them with important information
Posted: 07/07/2020
The FCA has announced new plans that would provide continued support for users of high cost credit products who continue to face payment difficulties due to coronavirus
Posted: 03/07/2020
The FCA has confirmed the support that users of consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus
Posted: 01/07/2020
An estimated 2.6 million UK consumers have bought cryptoassets at some point, according to new research published by the FCA
Posted: 30/06/2020
The Treasury has announced the appointment of Nikhil Rathi as the new permanent chief executive of the FCA
Posted: 22/06/2020
The FCA has announced new plans to provide support for users of consumer credit products who are experiencing financial difficulty because of coronavirus
Posted: 19/06/2020
The FCA has announced new plans to make its ban on the mass-marketing of speculative mini-bonds towards retail investors to be made permanent
Posted: 18/06/2020
Firms must do more to ensure that they are always giving appropriate equity release advice, a new FCA review is suggesting
Posted: 17/06/2020
The FCA has fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) controls in place between October 2012 and September 2017
Posted: 17/06/2020
The Home Buying & Selling Group (HBSG) has set up a working party to look specifically into the issue of property logbooks
Posted: 12/06/2020
The FCA has issued a £64m fine to Lloyds Bank, the Bank of Scotland and the Mortgage Business for failures in relation to their handling of mortgage customers in payment difficulties or arrears
Posted: 11/06/2020
The Financial Ombudsman Service (FOS) received more than 270,000 new complaints about financial businesses in the 2019/20 financial year, according to new figures
Posted: 03/06/2020
The Chancellor has announced that a new and more flexible furlough scheme will be in place in the UK from 1 July and that the level of grant provided will slowly be tapered from August
Posted: 29/05/2020
The Competition and Markets Authority (CMA) has revealed it secured more than £47m in refunds over the last two years for customers whose banks failed to properly warn them about unarranged overdraft charges
Posted: 28/05/2020
The Financial Services Compensation Scheme (FSCS) has confirmed it will levy firms £649m during 2020/21
Posted: 21/05/2020
The Personal Finance Society (PFS) has urged both the FCA and the Treasury to relieve the pressure on advisers seeking professional indemnity (PI) insurance in the midst of the COVID-19 pandemic
Posted: 21/05/2020
The UK Supreme Court has ruled that ATM facilities do not need to be assessed separately for business rates
Posted: 20/05/2020
A revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of Covid-19, Communities Secretary, Robert Jenrick, has confirmed
Posted: 06/05/2020
Onepm Finance has been approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS)
Posted: 05/05/2020
The FCA has confirmed it will be introducing the package of measures outlined last week to support consumer credit customers facing payment difficulties due to coronavirus, with changes coming into force on Monday 27 April 2020
Posted: 24/04/2020
Several credit reference agencies (CRAs) have confirmed their new guidance to minimise the impact to the credit reports of UK businesses during the Covid-19 pandemic
Posted: 23/04/2020
Metro Bank has committed to repay more than £10.5m after it breached a legal order by failing to send texts warning people about unarranged overdraft charges
Posted: 20/04/2020
There were 67,000 claims from employers made in the first 30 minutes of the Government’s Coronavirus Job Retention Scheme, which went live today
Posted: 20/04/2020
The FCA has unveiled another package of measures to support consumers in financial difficulty as a result of coronavirus, including a one-month interest-free payment freeze to customers facing high interest rates on payday loans
Posted: 17/04/2020
The FCA has revealed it received a rise in complaints from 4.29 million in the first half (H1) of 2019 to 6.02 million in the second half (H2) of 2019
Posted: 16/04/2020
The Government has announced it is extending the eligibility cut-off date for the Coronavirus Job Retention Scheme (CJRS) to 19 March 2020
Posted: 15/04/2020
The FCA has confirmed the temporary financial relief that was outlined last week for customers impacted by coronavirus will be going ahead from today
Posted: 09/04/2020
The Personal Investment Management & Financial Advice Association (PIMFA) has announced the launch of a new initiative to help safeguard savers against investment scams
Posted: 08/04/2020
The FCA has confirmed rules requiring all pension providers to offer ‘investment pathways’ have been delayed by six months until February 2021 due to the ongoing Covid-19 crisis
Posted: 07/04/2020
The FCA has announced a new set of business priorities for the year ahead which focus on the challenges presented by the coronavirus pandemic
Posted: 07/04/2020
The Equity Release Council has published a temporary modification to its requirement for equity release customers to receive legal advice in a face-to-face setting during the coronavirus pandemic
Posted: 06/04/2020
The Labour Party has announced that Anneliese Dodds has been appointed the shadow chancellor in Sir Keir Starmer’s new shadow cabinet
Posted: 06/04/2020
Members of the Conveyancing Association (CA) have set out several measures for member firms to adopt during the coronavirus crisis
Posted: 02/04/2020
Financial regulators are urging UK savers to stay calm and not rush to make any decisions about their pensions in response to the coronavirus pandemic
Posted: 01/04/2020
The Financial Services Compensation Scheme (FSCS) has reassured customers of London Capital and Finance (LCF) it is doing “everything it can” to reach a point where it can assess claims as efficiently and effectively as possible
Posted: 31/03/2020
UK Finance has issued a warning for consumers to be on the lookout for “smishing” text message scams from criminals exploiting the coronavirus outbreak
Posted: 30/03/2020
The financial services industry has welcomed the FCA’s intentions to provide flexibility to its solo-regulated firms during the coronavirus pandemic
Posted: 26/03/2020
The Personal Investment Management and Financial Advice Association (PIMFA) has appointed Tim Fassam to its newly created role of director of government relations and policy
Posted: 26/03/2020
Firms are being left in a “difficult position” after the FCA announced over the weekend it would be requesting them to delay the announcements of their preliminary financial accounts
Posted: 23/03/2020
The Bank of England (BoE) has announced it is cancelling its 2020 stress test for the eight major banks and buildings in the UK
Posted: 20/03/2020
The Government has confirmed no renter in either social or private accommodation will be forced out of their home during the coronavirus outbreak, as part of a radical package of measures to protect renters and landlords
Posted: 19/03/2020
The FCA has issued a statement indicating it is “ready to take any steps necessary” to ensure customers are protected and markets continue to function well amid the coronavirus outbreak
Posted: 17/03/2020
The banking sector submitted more than 380,000 Suspicious Activity Reports (SARs) last year, which saw a 3% rise in the total number of SARs from the year before, a new study from SmartSearch has revealed
Posted: 12/03/2020
The UK government intends to introduce a levy to be paid by firms subject to the Money Laundering Regulations to help fund new government action to tackle money laundering
Posted: 11/03/2020
The government and UK Statistics Authority (UKSA) have launched a consultation today, alongside the Budget, on the latter’s proposal to address the shortcomings of the Retail Prices Index (RPI) measure of inflation
Posted: 11/03/2020
Financial regulation consultancy, Bovill, has warned the coronavirus could lead to a surge in cybercrime and financial fraud in the UK
Posted: 11/03/2020
UK households that have switched mortgage provider have an average income of around £50,900 if they switched internally, and £58,700 if they switched externally, according to new research papers published by the FCA
Posted: 10/03/2020
A specialist police unit funded by the banking and finance industry prevented £31.2m of fraud and disrupted 23 Organised Criminal Groups (OCGs) in 2019, new UK Finance figures revealed
Posted: 10/03/2020
The FCA announced it has published proposals outlining new climate-related disclosure requirements for premium listed issuers
Posted: 06/03/2020
The Treasury Committee has published a report announcing it is ‘satisfied’ with the appointment of Andrew Bailey as Governor of the Bank of England, but added that it would ‘keep an eye’ on the FCA
Posted: 06/03/2020
The FCA has announced it is working in conjunction with the Bank of England (BoE) and the Treasury to ensure the financial services sector is responding effectively to the coronavirus outbreak
Posted: 04/03/2020
Smarterly revealed it has become one of the first UK retail platforms to join the UN-backed Principles for Responsible Investment (PRI) initiative
Posted: 04/03/2020
The Personal Finance Society (PFS) has called on the Government to remove the limit for the lifetime allowance taper, or at the very least increase the limit, ahead of next week’s Budget announcement
Posted: 03/03/2020
Seventy per cent of landlords are anticipating there will be further Government intervention in the private rental and buy-to-let (BTL) sectors during 2020, new research from Foundation Home Loans has revealed
Posted: 03/03/2020
The FCA has published its suspicious transaction and order reports (STORs) figures for 2019, which showed the first decrease in the total number of reports since 2016
Posted: 28/02/2020
The FCA has admitted it mistakenly published confidential information on its website that related to complaints made against the regulator
Posted: 25/02/2020
There are 7.4 million adults in the UK who are over-indebted and find their financial commitment a burden, according to a new FCA report
Posted: 18/02/2020
The FCA has handed a £2.77m fine to car finance provider, Moneybarn, for not treating its customers fairly when they fell behind with loan repayments while in financial difficulties
Posted: 17/02/2020
The Personal Finance Society (PFS) has uncovered new evidence of hiked professional indemnity (PI) insurance premiums and restricted cover
Posted: 17/02/2020
The Competition Appeal Tribunal (CAT) will hold a hearing on Thursday 13 February to consider the future case management of two competing collective actions involving six major banks
Posted: 11/02/2020
The Personal Finance Society (PFS) has urged thousands of financial advisers to write to their local MP over the consequences of the hardening professional indemnity insurance market and increases to the Financial Services Compensation Scheme (FSCS) levy
Posted: 10/02/2020
The FCA has published a new policy statement on the disclosure of workplace pension costs and charges to scheme members
Posted: 04/02/2020
The FCA has written to credit card firms instructing them to review their approach to borrowers who are stuck in persistent debt
Posted: 03/02/2020
The FCA has released a statement about the implementation period that is set to follow the UK’s departure from the European Union and how it will impact the financial services sector
Posted: 30/01/2020
The Payment Systems Regulator (PSR) has issued a ‘call for input’ on the competition issues that could arise in the UK’s New Payments Architecture (NPA)
Posted: 28/01/2020
The FCA has written to the UK’s major banks requesting them to provide evidence of how they arrived at their pricing decisions on overdraft rates
Posted: 28/01/2020
HM Treasury has appointed Christopher Woolard as interim chief executive of the FCA, following advice from the FCA Board
Posted: 24/01/2020
The Personal Finance Society (PFS) announced that it has received 40 complaints about the conduct of claims management companies (CMCs) in less than a week
Posted: 23/01/2020
The FCA has announced new overdraft rules that will require firms to charge a simple annual interest rate – without additional fees or charges for using an overdraft – which the regulator suggests will mean seven out of 10 people will be better off or at least see no change
Posted: 22/01/2020
The Competition and Markets Authority (CMA) has announced an extended deadline of six months to ensure regulators take effective action tackling the loyalty penalty
Posted: 22/01/2020
The Bank of England (BoE) has announced that outgoing Governor, Mark Carney, has been appointed as Boris Johnson’s finance adviser for COP26
Posted: 16/01/2020
The Bank of England (BoE), the Financial Conduct Authority (FCA) and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have each published a set of documents to outline the priorities and milestones for 2020 on LIBOR transition
Posted: 16/01/2020
The FCA has obtained approval from the High Court for a scheme to return £2.5m in compensation to the victims of a series of unauthorised collective investment schemes
Posted: 14/01/2020
Victims of Authorised Push Payment (APP) fraud are facing a shortfall of £3bn in compensation, according to new figures published by Shieldpay
Posted: 13/01/2020
The Financial Services Compensation Scheme (FSCS) has announced several key decisions for claims in relation to the London Capital and Finance (LCF) failure
Posted: 10/01/2020
The FCA has started civil proceedings in the High Court against Bright Management Solution, Soccer League International, Soccer League UK
Posted: 10/01/2020
New anti-money laundering (AML) rules came into force today after the Government had introduced the Fifth EU Money Laundering Directive (5MLD) into UK law on 20 December 2019
Posted: 10/01/2020
The FCA has announced a new proposal to reform the easy access cash savings market, suggesting all firms should comply to new rules and set a single easy access rate (SEAR) across all easy access accounts
Posted: 09/01/2020
The Financial Conduct Authority (FCA) and the Bank of England (BoE) have revealed new plans to develop their data and analytics capabilities
Posted: 07/01/2020
Firms in the financial services sector have one week remaining to implement any money laundering changes after the government introduced the Fifth EU Money Laundering Directive (5MLD) into UK law on 20 December
Posted: 03/01/2020
The Bank of England (BoE) has revealed new proposals for stress testing the financial stability implications of climate change
Posted: 18/12/2019
The FCA has announced that the First-tier Tribunal (the Tribunal) has upheld a £91,000 fine imposed on Hall and Hanley Limited (H&H)
Posted: 18/12/2019
The FCA has secured a confiscation order against the illegal money lender, Dharam Prakash Gopee, in the sum of £5,118,018.72
Posted: 17/12/2019
The UK banking system would be resilient to deep simultaneous recessions in the UK and global economies even more severe than the global financial crisis, according to the results of the Bank of England’s (BoE) 2019 Annual Cyclical Scenario Stress Test (ACS)
Posted: 17/12/2019
Professional Personal Claims Limited (PPC) has been fined £70,000 by the FCA for misleading consumers across its websites and printed materials
Posted: 17/12/2019
SmartSearch, the anti-money-laundering specialist, has produced a guide to the top five changes that businesses are likely to see when new European regulations are implemented in the New Year
Posted: 17/12/2019
The FCA has published its long-awaited platform policy statement following its investment platform market study
Posted: 13/12/2019
The FCA has announced that Elite Insurance Company has been placed into administration
Posted: 13/12/2019
The pound has surged against the dollar and is expected to continue to soar above $1.40, following the Conservative Party's landslide victory in the General Election, with the property market also set to ‘turbocharge’.
