How much have RBS, Barclays, JP Morgan, Citigroup, UBS and HSBC set aside for potential costs from the FCA forex market rigging probe? October 31, 2014 RBS is the latest bank to set aside a hefty pot of cash for the potential costs of settling with the City regulator after a major investigation into the manipulation of forex markets. The bank revealed that figure stands at £400m in its third quarter results today. It’s a large sum, but by no means [...]
Tesco share price falls again as Financial Conduct Authority confirms investigation into £250m profits black hole October 1, 2014 October has not started off well for beleaguered Tesco. This morning, the Financial Conduct Authority (FCA) confirmed the launch of a full investigation into the supermarket following last month's profit overstatement. On 22 September, Tesco warned investors that its profit outlook for the half year to August had been overstated by £250m. It blamed [...]
Four Tesco senior executives “step aside” and FCA called in as share price plummets 11pc after “profit overstatement” September 22, 2014 Four senior Tesco executives have been suspended while it investigates a £250m "overstatement" of half-year profits. One of the figures understood to have stepped aside is Chris Bush, the supermarket's UK managing director. Shares in the supermarket opened more than 11 per cent down this morning after it admitted the error. The embattled supermarket said it [...]
Deutsche Bank fined £4.7 million by FCA for failing to report transactions correctly August 28, 2014 Another day, another fine. This time it's Deutsche Bank which has received a slap on the wrist, to the tune of £4.7m, for incorrectly reporting transactions. The Financial Conduct Authority handed out the penalty just a day after handing RBS a £15m fine over mortgage mis-selling. Deutsche Bank failed to properly report nearly 30 million [...]
New Twitter hashtag #ad for adverts approved by FCA August 6, 2014 The City watchdog officially approved a new hashtag yesterday for finance firms promoting products on Twitter and other social networks. Adverts should be clearly labeled with the tag #ad, the Financial Conduct Authority said. But the promotions must also be fair and balanced, and include the risks associated with a product – something which is [...]
City exec who dodged £43k in train fares quits Blackrock and avoids FCA probe after being named August 3, 2014 A passenger caught dodging £43,000 of train fares earlier this year has been revealed as a former managing director at asset management firm Blackrock. Jonathan Burrows has been named by the Daily Mail as the man believed to have avoided paying thousands of pounds for travel between his home in Stonegate in Sussex to his [...]
FCA hits payday loan companies with strict caps July 16, 2014 The payday loans industry is expecting to see revenue shrink by 42 per cent if new caps on interest proposed by the Financial Conduct Authority (FCA) come into force. The FCA said it estimated firms would lose £420m annually as a result of its proposals to cap interests on loans at 0.8 per cent per [...]
FCA proposes restrictions on interest charged by payday lenders July 15, 2014 The Financial Conduct Authority has proposed putting severe restrictions on the amount of interest that can be charged by payday lenders. In a bid to ease concerns about high interest rates and excessive total cost of credit, the city regulator has suggested that loan rates are capped at 0.8 per cent per day of [...]
Investors demand FCA probe into share float advisers after serial IPO failures July 7, 2014 Shareholders want the City watchdog to investigate claims advisers on stock market flotations have put unfair pressure on equities analysts to hike the price put on shares. City A.M. last month revealed tensions between banks and independent adviser STJ over behaviour ahead of the Saga flotation. In the wake of a series [...]
Credit Suisse hit with £2.4m fine by FCA over misleading promotions June 16, 2014 Credit Suisse International (CSI) has been struck with a £2,398,100 fine by the Financial Conduct Authority (FCA) for failing to ensure that financial promotions for CSI's Cliquet product were "clear, fair and not misleading". Yorkshire Building Society (YBS) has also been fined £1,429,000 over the same matter. The Cliquet product was described as a capital [...]