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 [...]
Asia Resource Minerals hit with £4.65m FCA fine June 17, 2015 The financial regulator has slapped a £4.65m fine on Asia Resource Minerals (Arm) for breaching the listing rules. The firm was cited by the Financial Conduct Authority (FCA) for having “inadequate systems and controls to comply with its obligations as a listed company”. This included failing to identify transactions valued at just over £8m. Georgina [...]
Financial Conduct Authority names Mark Steward as new top enforcer June 5, 2015 The Financial Conduct Authority (FCA) has appointed Mark Steward as the new director of enforcement and market oversight. Steward joins from his position as head of enforcement at the Hong Kong Securities and Futures Commission, and will step into the shoes of Tracey McDermott, who was recently promoted to head of the supervision division. Read [...]
Lloyds Banking Group fined £117m for PPI failings by the FCA June 5, 2015 Lloyds has been fined £117m over its handling of Payment Protection Insurance claims – the largest ever handed out by the FCA in relation to PPI. "Whilst our intentions were right, we made mistakes in our handling of some PPI complaints," admitted Lloyds chief Antonio Horta-Osorio. The taxpayer-owned bank was found to have failed in [...]
Eight men convicted over “very substantial” fraud after huge FCA investigation Operation Cotton June 1, 2015 Eight men have been convicted for their role in running a scam fund in which 110 investors lost more than £4.3m between them. The men operated three property investment companies through which investors were pressured into buying land “at a vastly inflated price, on the false promise of a substantial profit”. The salesmen lied [...]