With just two seats left to declare at the time of going to press, the Conservatives had a majority of 76, the biggest of its kind since the 1980s. Sterling gained 2.1% to $1.34 – its highest level since May last year, and the pound jumped to a three-and-a-half-year high against the euro
Posted: 13/12/2019
MMP Financial Limited, trading as My Money Partner and Swift Sterling, has been placed into administration
Posted: 11/12/2019
The CEO of SmartSearch has written an open letter to the Chancellor of the Exchequer urging the government in office after Thursday’s general election to publish the final anti-money-laundering (AML) regulations without further delay, with new EU rules due to be implemented next month
Posted: 10/12/2019
New FCA regulations designed to prevent harm to investors, without stifling innovation in the peer-to-peer (P2P) sector, are coming into effect today.
The regulator’s new rules are intended to help better protect investors and allow firms and fundraisers to operate in a more long-term and sustainable manner
Posted: 09/12/2019
The Bank of England, PRA and FCA have published a new shared policy summary and co-ordinated consultation papers (CPs) on new requirements to bolster operational resilience in the financial services sector
Posted: 05/12/2019
The FCA has published a new consultation on how to apply the Senior Managers Regime (SMR) to benchmark administrators
Posted: 29/11/2019
The FCA has secured a confiscation order totalling £291,070 against convicted fraudster, Mark Starling
Posted: 27/11/2019
The PRA has fined Citigroup’s UK operations £44m for failings in their regulatory reporting governance and controls
Posted: 26/11/2019
The FCA has announced it will ban the mass marketing of speculative mini-bonds to retail customers.
The regulator said it is introducing the restriction without consultation – by using its product intervention powers – which will come into force on 1 January 2020 and last for 12 months as the FCA consults on reaching permanent rules
Posted: 26/11/2019
The FCA has fined Henderson Investment Funds Limited (HIFL) £1,867,900 for failing to fairly treat more than 4,500 retail investors in two of its funds
Posted: 20/11/2019
The FCA and PRA have each decided to ban and fine Stuart Malcolm Forsyth, the former CEO of a small mutual insurer, £78,318 and £76,180 respectively
Posted: 18/11/2019
Financial advisers are demanding immediate action to be taken on recruiting more women into the industry, according to new research from Openwork
Posted: 08/11/2019
The FCA has urged customers who took out a loan with Dharam Prakash Gopee to contact them, as they may be eligible for compensation
Posted: 31/10/2019
A new report from the Treasury Committee has suggested the current level of IT failures in the financial services sector is ‘unacceptable.’
Posted: 28/10/2019
The FCA has today confirmed that it has removed barriers that stop some mortgage customers from finding a cheaper mortgage deal
Posted: 28/10/2019
The Personal Investment Management & Financial Advice Association (PIMFA) has responded to the FCA’s pension transfer ruling on contingent charging, and asked for the regulator to ‘raise the bar.’
Posted: 28/10/2019
QuickQuid, the largest remaining payday lending firm in the UK, has announced it is to close
Posted: 25/10/2019
The Prudential Regulation Authority (PRA) has announced it is taking action to address the barriers to growth for credit unions, and that it is to launch a consultation on changing capital requirements for credit unions in order to simplify them
Posted: 25/10/2019
The FCA has announced it saw a 17% increase in fraud offences during the last year, in a speech delivered at the Royal United Services Institute, London
Posted: 24/10/2019
Nationwide has been issued with legal directions by the Competitions and Markets Authority (CMA) after it both failed to send and sent inaccurate PPI reminders to more than 7,000 customers
Posted: 18/10/2019
The Bank of England (BoE) has announced that it will publish its UK annual stress test results on 10 December 2019
Posted: 18/10/2019
The FCA has revealed that regulated firms received 4.29 million complaints in the first half of 2019 (H1), showing a 10% increase from the 3.91 million complaints made in the second half of 2018 (H2)
Posted: 17/10/2019
The FCA has started proceedings against Park First Limited, its senior managers, including its CEO, and several other companies connected to the Park First group
Posted: 17/10/2019
Mortgage advisers looking to ensure that their firm is compliant with the upcoming Senior Managers & Certification Regime (SMCR) need to complete any final preparations now, according to TMA
Posted: 11/10/2019
Tullett Prebon has been fined £15.4m by the FCA for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems, and for failing to be open and cooperative
Posted: 11/10/2019
The FCA has urged members of the public who lost money in an unauthorised scheme called the Churchgate Trading Syndicate to contact them, as they may be eligible to receive some of their money back
Posted: 08/10/2019
The number of live FCA investigations into cryptocurrency businesses has increased by 74% over the past year, according to Pinsent Masons
Posted: 08/10/2019
Consumers in the UK could be paying £1.2bn over the odds for their home and motor insurance policies, a new report from the FCA has claimed
Posted: 04/10/2019
Confiscation orders have been made against three individuals following their convictions and prison sentences for running an illegal investment scheme that lost investors over £1.4m
Posted: 04/10/2019
HM Revenue & Customs reported itself to the police watchdog in relation to the suicides of three individuals who received large tax bills relating to the controversial loan charge, it has been revealed
Posted: 02/10/2019
The Financial Conduct Authority (FCA) has today fined The Prudential Assurance Company Limited (Prudential) £23,875,000 for failures related to non-advised sales of annuities
Posted: 30/09/2019
IFAs should not risk a fine by falling foul of health and safety legislation, a consultancy firm has cautioned
Posted: 24/09/2019
Financial advisers should consider recording client interactions to help both in the event of a complaint and in understanding their clients’ needs better, an FCA director has advocated
Posted: 20/09/2019
Advisers should be urging their clients to check if any trusts they hold are registered in order to avoid an unintentional fine, WAY Investment Services has cautioned
Posted: 18/09/2019
A son has lost a three-year court battle with his three siblings over his mother’s will, after a judge decided that her dementia symptoms had not adversely affected her capacity to set out her final wishes
Posted: 12/09/2019
The mortgage market does not want to see the FCA rowing back on the commitments it made in the Mortgage Market Review (MMR) around the need for advice, a leading group of lenders has said
Posted: 12/09/2019
The Payment Systems Regulator (PSR) has named its new managing director, Chris Hemsley
Posted: 06/09/2019
Victims of property scams pay-out an average £107,669, with 678 property fraud claims having been made in the last 14 years and the total loss equating to £73.3m
Posted: 05/09/2019
The Financial Conduct Authority (FCA) has announced that Kate Collyer has been appointed as its new chief economist, taking up the role in October
Posted: 05/09/2019
Ahead of tomorrow’s Spending Review, the Institute for Fiscal Studies (IFS) has calculated that the Treasury will need to find an extra £5bn from next year to fund the government’s spending promises, adding that the increase could undermine the Treasury’s commitment to reduce borrowing
Posted: 03/09/2019
An increased number of millennials are falling victim to scams designed to trick them into handing over cash to fraudsters than any other age group, new data from Lloyds Bank revealed
Posted: 03/09/2019
Prime Minister Boris Johnson has asked the Queen to suspend Parliament between 9 September and 14 October, therefore restricting MPs’ ability to prevent a no-deal Brexit
Posted: 28/08/2019
Claims management companies (CMCs) must do more to ensure their promotions do not mislead potential customers, the FCA has said
Posted: 27/08/2019
Trade association for investment managers and financial advisers PIMFA has criticised the latest 50:50 funding proposal from the Financial Ombudsman Service’s (FOS) Our Future Funding consultation
Posted: 14/08/2019
Those actively seeking to increase their retirement income who are presented with a pension scam are 60 per cent more likely to fall victim to it, joint research conducted on behalf of the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) revealed
Posted: 07/08/2019
Ipagoo, authorised and supervised by the Financial Conduct Authority (FCA) to issue e-money and provide payment services under the Electronic Money Regulations (EMRs) 2011, has entered administration
Posted: 05/08/2019
Financial Conduct Authority (FCA) chief executive and frontrunner of the Bank of England (BoE) leadership race Andrew Bailey has warned politicians not to interfere with the central bank’s independence
Posted: 05/08/2019
Former business secretary Greg Clark has put himself forward to replace Nicky Morgan as chair of the Treasury Select Committee
Posted: 05/08/2019
The Treasury Select Committee has called for the Financial Conduct Authority (FCA) to be granted greater formal regulatory powers, claiming its current regulatory perimeter is “insufficient”
Posted: 02/08/2019
Big four firm KPMG has been hit with a £3.5m fine by the Financial Reporting Council (FRC), while one of its directors, Richard Hinton, was handed a £52,000 penalty over their client assets report for The Bank of New York (BNY) Mellon London branch and BNY Mellon in 2011
Posted: 02/08/2019
The UK’s new Chancellor, Sajid Javid, announced an additional £2.1bn of funding to “turbocharge” no-deal Brexit preparations, including funds to ensure the “continuity of vital medicines”
Posted: 01/08/2019
Bank of England (BoE) governor Mark Carney failed to make the short-list of candidates hoping to be appointed as the next head of the International Monetary Fund (IMF)
Posted: 31/07/2019
Barclays, the Royal Bank of Scotland (RBS) and three other banks have been targeted in a class action lawsuit, worth £1bn, over foreign exchange (forex) rigging, filed yesterday
Posted: 30/07/2019
Amber Rudd has kept her role as the Work and Pensions Secretary in the new Prime Minister Boris Johnson’s cabinet reshuffle, in what has been described by some as a “bloodbath”
Posted: 26/07/2019
More than half (52 per cent) of UK consumers are looking for new tools and apps, such as those enabled by Open Banking, to help them feel more in control of their finances
Posted: 24/07/2019
Facebook is prepared to postpone the launch of its Libra digital currency until global financial regulators are satisfied that it meets security, data privacy and consumer protection standards
Posted: 18/07/2019
Investigations have begun into whether “rogue advisers” are advising employers to change their identity to avoid compliance with pension regulations
Posted: 17/07/2019
Boris Johnson, favourite to win the Tory leadership race, has confirmed his interest in switching stamp duty liability from the house buyer to the seller, as proposed by the Association of Accounting Technicians (AAT)
Posted: 17/07/2019
Consumers could be in line to receive money they had lost as a result of their dealings with any of the 11 failed regulated firms declared in default in June 2019 by the Financial Services Compensation Scheme (FSCS)
Posted: 17/07/2019
The use of artificial intelligence (AI) in financial services is still only at a “nascent” phase, with a number of firms yet to ask themselves fundamental questions around ethical use, according to the Financial Conduct Authority’s executive director of strategy and competition
Posted: 17/07/2019
The European Securities and Markets Authority (ESMA) has found regulatory gaps in the licensing regime for crypto-asset related activities, as well as in the governance processes associated with cyber security and cloud outsourcing
Posted: 16/07/2019
Despite the preparation for, and implementation of, MiFID II dominating regulatory change over the last few years, 59 per cent of financial advisers argued the regulation is failing to deliver on its objectives
Posted: 15/07/2019
The number of data breaches reported by whistleblowers to the Information Commissioner’s Office (ICO) has jumped 175 per cent in since the General Data Protection Regulation (GDPR) was introduced
Posted: 15/07/2019
The Financial Conduct Authority’s (FCA) acknowledgement of the limitations of its data on defined benefit pension transfers has been welcomed by the Personal Finance Society
Posted: 15/07/2019
US President Donald Trump is “wrong and is placing himself on the wrong side of history”, claimed deVere Group founder and CEO Nigel Green
Posted: 12/07/2019
Interest rates could be reduced to almost zero if the UK leaves the European Union (EU) without a deal, according to Bank of England (BoE) monetary policy committee (MPC) member Gertjan Vlieghe
