Financial Conduct Authority chief exec Martin Wheatley says he’s leaving with “a sense of unfinished business” July 22, 2015 Outgoing chief executive of the Financial Conduct Authority Martin Wheatley has said that he's “disappointed to be moving on and I do so with a sense of unfinished business”. Wheatley was speaking at what will be his last annual public meeting with the financial regulator, following announcements that he will step down in September. Earlier [...]
Watchdog visits Barclays four times a week as FCA takes on Barclaycard oversight July 20, 2015 Barclays was visited by UK regulators on 186 separate occasions last year – more than twice as many times as the next most-visited lender, figures published yesterday show. The bank met with supervisors from the Financial Conduct Authority at its offices roughly four out of every five working days in 2014. The next most visited, [...]
Bungles and blunders: From the life insurance scandal to confusion over HSBC, here are Financial Conduct Authority boss Martin Wheatley’s worst moments July 17, 2015 As Financial Conduct Authority (FCA) chief executive Martin Wheatley takes his final bow, many in the City will be celebrating – after all, this is the man who famously promised to “shoot first and ask questions later” when it came to regulating the finance sector. Read more: George Osborne ousts Wheatley from the FCA [...]
George Osborne ousts Martin Wheatley from FCA July 17, 2015 Martin Wheatley, the man who famously said he would "shoot first and ask questions later" as he launched the Financial Conduct Authority (FCA), has been ousted by chancellor George Osborne. Wheatley, who will leave on 12 September, jumped before he was pushed: City A.M understands he resigned after learning Osborne had decided not to [...]
Senior Managers Regime to put bankers in the dock: Financial Conduct Authority unveils new accountability rules July 7, 2015 Is that an echo? The Financial Conduct Authority (FCA) has unveiled its heavily-trailed rules to make bankers more accountable when things go wrong – and, as expected, senior managers are likely to bear the brunt of misbehaviour. The new rules, which "embed personal accountability into the culture of The City", are divided into three points, [...]
FCA recalling Chrysler SUVs June 29, 2015 FCA US, formerly Chrysler Group, is recalling new Chrysler sport utility vehicles that may have been equipped with improperly heat-treated suspension components. Around 65 US owners of new Grand Cherokee and Dodge Durango SUVs were told to stop driving their vehicles, and 7,690 more are subject to recall, but most of those were not yet [...]
New FCA and PRA bonus clawback rules: The UK now has the toughest bank pay rules in the world June 23, 2015 New rules to claw back bankers’ bonuses for up to 10 years threaten to undermine London’s appeal to international financiers, consultants warned yesterday, in the latest salvo against big banks from UK regulators. Read more: Bank bonus clawback extended to 10 years by UK regulators The clawback rules comes amid growing tensions between [...]
Regulators FCA and PRA clawback ruling welcomed as “step forward” in ending “rewards for failures” June 23, 2015 The decision to extend clawback rules around bankers' bonuses has been heralded as a way of ending "rewards for failures" – but some have said it could go even further. Regulators FCA and PRA are extending the amount of time bonuses can be clawed back from senior managers from seven to 10 years, while [...]
Clawback extended to 10 years as UK regulators Prudential Regulation Authority and Financial Conduct Authority mull negative bonuses June 23, 2015 Bonuses could be clawed back for as long as a decade under new rules published by City regulators today. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) confirmed they were pushing ahead with rules for a wider seven-year claw-back period but that an added three years is being considered for senior managers. [...]
Chancellor puts pressure on pension providers with FCA to launch review June 17, 2015 The government is considering imposing a legal cap on the amount savers are charged to withdraw money from their pensions, chancellor George Osborne has said. Standing in for Prime Minister David Cameron at Prime Minister’s Questions (PMQs) yesterday, Osborne said that Treasury is consulting to make sure that people are not charged excessive early exit [...]