Motor finance: City watchdog considers deadline extension November 13, 2024 The Financial Conduct Authority (FCA) said firms are likely to receive a "high volume" of complaints following the Court of Appeal's judgement last month.
After fining Metro Bank and Starling, which challenger bank will the FCA target next? November 13, 2024 The Financial Conduct Authority has signalled that it is ready to take a hard line against challenger banks for financial crime failings after dishing out hefty fines to young lenders.
Rachel Reeves needs to get real with the fact that we have become too cautious November 13, 2024 Before the election, Rachel Reeves said she would “unashamedly champion” financial services “as one of the UK’s greatest assets”. This was music to the ears of our sector and the early signs in government have been positive. The question now is: what will this mean in practice? What is the Chancellor’s vision for financial services [...]
Motor finance: Court blocks Close Brothers pathway to Supreme Court November 12, 2024 After a landmark ruling last month in the motor finance test case, a court has hit Close Brother with yet another blow
Fewer than half of FCA staff happy with pay amid allure of private sector November 12, 2024 Less than half of staff at the UK's financial regulator are happy with their pay, a survey has suggested, despite efforts to fend off the allure of private sector jobs.
FCA fines director of collapsed insurance broker £1.1m over misusing funds November 11, 2024 The Financial Conduct Authority (FCA) has banned and fined a director of an insurance broker over misleading the regulator and misusing funds
FCA could spend £20m on car loan probe after shock court ruling November 7, 2024 The Financial Conduct Authority (FCA) could splash £20m on the first stage of its review into car loan commissions, City AM can reveal, reflecting the scale of a scandal that may see lenders forced to pay billions of pounds in compensation.
FCA lays out research changes to boost investment into London markets November 5, 2024 The Financial Conduct Authority has revealed a host of changes to investment research rules today in an attempt to enhance analysts’ coverage of smaller companies and boost investment into the stock market. A lack of investment research in the UK has been frequently cited as a key reason for declining investment in Britain over the [...]
Secure Trust Bank slashes profit expectations amid motor finance ruling November 1, 2024 Secure Trust Bank has slashed profit expectations for this year due to the performance of its motor finance business. In a trading update today, the London-listed lender said that following the Financial Conduct Authority’s motor finance decision, it restored vehicle finance loan collections activity to normal levels. Meanwhile, early arrears in vehicle finance are at [...]
Motor finance industry in crisis mode after landmark court ruling November 1, 2024 Motor finance providers are scrambling to avoid a full-blown market meltdown after a landmark London court ruling on "secret" car loan commissions sparked chaos across the sector.