Posted: 12/07/2019
Fraud is costing individuals and businesses in the UK £130bn each year, according to research published today
Posted: 11/07/2019
The Financial Conduct Authority (FCA) is failing to protect consumers from high interest rates on credit cards, according to a new report from the Centre for Responsible Credit, Jubilee Debt Campaign, New Economics Foundation and Research for Action as part of the End the Debt Trap Coalition
Posted: 10/07/2019
The government has been accused of “dragging its heels” on rectifying gender inequality in the pensions system by Royal London director of policy, Steve Webb
Posted: 05/07/2019
Santander has reportedly been hit with a €100m (£90m) legal challenge from former UBS investment banker Andrea Orcel, who was denied the role of chief executive just four months after being offered the post
Posted: 04/07/2019
The Financial Conduct Authority (FCA) is proposing rules to address harm to retail consumers from the sale of derivatives and exchange traded notes (ETNs) referencing certain types of crypto assets
Posted: 03/07/2019
The UK government has today published its Green Finance Strategy, recognising the role of the financial sector in delivering global and domestic climate and environmental objectives
Posted: 02/07/2019
The number of cyber security incidents reported by the UK’s financial services firms rose to 819 last year, up from just 69 in 2017, according to new data obtained from the Financial Conduct Authority (FCA)
Posted: 01/07/2019
Financial advisers predicted that wealth managers and platform providers will start to lose business as MiFID II reporting standards allow clients to be more aware of costs and charges, new research has found
Posted: 28/06/2019
The Pensions Regulator (TPR) has published updated defined contribution investment guidance highlighting changes to the way trustees will present their statement of investment principles (SIP) in the future
Posted: 27/06/2019
The Financial Conduct Authority (FCA) is concerned that lenders could either over-lend or under-lend as a result of not having a sufficient amount of credit data
Posted: 27/06/2019
Cyber attacks have been ranked as a top business issue in the next 12 months, but UK firms are facing paralysis in the face of increasingly advanced methods of cyber crime, according to a new study
Posted: 27/06/2019
The Prudential Regulation Authority (PRA) only approved four applications for banking licences in the last year, down from 14 in the previous year, while the number of applications (11) has remained virtually unchanged from last year (10)
Posted: 26/06/2019
UK challenger banks may be more vulnerable than more established banks to late-cycle and Brexit-related risks, according to Fitch Ratings
Posted: 26/06/2019
The FCA needs to review its approach to later life lending, particularly the current placement of Retirement Interest-Only (RIO) mortgages within its mainstream mortgage rules, former FCA Mortgage Policy Manager, and industry consultant, Lynda Blackwell has said
Posted: 25/06/2019
The Financial Conduct Authority (FCA) has today fined Bank of Scotland (BOS) £45.5m after the lender failed to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland (HBOS)
Posted: 21/06/2019
Philip Hammond has announced a Treasury-led review of the UK’s evolving payments landscape
Posted: 21/06/2019
The Bank of England’s (BoE) Monetary Policy Committee (MPC) has voted unanimously to maintain bank rate at 0.75 per cent at today’s meeting
Posted: 20/06/2019
Clydesdale and Yorkshire Bank parent company CYBG will take on the name Virgin Money in a significant rebranding to “disrupt the status quo” of UK banking
Posted: 20/06/2019
During his speech, Financial resilience and economic earthquakes, at the University of Warwick yesterday, Bank of England (BoE) senior official Alex Brazier emphasised that suspending funds can be a “double-edged sword”
Posted: 14/06/2019
Following the comments from Michael Saunders, highlighting that the Bank of England’s (BoE) Monetary Policy Committee (MPC) will need to vote in favour of a rate rise ahead of expectations, a further two members have warned that the central bank is on track to increase rates several times over the next couple of years
Posted: 12/06/2019
The Bank of England (BoE) may be required to raise interest rates ahead of financial market’s expectations, according to central bank policymaker Michael Saunders
Posted: 11/06/2019
As of 4 June 2019, the Financial Conduct Authority (FCA) has imposed a number of requirements on Allied Wallet, with the firm no longer able to carry on any regulated activities
Posted: 10/06/2019
The Financial Conduct Authority (FCA) has today announced it is introducing reforms to fix a “dysfunctional overdraft market”, in a bid to make them simpler, fairer and easier to manage
Posted: 07/06/2019
Five banks including Royal Bank of Scotland (RBS) and Barclays have been fined £71.39m for fixing the foreign exchange market, with the Swiss competition regulator Weko stating the lenders were involved in a “three-way banana split”
Posted: 06/06/2019
The Financial Conduct Authority (FCA) board has appointed Baroness Zahida Manzoor as chair of the Financial Ombudsman Service (FOS), having already been approved by HM Treasury
Posted: 06/06/2019
The PRA and the FCA have published a number of observations across eight key areas linked to the transition from LIBOR to alternative interest rate benchmarks
Posted: 06/06/2019
Since the start of 2018, the Financial Ombudsman Service (FOS) has received 47,220 complaints in relation to payday loan providers, though only 16,940 have been resolved
Posted: 04/06/2019
Bank of England (BoE) deputy governor Dave Ramsden yesterday argued that interest rates would need to be hiked if the UK leaves the European Union (EU) with a Brexit deal
Posted: 31/05/2019
Allied Irish Bank (AIB), Bank of Ireland and Ulster Bank are piloting a blockchain platform to track and manage employee education and qualifications
Posted: 31/05/2019
HSBC is preparing to cut at least 500 jobs in its investment banking division as part of a savings push
Posted: 31/05/2019
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined Raphaels Bank £1.89m for failing to manage its outsourcing arrangements properly between April 2014 and December 2016
Posted: 30/05/2019
The United States and United Kingdom have established the Financial Innovation Partnership to further collaboration between US Department of the Treasury and HM Treasury
Posted: 30/05/2019
A quarter of UK consumers believe the High Street bank will be ‘dead’ within the next five years, according to new research
Posted: 30/05/2019
As financial institutions approach the September 14 deadline to comply with Open Banking legislation, two fifths of financial institutions (39 per cent) still see regulation as the biggest threat to their business model
Posted: 29/05/2019
Almost three-quarters (72 per cent) of organisations have been victims of financial crime over the past 12 months, with a lax approach to due diligence checks when onboarding cited as creating an environment in which criminal activity can thrive
Posted: 29/05/2019
This year looks set to be on course for a record number of Anti-Money Laundering (AML) fines, with $7.7 billion already handed out in January to April 2019, compared to $1.16 billion worth of fines in the same period last year
Posted: 28/05/2019
Cyber crime and hacking offences are going unpunished in the UK, according to a new report, which claims less than one per cent of reported attacks reach prosecution
Posted: 28/05/2019
Three quarters of organisations could be struggling with General Data Protection Regulation (GDPR) compliance, a year on from its introduction
Posted: 24/05/2019
Pension professionals had a change of heart on whether the industry had learnt its lessons 10 years on from credit crisis, following a debate with industry figures
Posted: 24/05/2019
Specialist buy-to-let (BTL) lender Landbay conducted an independent stress test against the Bank of England’s (BoE) macroeconomic scenarios, with the results demonstrating the “robustness” of its loan book, according to CEO John Goodall
Posted: 22/05/2019
Some of the most vulnerable consumers in society could save up to £100m a year under the Financial Conduct Authority’s (FCA) plans to overhaul unarranged overdrafts, according to its chief executive Andrew Bailey
Posted: 21/05/2019
The Financial Conduct Authority (FCA) is currently investigating 30 individuals and firms for poor transfer advice, it has been revealed
Posted: 21/05/2019
High corruption-risk individuals purchased 160 properties with a joint value of over £4bn in 2017, while 86,000 properties in England and Wales have been identified as owned by companies incorporated in secrecy jurisdictions, the Joint Committee revealed
Posted: 20/05/2019
The fast pace of digital transformation is outstripping the cyber security capabilities of UK businesses, according to a new report from KPMG
Posted: 20/05/2019
Britain’s financial regulators should be handed more power to create “dynamic” rules, while remaining just as strict, Bank of England (BoE) deputy governor Sam Woods said yesterday
Posted: 17/05/2019
Five banks have been fined €1.1bn (£940m) by the European Commission for rigging foreign exchange markets for 11 currencies, it was announced yesterday
Posted: 17/05/2019
The Bank of England (BoE) warned fraud prosecutors in the UK against charging Barclays over payments made to Qatar at the height of the financial crises, it was unveiled yesterday
Posted: 16/05/2019
Specialist buy-to-let (BTL) lender Fleet Mortgages has announced the addition of 80 per cent loan to value (LTV) products across the three core areas of its product range; individual, limited company and houses in multiple occupation (HMO)
Posted: 13/05/2019
The Financial Conduct Authority (FCA) and government should be prepared to intervene if banks do not do more to prevent the closures of local branches, MPs have suggested
Posted: 13/05/2019
The Financial Conduct Authority (FCA) has requested that over £1m in fines be handed to the five directors of firms involved in recommending unsuitable transfer advice
Posted: 10/05/2019
Almost a year after the General Data Protection Regulation (GDPR) came into effect, RiskIQ has discovered that 1 in 10 personally identifiable information (PII) capturing websites belonging to the large UK financial services firms are running without adequate security measures
Posted: 09/05/2019
The Financial Conduct Authority (FCA) has today published proposals for changes to its mortgage sales requirements, allowing consumers more choice when taking out a mortgage.
The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which has been designed to encourage innovation and make it easier for customers to find the most suitable mortgage
Posted: 07/05/2019
The value of fines issued to companies over anti-money laundering (AML) compliance failures rocketed 91 per cent last year, figures from HM Revenue & Customs (HMRC) revealed
Posted: 07/05/2019
The Bank of England’s Monetary Policy Committee (MPC) has voted unanimously to maintain Bank Rate at 0.75%
Posted: 02/05/2019
The Financial Services Compensation Scheme (FSCS) has announced a 2019/20 levy of £532m, £16m more than it forecast in its plan, released in January
Posted: 30/04/2019
The Open Banking data sharing transformation is set to evolve into more wide-ranging changes to the financial services industry, including Open Finance and Open Data, according to a panel of experts
Posted: 26/04/2019
The government has initiated the recruitment process for a new Bank of England (BoE) governor, as the current head, Mark Carney, is due to step down on 31 January 2020 after serving more than six years in the position
Posted: 24/04/2019
Almost £37m was paid in compensation for pension and decumulation products over H2 2018, a £15.6m increase on the previous six months, the Financial Conduct Authority (FCA) has revealed
Posted: 23/04/2019
During the second half of 2018, the Financial Conduct Authority (FCA) received 3.91 million complaints, 5 per cent fewer than the 4.13 million figure reported in H1 2018, the regulator today announced
Posted: 18/04/2019
Adviser regulatory fees will be reduced from £80.3m in 2018/19 to £79.4m in 2019/20 as the Financial Conduct Authority (FCA) announced a reduction in the amount that the A13 fee block pays
Posted: 17/04/2019
The Consumer Prices Index rate of inflation remained at 1.9 per cent in March, unchanged from February 2019, the Office for National Statistics has revealed
Posted: 17/04/2019
The Financial Conduct Authority (FCA) has published its Business Plan for 2019/20, outlining key priorities for the coming year, including a focus on enhancing the use of technology and data
Posted: 17/04/2019
If Labour leader Jeremy Corbyn became Prime Minister, it would be just as damaging to the profits of British banks as leaving the European Union without a withdrawal agreement, Citigroup has said.
