City watchdog FCA accused of letting down small businesses mistreated by banks February 10, 2015 Small businesses who were mis-sold complex products by banks have been let down a second time by regulators, MPs claimed yesterday. The bosses of the Financial Conduct Authority told MPs on the Treasury Select Committee (TSC) that the victims are receiving fair compensation. “There have been complaints, some SMEs felt the process was unbalanced against them. [...]
Politicians slam HMRC and FCA for HSBC tax evasion failure February 10, 2015 Senior MPs criticised the Financial Conduct Authority (FCA) and Revenue and Customs (HMRC) yesterday, after it was revealed the FCA was unaware of the wrongdoing at HSBC, and that HMRC had failed to pass on its concerns to the City watchdog. The chairman of the FCA, Martin Wheatley, made a pre-arranged appearance in front of [...]
Martin Wheatley says FCA was not informed of HSBC tax allegations February 10, 2015 The Financial Conduct Authority (FCA) did not know about the HSBC tax allegations until media reports released details on Sunday, according to the watchdog's chief executive. Earlier today, Martin Wheatley told the Commons Treasury Select Committee that no formal information regarding claims of tax evasion was passed on to the body. "I am [...]
FCA to scrutinise how firms handle PPI complaints process January 30, 2015 The Financial Conduct Authority (FCA) has its sights set on a new target – the handling of complaints on payment protection insurance (PPI). The City regulator will investigate whether banks are taking the necessary measures to secure “appropriate protection for consumers” and will reveal its findings in the summer. In August last [...]
Top FCA watchdog Martin Wheatley: I regret saying we must shoot first and ask questions later January 27, 2015 The City watchdog’s boss admitted yesterday that his “shoot first, ask questions later” description of the Financial Conduct Authority was too aggressive, and that the body is trying to find a better balance with businesses. Martin Wheatley told MPs that he had been trying to establish the FCA’s reputation in 2012 and to tell firms [...]
FCA boss Martin Wheatley is right to say sorry at last – Editor’s Letter January 27, 2015 Martin Wheatley evokes a lot of hostility, rather than respect, from many of the senior figures in the London’s financial community. A few months ago one chief executive pulled me aside and blamed the City’s top regulator for costing London the flotation of Alibaba, the giant Chinese internet group. Wheatley’s crime, I was told, was [...]
The City’s King of Mining Ian Hannam is back on top after £450,000 FCA fine January 27, 2015 When you are called “The King of Mining”, you know you have risen pretty high – and, in dramatic terms at least, there is only one way you can go. Ian Hannam fell very far, very suddenly. The dealmaking guru at JP Morgan quit his job almost three years ago to fight claims of insider [...]
Who made the FCA’s 2014 naughty list: Which institutions received the biggest fines last year? January 6, 2015 2014 was a busy year for the UK’s financial regulator, the Financial Conduct Authority (FCA), which brought in a record £1,471,431,800 in fines – more than twice the previous record year. However, £1.1 billion of the FCA’s naughty list was made up by just five banks, and these record fines have sparked fears of conduct [...]
Departing FCA regulator Clive Adamson admits: We perhaps went too far December 16, 2014 Departing City watchdog Clive Adamson yesterday told MPs that a botched media leak from earlier this year was the “most serious incident” the regulator has ever faced. Adamson, who is to step down as director of supervision at the Financial Conduct Authority (FCA) in January, was answering questions at the Treasury Select Committee (TSC) about the [...]
Wonga cuts interest rates and fees as FCA clamps down December 16, 2014 Wonga is capping interest rates on its loans at 0.8 per cent per day and is limiting the amount of debt its borrowers can rack up, the troubled payday lender announced yesterday. The move comes in response to new rules from City watchdog the Financial Conduct Authority (FCA). Its crackdown on the sector is expected to [...]