With the prospect of a snap election becoming more likely as lawmakers in Westminster fail to agree on a withdrawal agreement, the bank said in a note to clients “the impact on UK domestic bank EPS [earnings per share] could potentially be similar in magnitude to a no-deal Brexit outcome”
Posted: 15/04/2019
The Financial Conduct Authority (FCA) has fined Standard Chartered Bank £102.2m for anti-money laundering (AML) breaches in two higher risk areas of its business, marking the second-largest financial penalty for AML control failings ever imposed by the regulator
Posted: 10/04/2019
J.P. Morgan Asset Management (JPMAM) has appointed Hargreaves Lansdown (HL) to provide its open-ended investment company (OEIC) managed fund investors with an option to transfer their holdings, free of charge, onto the HL investment service
Posted: 09/04/2019
Following the announcement on 8 August 2018 that The Share Centre had agreed to acquire an active book of accounts, the firm has revealed that the transfer is expected to begin in September of this year
Posted: 09/04/2019
The recently launched Money and Pensions Service is calling on organisations throughout the UK to contribute towards the development of the service’s strategy to improve the nation’s financial wellbeing
Posted: 08/04/2019
Italian bank Unicredit is preparing a multi-billion-euro offer to Commerzbank as Deutsche Bank supposedly faces troubles in its discussions
Posted: 04/04/2019
The Money and Pensions Service will be at the “heart” of improving the nation’s financial wellbeing when it publishes its national strategy in the Autumn of this year, its chairman Hector Sants has said
Posted: 04/04/2019
The Financial Conduct Authority (FCA) has recently dubbed Innovative Finance ISAs (IFISAs) as “high-risk”, emphasising that this type of investment may not be protected by the Financial Service Compensation Scheme (FSCS)
Posted: 03/04/2019
Marsh & McLennan has completed the acquisition of Jardine Lloyd Thompson Group plc (JLT) for $5.6bn in fully diluted equity value
Posted: 02/04/2019
The Financial Conduct Authority (FCA) today (1 April 2019) begins regulating the claims management industry.
All claims management companies (CMCs) in England, Scotland and Wales will now have to demonstrate they meet and maintain minimum standards set by the regulator, with all new and existing CMCs having to apply for authorisation
Posted: 01/04/2019
The Financial Conduct Authority (FCA) has today published its final instruments and guidance that will only be enforced if the UK leaves the EU without a deal or an implementation period
Posted: 29/01/2019
The Financial Conduct Authority (FCA) has fined Goldman Sachs International (GSI) £34.3m for failing to provide accurate and timely reporting relating to 220.2 million transaction reports between November 2007 and March 2017
Posted: 28/03/2019
Challenger bank TSB would need a three-year turnaround and cost-cutting plan before it could be a candidate for sale or consolidation, according to the chairman of parent group Banco Sabadell
Posted: 28/03/2019
Barclays has revealed a £14.7bn lending fund to support small and medium-sized enterprises to “succeed and flourish” through the uncertainty of Brexit
Posted: 27/03/2019
The Financial Conduct Authority (FCA) has today proposed changes to how lenders assess whether or not a customer can afford a mortgage, in a bid to help mortgage prisoners
Posted: 26/03/2019
The Personal Investment Management & Financial Advice Association (PIMFA) has called on the Financial Conduct Authority (FCA) to postpone the implementation of the Financial Ombudsman Service’s (FOS) compensation limits
Posted: 25/03/2019
The Financial Conduct Authority (FCA) only investigated a handful of the insider dealing tip-offs it received in 2018, despite receiving over 5,000, a freedom of information (FOI) request from law firm Greenberg Traurig found
Posted: 25/03/2019
Barclays chairman John McFarlane has warned that a no-deal Brexit will “very significantly” harm the European Union (EU), while speaking at a summit yesterday
Posted: 22/03/2019
The National Audit Office (NAO) has said that four major UK regulators need to do more to prove they are offering enough protection to those who need it
Posted: 21/03/2019
The Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and European Banking Authority (EBA) are today announcing that they have agreed a template Memorandum of Understanding (MoU)
Posted: 21/03/2019
European Council President Donald Tusk has said he believes a short Brexit extension ‘will be possible’ but only on the condition that MPs pass Prime Minister Theresa May’s deal in the House of Commons
Posted: 20/03/2019
Prime Minister Theresa May has told MPs she is “not prepared to delay Brexit any further than 30 June", and hinted that she will quit if the UK stays beyond this period
Posted: 20/03/2019
The Financial Services Compensation Scheme (FSCS) has recovered just under £300m over the past five years from failed financial services firms, therefore reducing FSCS levies on the industry.
Furthermore, the FSCS recovered billions of pounds following the resolutions of the 2008 banking failures, where the scheme needed to take out loans totalling approximately £20bn from the government at the time of the financial crisis
Posted: 20/03/2019
The Financial Conduct Authority (FCA) has fined UBS £27.59m for failings in relation to 135.8 million transaction reports between November 2007 and May 2017
Posted: 20/03/2019
Treasury Committee chair Nicky Morgan has written to the Financial Conduct Authority (FCA) board calling for an investigation into whether there were regulatory failings surrounding the collapse of London Capital and Finance (LC&F)
Posted: 20/03/2019
Deutsche Bank and Commerzbank shares increased yesterday after talks began over a potential merger, with Deutsche shares rising by 4 per cent to €8.15 and Commerzbank by more than 7 per cent to €7.65
Posted: 19/03/2019
Standard Life Aberdeen has today announced that an arbitration panel has ruled in its favour over its dispute with Lloyds Bank over the management of £100bn worth of assets
Posted: 19/03/2019
Germany’s largest lenders, Deutsche Bank and Commerzbank, have announced that they will hold formal discussions in relation to a merger between the two organisations
Posted: 18/03/2019
The Financial Conduct Authority (FCA) has written a letter to Work and Pensions Committee chair Frank Field defending the amount of staff it has working to tackle scams
Posted: 14/03/2019
The speed of bank and ATM closures is leaving society’s most vulnerable people and communities at risk of financial exclusion, the chairman of the Financial Conduct Authority (FCA) has warned
Posted: 13/03/2019
Lloyds, NatWest and Barclays are teaming up to pilot the UK’s first shared business banking hubs, helping support businesses hit by branch closures to make local cash and cheque deposits
Posted: 13/03/2019
Challenger banks One Savings Bank and Charter Court Financial Services Group are in final talks over a potential £1.6bn, the two firms have said
Posted: 11/03/2019
HM Revenue & Customs (HMRC) has launched its first criminal investigations under a new money laundering offence, a freedom of information (FOI) request submitted by law firm Greenberg Traurig revealed
Posted: 11/03/2019
The Financial Conduct Authority (FCA) has today announced its decision to increase the Financial Ombudsman Service’s (FOS) compensation limit to £350,000, which has been condemned as “shocking” and “counter-productive” by Royal London director of policy Steve Webb
Posted: 08/03/2019
The Treasury Committee has said that a more precise estimate of the scale of economic crime in the UK, while government should review the UK’s anti-money laundering (AML) supervision more frequently
Posted: 08/03/2019
The Financial Conduct Authority (FCA) has revealed that its crackdown on credit card fees has saved Britons £80m
Posted: 07/03/2019
The Bank of England (BoE) has welcomed the independent Access to Cash review, which highlights the continuing reliance of some groups on physical cash, despite its share of overall payments being on the decline
Posted: 06/03/2019
The scandal-hit and “manipulated” Libor interest rate may be difficult to replace, with Bank of International Settlements economic adviser Hyon Song Shin arguing that a “toolbox with a separate screwdriver and saw could be better suited to serve the financial system than a Swiss army knife”
Posted: 06/03/2019
The Bank of England (BoE) and the European Central Bank (ECB) have decided to activate a standing swap line, allowing the BoE to lend euros to UK banks on a weekly basis
Posted: 06/03/2019
Aon has confirmed that it is in the “early stages” of considering an all-share business acquisition with rival Willis Towers Watson (WTW)
Posted: 06/03/2019
The Treasury has agreed to publish a key agreement it signed with Royal Bank of Scotland (RBS) after it received pressure from MPs, amid allegations it had significant influence over the bank’s former restructuring unit, GRG, City A.M. reported
Posted: 04/03/2019
Bank of England governor Mark Carney has told members of the Treasury Select Committee that interest rates would "more likely than not" be cut in the event of a no-deal Brexit
Posted: 27/02/2019
Income inequality is getting worse, according to Hargreaves Lansdown, as the poorest fifth are getting poorer, with their average disposable income shrinking by 1.5% in a year, largely caused by benefit cuts
Posted: 26/02/2019
The Financial Conduct Authority (FCA) has today issued a decision which found that three asset management firms were in breach of competition law, marking the regulator’s first formal decision under its competition enforcement powers
Posted: 21/02/2019
HSBC reported it was on track to transfer business to Paris ahead of Brexit yesterday, but warned that time was running out to avoid disruption for its customers
Posted: 20/02/2019
The Financial Conduct Authority (FCA) yesterday announced the appointment of Wanda Goldwag as the new chair of the independent Financial Services Consumer Panel
Posted: 20/02/2019
Estonia ordered Danske Bank to close its local branch by the end of 2019, due to inquiries into an alleged €200bn money-laundering scandal yesterday widening
Posted: 20/02/2019
London clearing houses have received authority to continue serving EU-based firms in the event of a no-deal Brexit, meaning that stocks, bonds and derivatives transactions will avoid disruption immediately after 29 March regardless of the Brexit outcome
Posted: 19/02/2019
New court proceedings have started against the Pension Protection Fund (PPF), challenging its intended approach for calculating increases for savers affected by a previous European court ruling
Posted: 19/02/2019
The quality of advisers, including unregulated introducers, advisers in different countries from the member and advisers who have previous transgressions, is the greatest area for pension scam concern, according to new research from the Pension Scams Industry Group (PSIG)
Posted: 19/02/2019
A recently published court ruling could leave HM Revenue & Customs (HMRC) susceptible to new claims from investors who accidentally lose lifetime allowance ‘protection’ by forgetting to cancel contributions to their pension schemes.
The case centred on the appellant’s claim he had accidentally failed to cancel a direct debit to his pension scheme which, HMRC argues, should void his £1.8m lifetime allowance ‘fixed protection’
Posted: 18/02/2019
The Pensions Regulator issued almost 22,000 compliance notices in the final quarter of 2018, it has revealed
Posted: 18/02/2019
Royal Bank of Scotland (RBS) has recorded profits of £1.62bn for 2018, more than double the £752m it made a year earlier
Posted: 15/02/2019
Bank of England (BoE) governor Mark Carney has issued fresh warnings over a global growth slowdown, stating that a no-deal Brexit would create an “economic shock” amid rising trade tensions and a slowing economy in China
Posted: 13/02/2019
Ireland’s central bank governor Philip Lane has received support from Eurozone finance ministers to become chief economist of the European Central Bank
Posted: 12/02/2019
The Secretary of State for Work and Pensions Amber Rudd has outlined plans to introduce a seven year jail term for the “wilful or reckless behaviour” of company directors who play “fat and loose” with their pension scheme
Posted: 11/02/2019
The Single Financial Guidance Body (SFGB) has decided on a new name, but its unveiling is being held up in Parliament because of Brexit
Posted: 08/02/2019
The Bank of England’s (BoE) monetary policy committee (MPC) has, as expected, voted unanimously to leave interest rates unchanged at 0.75 per cent, warning of a UK economic slowdown
Posted: 07/02/2019
An accounts manager who attempted to conceal that restaurants had not given their staff workplace pensions has been ordered to pay £5,000 by The Pensions Regulator (TPR)
Posted: 07/02/2019
Nearly two-thirds (65 per cent) of financial intermediary companies expect the Financial Conduct Authority (FCA) to supervise the identifying and protecting of vulnerable consumers in the next five years
Posted: 07/02/2019
A new rapid response scheme developed by banks in collaboration with police forces prevented fraud victims from being scammed out of £38m in 2018, according to new figures published by UK Finance
Posted: 06/02/2019
The Global Financial Innovation Network (GFIN), a network of 29 regulatory bodies chaired by the UK’s Financial Conduct Authority (FCA), has opened applications for its cross-border testing pilot, the regulator reported in a statement
Posted: 05/02/2019
The Financial Conduct Authority (FCA) has fined former Newton Investment Management fund manager Paul Stephany £32,000 for his conduct in relation to an initial public offering (IPO) and a placing
Posted: 05/02/2019
Now Pensions has been forced by The Pensions Regulator to overhaul its administration system, after it emerged that the master trust had failed to collect an estimated £18m in pension contributions
Posted: 04/02/2019
Barclays has been given the all clear to transfer £166bn of assets to its Irish subsidiary as the bank “cannot wait any longer” to implement its no-deal Brexit strategy amid ongoing political uncertainty
Posted: 31/01/2019
The Financial Conduct Authority (FCA) has warned that the “end-game” for LIBOR interest rates could be “uncertain”, urging banks and businesses to move to alternatives “rapidly”
Posted: 29/01/2019
The Bank of England (BoE) reported an increase in the amount of people storing cash as a result of low interest rates and Brexit uncertainty
Posted: 29/01/2019
The Treasury Committee has today launched a new inquiry into the future of the UK’s financial services, once it has departed from the European Union (EU)
Posted: 25/01/2019
The Bank of England (BoE) has said it is “broadly on track” with its efforts to prevent European Union (EU) banks and insurers from relocating their UK branches post Brexit
Posted: 24/01/2019
The Financial Conduct Authority (FCA) is consulting on guidance which will set out the cryptoasset activities it regulates
Posted: 23/01/2019
Litigation funder IMF Bentham has partnered with legal experts Quinn Emanuel and Njord Law Firm, and intends to file a shareholder lawsuit against Dankse Bank by July over its €200bn (£175.6bn) money laundering scandal, Reuters has reported
Posted: 23/01/2019
Preventing Brexit would “corrupt democracy”, according to the chief executive of specialist bank Investec
Posted: 23/01/2019
Consumers are still paying hundreds of pounds as retailers are illegally charging for card payments, despite credit and debit card surcharges being banned in January 2018, a BBC investigation has found
Posted: 21/01/2019
The Financial Conduct Authority (FCA), which regulates the country’s largest financial firms, has revealed that it pays its male employees more than its female staff
Posted: 18/01/2019
The pound is gaining ground following the defeat of Theresa May’s Brexit deal in the House of Commons, rising above $1.28 after falling below $1.27 in the lead up to the vote
Posted: 16/01/2019
Last night banking giant Santander shocked the industry when it reversed its decision to appoint Andrea Orcel as its new chief executive, stating that the cost of compensating him for leaving his previous role was too high
Posted: 16/01/2019
The Consumer Prices Index fell to 2.1 per cent in December 2018, down from 2.3 per cent in November 2018, new statistics from the Office for National Statistics has revealed
Posted: 16/01/2019
Lloyds Banking Group has been slammed by labour MP Rachel Reeves, who also chairs the Business, Energy and Industrial Strategy Select Committee (BEISSC), for trying to “game the system” with its new overdaft fees
Posted: 14/01/2019
Treasury Committee chair Nicky Morgan has slammed the Financial Conduct Authority (FCA) for “flat-out and wrongly” refusing to bring commercial lending into regulation, arguing that loans to small and medium sized enterprises (SMEs) should be regulated
Posted: 11/01/2019
The UK’s major banks are robust enough to cope with a no-deal Brexit, though the sector’s outlook for 2019 will hinge on the UK’s departure from the European Union (EU), S&P Global Ratings yesterday announced
Posted: 11/01/2019
Financial Conduct Authority (FCA) chief executive Andrew Bailey wrote to Treasury Committee chair Nicky Morgan to address the treatment of ‘mortgage prisoners’ and remove the barriers preventing them from switching to a more suitable deal
Posted: 10/01/2019
Sterling would rocket by at least 4 per cent if parliament can agree on Prime Minister Theresa May’s Brexit proposals in a scheduled vote next week, JP Morgan Asset Management has said
Posted: 10/01/2019
Treasury Select Committee chair Nicky Morgan has slated the government over its Brexit outcome analysis, claiming it has illustrated the “most optimistic” model without addressing the backstop or addressing the short-term impacts of leaving the European Union (EU)
Posted: 10/01/2019
Approximately 70 per cent of central banks are researching how to use digital currencies, a survey by the Bank for International Settlements (BIS) has revealed, stating that the banks are “proceeding cautiously” with plans
Posted: 09/01/2019
Deutsche Bank is set to slash its bonus pool by approximately 10 per cent after a tough year for Germany’s largest bank
Posted: 09/01/2019
Four of Barclays’ most senior bankers will appear in court today on charges in relation to a loan the bank received from Qatar at the peak of the financial crisis
Posted: 07/01/2019
Three former Credit Suisse bankers were yesterday arrested in London on the grounds that they were involved in a $2bn fraud scheme involving state-owned companies in Mozambique
Posted: 04/01/2019
The Financial Ombudsman Service (FOS) is expecting to receive 14,500 investment and pension complaints to over 2018/2019, a 15 per cent increase on the 12,632 received over the previous year
Posted: 04/01/2019
Chancellor Philip Hammond has today announced the appointment of Dame Colette Bowe and Dame Jayne-Anne Gadhia as external members of the Financial Policy Committee (FPC)
Posted: 03/01/2019
The government's Single Financial Guidance Body (SFGB) went live on 1 January 2019, aiming to consolidate government-sponsored financial guidance
Posted: 03/01/2019
The Bank of England’s (BoE) Monetary Policy Committee (MPC) has today unanimously voted to maintain Bank Rate at 0.75 per cent
Posted: 20/12/2018
The Pensions Regulator has questioned six people in connection with a suspected pension fraud totalling £18m, it has revealed
Posted: 20/12/2018
Santander has been fined £32.8m by the Financial Conduct Authority (FCA) after failing to transfer funds worth more than £183m to beneficiaries from the accounts of its deceased customers
Posted: 19/12/2018
The Competition and Markets Authority (CMA) has published an update paper outlining serious competition concerns and has proposed changes to legislation to improve the audit sector to benefit both savers and investors
Posted: 18/12/2018
The Financial Reporting Council should be scrapped and replaced with an independent statutory regulator, according to Sir John Kingman
Posted: 18/12/2018
The Financial Conduct Authority (FCA) has today announced proposals to amend the way in which banks charge for overdrafts, which would bring an end to banks charging higher prices for unarranged overdrafts
Posted: 18/12/2018
The European Banking Authority (EBA), the EU’s banking watchdog, has criticised lenders for not informing customers how they could be affected by Brexit
Posted: 18/12/2018
UK bank stress tests could include investigating the financial system’s resilience to the impact of climate change from 2019, Bank of England (BoE) governor Mark Carney yesterday announced
Posted: 18/12/2018
The Financial Conduct Authority (FCA) is under fire for allowing Lloyds Banking Group (Lloyds) to create a “flawed” compensation scheme for victims of fraud
Posted: 17/12/2018
The Financial Conduct Authority (FCA) has recently published new rules which allow victims of authorised push payment (APP) fraud to complain to the payment services provider (PSP) receiving their payment
Posted: 17/12/2018
Following his appointment as chairman of London Stock Exchange Group with effect from 1 May 2019, Don Robert is to step down as a non-executive director at the Court of the Bank of England (BoE) from that date
Posted: 17/12/2018
Former BHS owner Dominic Chappell has been fined £124,000 for failing to hand over information to The Pensions Regulator in relation to the collapsed retail chain’s pension scheme
Posted: 17/12/2018
Following months of speculation, the Financial Ombudsman Service (FOS) has issued landmark decisions against Liberty Sipp, the self-invested personal pension (SIPP) provider that has recently come under fire
Posted: 14/12/2018
The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) boards have appointed new members to three decision-making committees
Posted: 14/12/2018
The Financial Conduct Authority (FCA) has banned Angela Burns from acting as a non-executive director (NED) and fined her £20,000 for failing to act with integrity at two mutual societies
Posted: 14/12/2018
The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint consultation paper on proposals for new reporting requirements that would apply to mortgage lenders and home finance administrators.
In this paper, the two regulators have set out proposals for new reporting requirements that would impact mortgage lenders, and contains proposals made solely by the FCA in relation to its objectives, along with joint proposals that are given effect through a combination of PRA and FCA rules
Posted: 13/12/2018
The recommendations detailed in the Competition and Markets Authority’s (CMA) final report have broadly been met with support from industry members, who have encouraged others to implement the suggestions as soon as possible
Posted: 13/12/2018
Fintech banking startup Revolut has finally secured a full European banking license, after applying for authorisation over twelve months ago in Lithuania
Posted: 13/12/2018
The Financial Conduct Authority (FCA) has today proposed changes to further enable retail investors to invest patient capital through unit-linked funds
Posted: 12/12/2018
Pension schemes must run a competitive tender before choosing a fiduciary manager for more than 20 per cent of its assets, and if already delegated they must do so in the first five years, the Competition and Market Authority (CMA) has confirmed
Posted: 12/12/2018
Royal London has today announced that group CEO Phil Loney has decided to stand down by the end of 2019, explaining that he intends to focus on his longstanding charitable interests in the international development sector and supporting those with learning difficulties
Posted: 11/12/2018
Just under half (49 per cent) of consumers do not think that Financial Services Compensation Scheme (FSCS) protection applies to pension products, research from Populus has found
Posted: 11/12/2018
The Bank of England (BoE) has said it will delay work on a cyber stress test for banks as it focuses on Brexit preparations, according to minutes published today
Posted: 10/12/2018
Royal Bank of Scotland (RBS) is advancing plans to transfer billions of pounds worth of assets to the Netherlands next March is Britain departs from the European Union (EU) without a deal
Posted: 07/12/2018
The Financial Conduct Authority (FCA) has expressed its disappointment to have found that less than 50 per cent (49 per cent) of the pension transfer advice it reviewed was deemed as “suitable”
Posted: 06/12/2018
Today the Financial Conduct Authority (FCA) has revealed that it found “some inconsistencies” in how mortgage lenders treat customers who have long-term mortgage arrears
Posted: 06/12/2018
Bank of England (BoE) governor Mark Carney yesterday reassured his critics in front of an audience of MPs that his recent Armageddon scenario was not an “exam crisis”
Posted: 05/12/2018
The Financial Conduct Authority (FCA) has written to banks warning them about moving business away from the UK in a bid to combat the implications of Brexit
Posted: 04/12/2018
Danske Bank was yesterday charged on four counts of breaking Danish money-laundering laws following a tremendous scandal at its Estonian affiliate
Posted: 29/11/2018
All of the UK’s largest banks passed intensive stress tests as the Bank of England (BoE) heralded the resilience of the UK’s financial system, it was revealed yesterday
Posted: 29/11/2018
Trade association PIMFA has called for an urgent review of the Financial Services Compensation Scheme (FSCS) following yet another announcement of an interim levy that the industry will be expected to fund
Posted: 29/11/2018
The Competition and Markets Authority’s (CMA) Phase 2 investigation has provisionally identified that Experian’s purchase of ClearScore is likely to result in less intense competition, which in turn could damage the continued development of digital products
Posted: 28/11/2018
Personal Finance Society (PFS) CEO Keith Richards has argued that the relevance and demand for professional financial advice has never been great, as we are currently experiencing the “biggest savings gap since records began”
Posted: 28/11/2018
The plenary of the Financial Stability Board (FSB) today appointed Randal K. Quarles (governor and vice chairman for supervision at the US Federal Reserve) as its new chair, while Klaas Knot (president of De Nederlandsche Bank) as vice chair
Posted: 27/11/2018
Owners of financial advisory firms are able to build a sustainable business, one that they can leave to their employees, using an Employee Ownership Trust (EOT), according to Ovation Finance founder Christopher Budd
Posted: 26/11/2018
A government scheme introduced to refund large numbers of people who have been overcharged when registering a power of attorney (PoA) has been criticised by Royal London, with spokesperson Helen Morrissey stating “the onus is on the government to sort it out”
Posted: 26/11/2018
Dutch bank ABN Amro has decided to launch a London unit of its clearing business to maintain access to the UK market in the event of a no-deal Brexit
Posted: 22/11/2018
The Financial Conduct Authority (FCA) has today proposed to introduce a price cap on the rent-to-own (RTO) sector
Posted: 22/11/2018
The Financial Reporting Council (FRC) has initiated an investigation into the audit conducted by Grant Thornton UK of the financial statements of Patisserie Holdings for the years ending 30 September 2015, 2016 and 2017
Posted: 21/11/2018
Former footballer Danny Murphy has accused some financial advisers of “brainwashing” young footballers
Posted: 20/11/2018
Prime Minister Theresa May has appointed Amber Rudd, MP for Hastings and Rye and former Home Secretary, as the new Work and Pensions Secretary, replacing Esther McVey
Posted: 16/11/2018
The Royal Bank of Scotland (RBS) yesterday appointed a new deputy chief executive to head ring-fenced bank NatWest Holdings
Posted: 15/11/2018
Dominic Raab has resigned as Brexit Secretary, stating in a tweet that he “cannot in good conscience support the terms proposed for our deal with the EU”
Posted: 15/11/2018
The Pensions Minister Guy Opperman has put “pressure” on the financial services industry to do more to ensure the financial wellbeing of their employees
Posted: 13/11/2018
The Bank of England (BoE) and the People’s Bank of China have today announced that they have signed an agreement to renew the existing reciprocal sterling and renminbi (RMB) currency swap line for an additional three years
Posted: 12/11/2018
Today’s school leavers have higher levels of financial literacy than adults aged between 19 and 39, suggesting that financial education is English secondary schools is having a positive impact, according to a study from Noddle
Posted: 09/11/2018
The Treasury Committee has today announced a probe into vulnerable customers and how they are served by the financial services industry
Posted: 09/11/2018
The Financial Conduct Authority (FCA) is probing HSBC executive Paul Watson, whose online title is listed as head of regulatory compliance for the global banking and markets (GBM) division, Sky News has reported
Posted: 07/11/2018
Although Universal Credit is now better equipped for the final phase of its roll-out thanks to measures announced in Chancellor Philip Hammond’s Budget, Resolution Foundation senior fellow David Finch stated that “challenges remain”
Posted: 06/11/2018
An accountant has been fined £6,857.50 for falsely telling The Pensions Regulator that one of his clients’ staff, for which he acted on its behalf, had been enrolled into a pension scheme
Posted: 02/11/2018
The Bank of England’s Monetary Policy Committee (MPC) yesterday, 31 October, voted unanimously to maintain its base rate at 0.75%
Posted: 01/11/2018
The UK has reportedly struck a deal with the EU on post-Brexit financial services
Posted: 01/11/2018
Following on from yesterday’s Budget, Quilter financial planning expert Rachael Griffin noted that the government “reaffirmed its commitment to tackling tax avoidance and evasion”
Posted: 30/10/2018
Complaints to the Financial Conduct Authority (FCA) continued to increase for the fourth successive half year in the first half of 2018, reaching a new record level of 4.13 million complaints made to 3,161 firms
Posted: 29/10/2018
Around 70 per cent of employers believe that The Pensions Regulator (TPR) needs more powers to help protect defined benefit pension schemes, according to research from the Association of Consulting Actuaries (ACA)
Posted: 26/10/2018
Danish authorities have blocked the appointment of a new chief executive officer at Danske Bank, applying further strain on the firm which is currently reeling from a $200bn (£176bn) money laundering scandal, involving suspicious Russian money
Posted: 18/10/2018
Bank of England (BoE) official Sir Jon Cunliffe told the Treasury Select Committee yesterday that talks are continuing with EU regulators to try to persuade them to allow British clearing houses to serve clients across the continent
Posted: 18/10/2018
The growth of new lending to those already in debt has “parallels” to the sub-prime mortgage boom which resulted in the financial crisis, according to the minutes from a discussion by the Bank of England’s (BoE) top financial stability policy-makers
Posted: 18/10/2018
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have today launched a joint regulatory strategy aimed at strengthening their relationship, and taking joint action to deliver better outcomes for pension savers and those entering retirement
Posted: 18/10/2018
The UK’s transition out of the EU could be extended by “a matter of months” to ensure no hard border in Northern Ireland, Prime Minister Theresa May has said
Posted: 18/10/2018
Leading wealth management and financial advice association PIMFA has today raised concerns over the Financial Conduct Authority’s (FCA) proposal to increase the maximum amount of compensation the Financial Ombudsman Service (FOS) can require a financial services firm to pay out
Posted: 16/10/2018
The Financial Conduct Authority (FCA) has written to the heads of payday lending firms urging them to consider “affordability risk” before granting loans to financially vulnerable borrowers
Posted: 16/10/2018
The Financial Conduct Authority (FCA) gas today published a discussion paper on climate change and green finance
Posted: 15/10/2018
The proposed changes from the Financial Conduct Authority (FCA) designed to reduce the potential for harm to retail investors in funds that hold illiquid assets, will “enhance risk-management capabilities, transparency and resilience”, Moody’s Investor Services has said
Posted: 15/10/2018
Chase de Vere has argued that employers can save money by providing financial advice in the workplace for their employees, and 83% of employers have admitted that financial advice is something their employees would benefit from
Posted: 15/10/2018
The government has rejected calls from the Treasury Committee to fundamentally reform pensions tax relief after it said there was “no clear consensus” to do so
Posted: 15/10/2018
The UK can expect low economic growth for the next three years, with a no-deal Brexit denting growth even further, according to the EY Item Club
Posted: 15/10/2018
The Lifetime Isa (LISA) will remain available to the savers under 40, the government has confirmed, despite calls from the Treasury Select Committee for it to be scrapped
Posted: 15/10/2018
Bank of England (BoE) governor Mark Carney needs to clarify whether house prices would be slashed by a third if the UK were to crash out of the EU, the Treasury select committee has urged
Posted: 12/10/2018
Financial Services Compensation Scheme (FSCS) CEO Mark Neale has announced that he will step down from his position on 3 May 2019 after being in the organisation for nine years
Posted: 12/10/2018
The Bank of England (BoE) has doubled down on its call to the European Union (EU) to put measures in place to allow European banks to access UK-based clearing houses after Brexit, in order to avoid financial market chaos which could damage firms across Europe
Posted: 10/10/2018
Banking giant HSBC paid a $765m (£582m) fine yesterday over allegations it deliberately sold “contaminated” mortgage-backed securities to investors in the period leading up to the financial crisis
Posted: 10/10/2018
Interest-only customers are set to increasingly seek professional advice from intermediaries as they approach the end of their loan terms, allowing significant opportunities for advisers to discuss potential retirement solutions with their clients to arise, new research has found
Posted: 09/10/2018
The Financial Conduct Authority (FCA) is consulting on new governance in a bid to reduce the potential for harm to investors that hold illiquid assets, particularly under stressed market conditions, such as the UK referendum on EU membership in 2016
Posted: 08/10/2018
New regulations from the Financial Conduct Authority (FCA) on pension transfer advice will alter conversations between pension members and advisers, according to Lane Clark & Peacock (LCP) and Royal London
Posted: 08/10/2018
The average instant access deposit rate available from banks and building societies rose just 0.05 per cent to 0.27 per cent in September, despite August’s 0.25 per cent interest rate rise
Posted: 05/10/2018
Changes to the pensions annual allowance, stamp duty clarification and ISA allowance changes are among the main policy amendments that could occur in the Budget, according to a number of financial experts
Posted: 05/10/2018
HM Revenue & Customs (HMRC) has been criticised by MPs for failing to advise 100,000 small businesses on how to prepare for a no-deal Brexit, after the revenue’s chief executive Jon Thompson received a letter from parliament’s Public Accounts Committee yesterday
Posted: 05/10/2018
The crisis at Danske Bank worsened yesterday as it confirmed that it has received “requests for information” from the US Department of Justice (DoJ) in relation to the €200bn (£176bn) money laundering scandal involving suspicious Russian money
Posted: 05/10/2018
The Financial Conduct Authority (FCA) has today published new rules designed to improve the advice people receive when considering transferring their pension, with the policy statement confirming that the regulator is taking forward most of the proposals put forward in March 2018
Posted: 04/10/2018
PIMFA, the leading wealth management and financial advice association, has announced that it welcomes the Financial Conduct Authority’s (FCA) decision to further investigate industry concerns about the operation of the PRIIPs regime since its implementation in January 2018
Posted: 03/10/2018
The chair of the Financial Conduct Authority (FCA) Charles Randell has said that calls for deregulation from some quarters of the financial sector demonstrated that “some memories are beginning to fade” from the financial crisis
Posted: 03/10/2018
The UK banking sector has a “stable” outlook, in spite of an expected decline in economic growth, according to Moody’s Investors Service
Posted: 02/10/2018
Danske Bank has appointed an interim chief executive after its former boss Thomas Borgen resigned following the firm’s €200bn (£177.8bn) money laundering scandal
Posted: 02/10/2018
The Financial Conduct Authority (FCA) has fined Tesco Personal Finance plc (Tesco Bank) £16.4m for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber attack that took place in November 2016
Posted: 01/10/2018
Citizens Advice has launched a ‘super complaint’, highlighting that loyal customers are overpaying by £4.1bn a year on mobile, broadband, home insurance, mortgages and savings
Posted: 28/09/2018
This year's Budget is to be earlier than usual to avoid clashing with the final stage of Brexit negotiations in November
Posted: 27/09/2018
Chancellor Philip Hammond recently announced to MPs that Mark Carney will remain Bank of England (BoE) governor until the end of January 2020, adding that the seven-month extension will “support a smooth Brexit”
Posted: 21/09/2018
HMRC has recently been sending ‘nudge letters’ to taxpayers who are believed to have offshore assets which may give rise to income and gains attracting UK tax, but leading tax firm Blick Rothenberg questioned whether the revenue has given people enough time to respond
Posted: 21/09/2018
The chief executive of Danske Bank resigned yesterday following the publication of a report into the money-laundering scandal which has rocked the lender
Posted: 20/09/2018
The inflation rate in the UK unexpectedly increased in August, reaching 2.7%, the highest rate seen in six-months, after economists had expected a consumer prices index (CPI) rate of 2.4%, the Office for National Statistics revealed (ONS)
Posted: 19/09/2018
Michael Nascimento was today sentenced to 11 years’ imprisonment for his role in a share carried out through a series of boiler room companies, resulting in the loss of more than £2.8m of investors’ money
Posted: 17/09/2018
The Financial Conduct Authority (FCA) has banned Christian Bittar from performing any function in relation to any regulated financial activity
Posted: 17/09/2018
Bank of England (BoE) governor Mark Carney has warned the cabinet that a chaotic no-deal Brexit could cause house prices to plummet and result in an economical shock similar to that caused by the financial crisis
Posted: 14/09/2018
Though retirement interest-only (RIO) mortgages have been labelled a “welcome addition” to the later life lending space, a number of trade body representatives have argued there should be a closer alignment between the products and equity release options so consumers receive more holistic advice
Posted: 13/09/2018
The Financial Conduct Authority’s (FCA) intention to introduce a broker assessment/comparison tool for consumers is wrought with difficulties and could be “anti-competitive”, according to a number of trade body representatives
Posted: 13/09/2018
Chancellor Philip Hammond has announced to MPs that Mark Carney will remain Bank of England (BoE) governor until the end of January 2020
Posted: 11/09/2018
Londoners have been prevented from being ripped off by over £2m over the last 12 months, as London Trading Standards (LTS) tackle rogue traders across the capital
Posted: 11/09/2018
Sterling hiked yesterday after EU chief negotiator Michael Barnier announced it was “realistic” to expect a Brexit deal in the next six-to-eight weeks
Posted: 11/09/2018
In a case brought by the Financial Conduct Authority (FCA), five individuals have been sentenced to a total of 17.5 years imprisonment for their roles in a shared fraud carried out through a series of boiler room companies, resulting in the loss of more than £2.8m of investors’ money
Posted: 10/09/2018
The Court of Justice of the European Union (EU) has today ruled individual pension scheme members should receive at least 50% of the value of their accrued old age pension in the event of employer insolvency
Posted: 06/09/2018
Pension funds could be subject sanctions like Local Government Pension Schemes (LGPS) are if they fail to supply data requested of them to the scheme, it has been suggested
Posted: 06/09/2018
Bank of England (BoE) governor Mark Carney yesterday said that he is willing to do whatever he can to a promote a smooth Brexit process, when asked whether he will remain in his position after June 2019, his original planned date of departure
Posted: 05/09/2018
The Treasury and the Bank of England (BoE) are in discussions about Mark Carney staying on as governor beyond his present departure date of June 2019
Posted: 04/09/2018
Royal Bank of Scotland’s (RBS) chief executive has recently told the BBC that the bank is “preparing for the worst” in relation to the Brexit result, as the bank may have to decline new business customers if there is a no Brexit deal
Posted: 03/09/2018
Credit card users could be smacked with a new ‘Brexit tax’ as the cost of card payments between the UK and EU in a ‘no-Brexit deal’ are likely to increase
Posted: 23/08/2018
Removing the 1p and 2p coins from circulation would have “no significant impact on prices” because price rounding would be applied at the total bill level, not on individual items and would only affect cash transactions, two Bank of England experts have said
Posted: 23/08/2018
The FCA has commenced criminal prosecution against Mark Starling in relation to an unauthorised investment scheme
Posted: 23/08/2018
Banks have been warned that it's "not fair" to automatically blame customers for money lost through a scam
Posted: 22/08/2018
The Financial Conduct Authority (FCA) has recently announced that, in collaboration with 11 other regulators and related organisations, it has created the Global Financial Innovation Network (GFIN), in order to build on the FCA’s proposal to create a ‘global sandbox’
Posted: 17/08/2018
A former Barclays trader who was dismissed for misuse of the of the ban’s electronic trading program has won £150,000 in damages, along with the entitlement to work for the bank again
Posted: 17/08/2018
The Consumer Price Index (CPI) rate of inflation has risen to 2.5 per cent in July, up from 2.4 per cent in June, driven by volatile prices for computer games and rising transport costs
Posted: 16/08/2018
AJ Bell has warned that the government will risk a backlash from younger voters if it “caves to pressure” to scrap the Lifetime ISA (LISA), a product created in 2016 to help younger people save for a first home or retirement
Posted: 16/08/2018
Following the publication of the Support for Mortgage Interest (SMI) statistics, Royal London personal finance specialist Helen Morrissey said that “we could see many people fall into arrears”
Posted: 15/08/2018
An annual assessment of FTSE 100 CEO pay packages released today shows that CEO median pay rose by 11% between 2016 and 2017, despite criticism from government and investors over the excessive pay packets
Posted: 15/08/2018
Less than 50% of Royal Bank of Scotland’s (RBS) customers would recommend its customer service to friends and family, according to rankings from the Competition and Markets Authority, which has published its first set of results
Posted: 15/08/2018
The Pensions Regulator and the Financial Conduct Authority have joined forces to launch a campaign urging people to be aware of scammers targeting their pension savings, as it was revealed an average £91,000 was lost per victim in 2017
Posted: 15/08/2018
The Financial Conduct Authority (FCA) received a record number of reports of unauthorised activity in the past 12 months, and is taking almost four times longer to complete criminal cases, according to date from the authority’s annual report analysed by Linklaters
Posted: 13/08/2018
Over £2bn has been stolen from people’s bank and credit card accounts in the last year, averaging £833.54 per person, a 38% (£233) increase compared to last year, according to a poll commissioned by Compare the Market
Posted: 09/08/2018
It has been nine months since the old £1 coin stopped being legal tender, but the Royal Mint reported that around 169 million of them have not yet been returned
Posted: 09/08/2018
The Financial Conduct Authority (FCA) has, in collaboration with 11 other financial regulators and related organisations, announced the creation of the Global Financial Innovation Network (GFIN), building on the FCA’s proposal to create a ‘global sandbox’
Posted: 08/08/2018
A new report released today from the Adam Smith Institute suggested that the UK’s equity release sector is “greatly” under-valuing their no negative equity guarantees, with the regulator missing opportunities to manage the risks
Posted: 07/08/2018
The Serious Fraud Office’s (SFO) application to resurrect its case against Barclays over a £2.3bn loan to Qatar could be heard in October
Posted: 06/08/2018
Experts have claimed that millions of people could benefit from a better return on their savings by switching deals rather than waiting for banks to increase rates, with the city regulator stating that they are missing out on up to £480m in interest
Posted: 06/08/2018
Commenting on the Bank of England’s (BoE) recent decision to increase its base rate by 0.25%, rising to 0.75%, TMA director David Copland said that the decision was “no surprise” and will provide the bank with “wriggle room” to reduce rates again, if needed, as we approach Brexit
Posted: 03/08/2018
MPs have recently said that all organisations with more than 50 employees should publish details of what they pay the men and women in their organisation
Posted: 02/08/2018
Lenders have recently made a voluntary commitment to help thousands of ‘mortgage prisoners’ that are currently paying high interest rates with a potential offer to move to a better, more suitable deal
Posted: 01/08/2018
The Financial Conduct Authority (FCA) is consulting on rules and guidance to improve conduct standards and communications in the payment services and e-money sectors
Posted: 01/08/2018
The UK’s largest banks are set to receive a profit boost of at least £500m as the Bank of England (BoE) prepares to raise interest rates the second time in 10 years
Posted: 30/07/2018
In the recent Treasury Select Committee report, it states that responsibility for improving overall levels of household net saving sits “more appropriately” with the government and HM Treasury, rather than the financial regulators
Posted: 27/07/2018
The Financial Conduct Authority (FCA) recently revealed that the majority of credit card repayments are repaid manually and not by credit card, according to the regulators outcome of a programme of behavioural research
Posted: 27/07/2018
Following a post-implementation review of its crowdfunding rules, the Financial Conduct Authority (FCA) is opening a consultation on new rules for loan-based crowdfunding platforms
Posted: 27/07/2018
The Financial Conduct Authority (FCA) has banned David James Carter Mullins, Edward John Booth, Christopher Paul Brotherton and Mark Robert Kennedy, former directors and shareholders of the dissolved Secure My Money (SMM) online consumer credit broker
Posted: 26/07/2018
For the first time in almost 30 years, UK households have seen their outgoings surpass their income, spending an average of £900 more than they received in income in 2017, amounting to almost £25bn, according to the latest data from the Office for National Statistics (ONS)
Posted: 26/07/2018
The Treasury Committee is proposing the abolition of the Lifetime ISA (LISA) and has called for the scrapping of the LTA limit around pension tax relief
Posted: 26/07/2018
British citizens who retire in the European Union could find it “illegal” to be paid their private pension in the case of a no-deal Brexit, MPs have heard
Posted: 25/07/2018
The Financial Conduct Authority (FCA) has recently issued a discussion paper on whether it should introduce a Basic Savings Rate (BSR) in order to support those savers who leave their money sitting in an easy access savings account
Posted: 25/07/2018
The Payment Systems Regulator (PSR) has today announced that it plans to carry out a market review into card-acquiring services, and has published draft terms of reference consultation
Posted: 24/07/2018
The Financial Conduct Authority (FCA) has been reported to the Information Commissioner’s Office (ICO) in an attempt to force the authority to reveal what action it is taking against those firms failing to comply with Mifid regulations
Posted: 23/07/2018
Household inflation expectations hit a 19-month low in July while job security rose, according to the seasonally-adjusted IHS Markit Household Finance Index
Posted: 23/07/2018
HSBC Broking Securities (Asia) has been reprimanded and fined HK$9.6m (£960,000) for “systematic deficiencies” in its bond-selling practices by Hong Kong’s financial regulator
Posted: 20/07/2018
Banks and insurers should start preparing for a hard Brexit as the deadline to the UK’s withdrawal from the EU nears, the Financial Conduct Authority (FCA) said yesterday
Posted: 20/07/2018
The Financial Conduct Authority (FCA) should be doing more to prevent huge numbers of complaints from ending up at the Financial Ombudsman Service (FOS), Richard Lloyd said while addressing the Treasury select committee yesterday evening, following his review of the FOS
Posted: 19/07/2018
The Financial Conduct Authority (FCA) has recently revealed that it may force platforms to transfer clients they suspect are no long receiving advice to accounts that do not pay an ongoing fee to the adviser
Posted: 18/07/2018
Lloyds Banking Group plans to operate three subsidiaries in continental Europe once the UK has left the EU, according to a source close to the matter, as it appears Brexit is fragmenting a banking industry that has been long concentrated in London
Posted: 18/07/2018
The Banking Competition Remedies (BCR), the company set up to disperse £775m from Royal Bank of Scotland (RBS) to address competition concerns, has recently announced that it will begin handing out the awards in February 2019
Posted: 17/07/2018
Growth in Britain’s salaries continued on a downward trend in April, according to the most recent figures from the Office for National Statistics (ONS), casting doubt on Bank of England (BoE) economists’ argument that rising wage pressures will require interest rates to rise
Posted: 17/07/2018
The UK’s banks recently tightened up lending standards on unsecured loans in the second quarter of 2018, following concerns in relation to potential “pockets of risk” in the British financial system, a Bank of England (BoE) survey suggested
Posted: 16/07/2018
The Pensions Regulator (TPR) has claimed that it has become a “more visible and proactive regulator” that is working in a “clearer, quicker and tougher way” in its annual report and accounts, which show that its spending rose by £8.7m in the last financial year
Posted: 16/07/2018
Economists have predicted that data this week will reveal a rise in inflation from June, in a development that would boost the hawks on the Bank of England (BoE) ahead of a crucial decision on interest rates in August
Posted: 16/07/2018
HMRC has recently announced that it is refusing to rethink its current position on the taxation of pension freedoms withdrawals, which many firms, such as AJ Bell, feel will deliver a “bitter blow” to millions of savers
Posted: 13/07/2018
The Pensions Ombudsman (TPO) has seen a 26 per cent increase in the number of cases it accepted for investigation in the past year, it has revealed
Posted: 13/07/2018
The Bank of England (BoE) yesterday announced that it will broaden the scope of its bank stress tests to allow room for additional buffers designed to protect the UK’s financial system
Posted: 13/07/2018
The Financial Conduct Authority (FCA) boss Andrew Bailey yesterday said that the “pace of that transition is not yet fast enough”, when commenting on the pace of banks move from the Libor rate
Posted: 13/07/2018
The Pensions Regulator has fined Rentokil Initial’s pension fund £25,000 earlier this year for failing to complete two valuations for its Initial Hospital Service Limited No.1 defined benefit scheme, it has emerged
Posted: 11/07/2018
The Bank of England’s talk over a potential interest rate increase is “ill judged”, according to the British Chamber of Commerce (BCC), as new data indicated continued sluggish growth in the UK economy
Posted: 09/07/2018
Money laundering in the UK is now a “very big problem”, admitted NCA director of prosperity Donald Toon and SFO interim director Mark Thompson to a treasury committee yesterday, revealing that £150bn or more is laundered here annually
Posted: 05/07/2018
Members of the Bank of England’s (BoE) financial policy committee (FPC) have expressed concerns that UK banks’ capital buffers may not be adequate when faced with riskier lending and increasing dangers to the global financial system
Posted: 04/07/2018
Interest rates may need to increase faster than markets are pricing, according to the Bank of England’s (BoE) monetary policy committee (MPC) member Michael Saunders
Posted: 04/07/2018
HSBC has finished setting up its ringfenced bank, making it the latest of the UK’s largest lenders to complete the key post-financial crisis reform
Posted: 03/07/2018
Banks could potentially have to fork out billions more on mis-sold payment protection insurance (PPI) claims following a legal ruling yesterday
Posted: 03/07/2018
The oversight for running and managing the cheque paper and cheque image clearing systems was recently passed over to the board of the New Payment System Operator (NPSO) as the system operator yesterday, 1 July 2018, while the Cheque and Credit Clearing Company Limited (C&CCC) became a subsidiary of the NPSO
Posted: 02/07/2018
As the financial industry evolves, with more products being introduced and far more complex and advanced technological developments being implemented, Goji Investments head of distribution David Beacham says that “the advice sector is more driven by regulation than ever before”
Posted: 29/06/2018
Financial services companies will be subject to “cyber stress tests” to establish whether they would be able to recover in the event of a major breach, the Bank of England (BoE) said yesterday
Posted: 28/06/2018
As some buy-to-let (B2L) lenders are not regulated by the PRA, there are problems caused in the marketplace that could ultimately lead to landlords having to tackle increased levels of regulation inf the future, according OneSavings Bank national account manager Emily Machin
Posted: 28/06/2018
Fintech provides “risks and opportunities” for the UK, but the government is “completely committed” to bringing the sector to fruition, Economic Secretary to the Treasury and City Minister John Glen has said
Posted: 27/06/2018
The government has said it is “not convinced of the merits” of default decumulation pathways as their implementation would be “inconsistent” with pension freedoms
Posted: 25/06/2018
Following an invitation from the FCA for comment on its recent Mortgages Market Study Interim Report, Equity Release Supermarket has written a letter supporting the regulator’s conclusion that the equity release market needs to do more to support its consumers
Posted: 25/06/2018
The latest figures from UK Finance revealed that almost £25m worth of fraud has been prevented, while 197 arrests have been made, thanks to the introduction of the Banking Protocol, a scheme aimed at identifying and protecting potential fraud victims when they visit a bank or building society branch
Posted: 22/06/2018
The Financial Reporting Council (FRC) has excluded Russell McBurnie, the former Finance Director of RSM Tenon Group (RSM Tenon), from the accountancy profession for a recommended period of five years
Posted: 21/06/2018
Lloyds Banking Group and consultancy firm KPMG came under renewed pressure yesterday following the publication of a report into an historic fraud case at HBos’s Reading branch.
The internal report came from an ex-employee from within Lloyds Bank, and detailed allegations of criminal misconduct by senior bank employees and auditors surrounding the handling of the incident. According to the report, top executives at HBos understated the extent of liabilities left by the fraud to regulators and to shareholders ahead of the takeover of the bank by Lloyds in 2009, while also alleging serious misconduct by auditors KPMG
Posted: 20/06/2018
The Financial Reporting Council (FRC) has sanctioned PwC, along with one of its former audit partners, following an investigation into BHS’ 2014 audits
Posted: 13/06/2018
The UK’s largest public businesses may soon have to publish the gap between the pay of their chief executive and an average worker, with business secretary Greg Clark stating that all companies with over 250 employees will be required to disclose and explain this difference, known as the “pay ratio”
Posted: 11/06/2018
Credit Suisse will pay $47m (£35m) to the US Department of Justice (DoJ) over hiring practices in Asia, the bank yesterday confirmed.
Posted: 07/06/2018
The Bank of England (BoE) will force banks to publish plans illustrating how they would wind up operations if they were to go bust, announced BoE deputy governor Sir Jon Cunliffe, in the next step in regulators’ efforts to clamp down on “too big to fail” lenders
Posted: 06/06/2018
The Financial Conduct Authority (FCA) has fined Canara Bank £896,100 and has imposed a restriction, preventing it from accepting deposits from new customers for 147 days
Posted: 06/06/2018
A former police officer, financial adviser and a City trader have been jailed for a total of eight years for a £2.4m tax scam after an investigation by HM Revenue and Customs (HMRC)
Posted: 05/06/2018
Equity release lender more 2 life has recently revealed that despite almost 80% of advisors having at least one social media account, only 38% of them use these channels to promote their advisory services, while just 32% use it to share equity release news and developments
Posted: 05/06/2018
Employee benefits firm Mattioli Woods has suspended its pension transfer advice service amid a Financial Conduct Authority (FCA) review of its work in the area
Posted: 04/06/2018
The government has announced that Bradley Fried has been appointed Chair of the Court of the Bank of England, with effect from 1 July 2018
Posted: 01/06/2018
The FCA has announced new proposals that are designed to protect millions of consumers who use overdrafts and high-cost credit, giving them greater control over their finances and reduce their costs
Posted: 31/05/2018
Traditionally, it has been viewed that criminals target the vulnerable and elderly. However, Royal London personal finance specialist Helen Morrissey notes that this view is “evolving quickly”, with recent scams proving that no one is safe
Posted: 25/05/2018
Data and technology can help detect and disrupt criminal activity, FCA executive director of supervision Megan Butler has said in a speech at the anti-money laundering (AML) TechSprint conference
Posted: 23/05/2018
The FCA has published a decision notice, confirming that it has decided to ban Darren Lee Newton from working in any regulated activity in the financial services sector
Posted: 23/05/2018
Barclays celebrated a significant victory over the Serious Fraud Office (SFO) yesterday, as the Crown Court dismissed charges surrounding the bank’s huge capital raising during the financial crisis in 2008
Posted: 22/05/2018
The FCA and the PRA have together fined Barclays Group chief executive James Stayley, a total of £642,430. Staley failed to act with due skill, care and diligence in the way he acted in response to an anonymous letter received by Barclays in June 2016.
Posted: 14/05/2018
Recently it looked almost certain that the Bank of England (BoE) was going to increase interest rates by 0.25%
Posted: 10/05/2018
Lloyd’s Banking Group’s ‘mule-hunting team’ has already stopped more than £1m from being transferred to fraudster’s accounts since its launch at the beginning of 2018, the bank has announced
Posted: 04/05/2018
The FCA has found that competition in the mortgage market is working well for many people, but has also identified “a number” of ways in which the market could work even better for some people
Posted: 04/05/2018
The Bank of England (BoE) has appointed former Morgan Stanley and Schroders analyst Huw van Steenis as an adviser to governor Mark Carney
Posted: 03/05/2018
StepChange Debt Charity has identified that there is an urgent need to support the 300,000 households highlighted by the government as in debt to illegal money lenders, commonly known as ‘loan sharks’
Posted: 25/04/2018
After more than 15 years of borrowing to meet the costs of day-to-day services, such as health and pensions, the government has balanced the books
Posted: 25/04/2018
Banks have been accused of giving savers a “raw deal” after analysis found that nine out of ten did not pass on last year’s interest rate rise in full
Posted: 25/04/2018
The FCA is urging the public to be aware of the growing threat of loan fee scams targeting borrowers, as last year over £3.5m was lost to loan fee fraud while reports to the FCA consumer helpline increased by 44%
Posted: 24/04/2018
A growing number of young people are being lured in illegal works as “money mules”, as Cifas revealed that there was a 27% increase in the number of 14-24 year olds being used during 2017
Posted: 23/04/2018
An interest rate rise is “likely’ to occur this year, according to BoE governor Mark Carney, but any increases will be gradual
Posted: 23/04/2018
During the second half of 2017, a total of 3.76 million complaints made to financial services firms were received, an increase of 427,032 on the first half of the year, new data from the FCA has revealed
Posted: 19/04/2018
UK consumer price inflation fell in March to 2.5%, the lowest rate seen in 12 months, according to the Office for National Statistics
Posted: 18/04/2018
A senior Bank of England (BoE) official yesterday said it should resist pressure to combine its financial and monetary policy committees due to fears of it diminishing the importance of difficult-to-measure stability concerns
Posted: 13/04/2018
A senior city figure has warned that the UK risks being stuck with a “token minimalist” deal on financial services as part of the post-Brexit agreement with the EU in October
Posted: 13/04/2018
The number of UK professionals fined for money laundering fell by 20 per cent last year after seeing record high figures in 2015/16
Posted: 12/04/2018
Regulation since the financial crisis has imposed an annual cost of £26bn ($37bn) on the world’s largest investment banks’ capital markets activities, a recent study has found
Posted: 12/04/2018
Connect for Intermediaries has announced that it is going to provide all of its network members with a Financial Intermediary and Broker Association (FIBA) membership, as one of their benefits for being a Connect for Intermediaries representative
Posted: 10/04/2018
The UK’s financial system is “under almost constant cyber-attack” according to a senior Bank of England official, with the regulator planning to introduce new standards for financial firms’ cyber security
Posted: 10/04/2018
Nearly 20 banks have committed to launching new European Union hubs in Frankfurt since the Brexit vote, while rival cities are still competing for the 60 firms that are yet to decide
Posted: 09/04/2018
Asset management campaigner Gina Miller has criticised the new rules imposed by the FCA that are designed to help reduce the costs for end investors and improve transparency
Posted: 06/04/2018
Latest figures illustrate that, of the 10,000 companies that submitted gender pay gap data, 78% of them pay men more on average than women, while 14% of firms pay women more, according to the BBC’s analysis of the reports
Posted: 05/04/2018
The Financial Conduct Authority has been told to conduct a review that compares the outcomes of automated advice to traditional face-to-face appointments
Posted: 05/04/2018
UK financial services “increasingly” feel as though risks will outweigh opportunities as Brexit draws nearer, according to the recent snapshot member survey by ACCA
Posted: 29/03/2018
Lloyds Banking Group is to pay almost £3m to its former chief executive and another director after it lost a legal battle to withhold payments relating to the purchase of HBOS
Posted: 29/03/2018
Nucleus and Zero Support managing partner Phil Young have partnered up to launch a white paper on the General Data Protection Regulation (GDPR) specifically targeted at financial advisers
Posted: 28/03/2018
The High Court has found that Capital Alternatives, Renwick Haddow, Marcia Hargous and Robert McKendrick and others should pay a total of £16.9m in compensation for their roles in four unauthorised collective investment schemes (CIS’s), which were unlawfully promoted to the public
Posted: 27/03/2018
The Financial Conduct Authority has backtracked on its proposal to remove the assumption for advisers that a defined benefit pension transfer is unsuitable, instead launching a consultation on whether a ban on contingent charging is needed
Posted: 26/03/2018
Both private and public bodies have been instructed to publish their gender pay cap for the first time, with a deadline of 4 April 2018 set. Those who do not meet the deadline could face legal action and an “unlimited fine” set by the courts, the Equality and Human Rights Commission (EHRC) has said
Posted: 26/03/2018
The financial ombudsman has agreed to hold an inquiry into allegations of bias against consumers and claims that its staff are inadequately trained amid fears that complaints may have been mishandled
Posted: 23/03/2018
The government is to launch an independent inquiry into the operations of the Financial Reporting Council
Posted: 22/03/2018
PerfectHome has agreed with the FCA a package of redress totalling over £2.1m
Posted: 21/03/2018
The EU has ruled out government demands for special treatment for the UK financial sector
Posted: 21/03/2018
The finance minister of Luxembourg has called on the EU to “be creative” by offering a unique deal that will protect financial services in Britain and on the Continent
Posted: 19/03/2018
HSBC’s women are paid 60% less than its men, according to gender pay gap data, revealing one of the biggest differences among the largest UK banks and also an increase over 2017’s reported 59%
Posted: 16/03/2018
The Government will need to introduce a tax increase of £41bn per year to keep government spending stable, whilst also achieving Chancellor Philip Hammond’s targets, according to the Institute for Fiscal Studies (IFS)
Posted: 15/03/2018
Pressure is rising for an inquiry into the Financial Ombudsman Service (FOS) ‘failings’ around ‘mishandled complaints’
Posted: 14/03/2018
Lady Barbara Judge has been suspended from her role as IoD chair following accusations against her of sexism, racism and bullying
Posted: 09/03/2018
The FCA has today announced that Alex Hope has pleaded guilty to perverting the course of justice
Posted: 08/03/2018
Bankhall, a firm that provides support to regulated financial advisers, is “urging advisory firms not to delay embedding the new MiFID II aggregated costs and charges requirements”
Posted: 06/03/2018
The FCA has banned the former chair of Co-op Bank from the financial services industry
Posted: 06/03/2018
The FCA has fined Guillaume Adolph £180,000 and banned him from performing any function in relation to any regulated financial activity
Posted: 05/03/2018
The government yesterday hit its target on reducing the deficit in public finances – two years after former Chancellor George Osborne initially promised
Posted: 02/03/2018
The FCA has today published its final policy statement on new rules for the credit card market. The FCA estimates the changes will save consumers between £310m and £1.3bn a year in lower interest charges
Posted: 27/02/2018
The FCA has today imposed a fine of £1,976,000 on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan (ROP)
Posted: 27/02/2018
The FCA is introducing new measures to encourage consumers looking to buy a lifetime income through an annuity at the point of retirement to shop around
Posted: 22/02/2018
Asset managers are looking to clamp down on the controversial ‘last look’ practice which allows banks and brokers to reject orders even after a price has been agreed
Posted: 23/02/2018
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
An outlook on the BTL market
MoneyAge Editor, Adam Cadle, talks to Landbay senior regional account manager, Alex Witham, about current market sentiment within the BTL space and Landbay’s success in this area
Empowering advisers: A decade of education in Later Life Lending with Air Academy
Michael Griffiths is joined by chairman of Air Club and former founder and CEO of Air, Stuart Wilson, and head of the Air Academy, Daniel Holden, to look back on a decade of business focused learning at the Air Academy.
© 2019 Perspective Publishing Privacy & Cookies