One year on, is the consumer duty helping or hindering the City? July 31, 2024 Today, the consumer duty’s final deadline comes into force. The set of regulations implemented by the Financial Conduct Authority a year ago has finally been set in stone for so-called closed products, with all financial services companies now forced to "put their customers' needs first.
The Notebook: If Reeves wants the City onside, she must be clear on her vision July 31, 2024 Where the City’s movers and shakers have their say. Today, it’s Lucy McNulty, editor of the Following the Rules podcast, with the pen, talking Treasury-City relations, buy now, pay later, and her pick of the podcasts The City needs a clear vision The decision by Chancellor Rachel Reeves to create a Treasury unit focused on [...]
FCA to strip back red tape after conceding consumer duty ‘overlap’ July 29, 2024 The Financial Conduct Authority (FCA) will strip back red tape from the City and “streamline” its regulatory rulebook after conceding that its stringent consumer duty rules were overlapping with swathes of existing regulation.
FCA shakes up prospectus regime in bid to revive beleaguered capital markets July 26, 2024 The Financial Conduct Authority (FCA) has laid out a shake-up of the UK’s prospectus regime today as part of a sweeping package of reforms designed to boost the country’s capital markets.
FCA makes first crypto-related sting against Coinbase subsidiary July 25, 2024 Crypto company CB Payments Limited (CBPL) has been slapped with a £3.5m fine after the Financial Conduct Authority made its first ever crypto sting.
Banks must ensure access to cash when closing branches under new FCA rules July 24, 2024 Banks and building societies looking to close branches will have to weigh up whether residents are able to access cash under new rules announced by the City watchdog today. Starting from 18 September, banks will have to assess whether closing local bank branches or ATMs leaves communities without adequate access to cash. Where significant gaps [...]
FCA spent too long ‘looking in on itself’ says former executive July 24, 2024 The Financial Conduct Authority may be sleepwalking into the next financial scandal after spending too long “looking in on itself”, a former senior official has warned. Speaking on the Following the Rules podcast, ex-regulator Gavin Stewart, former chief risk officer at the FCA and a veteran of its previous incarnation, the Financial Services Authority (FSA), [...]
Home REIT sister fund calls in investment manager to lead rescue effort July 23, 2024 A Home REIT sister fund under investigation by the City regulator has called in a new investment manager to try and save it from collapse and salvage tens of millions of pounds of pension cash, City A.M. can reveal.
FCA urges banks to improve treatment of politicians after Farage debanking row July 18, 2024 Over the last few months the Financial Conduct Authority (FCA) has been reviewing the treatment of so-called politically exposed persons (PEPs) after the debanking brouhaha last year.
City minister Tulip Siddiq: Fixing the foundations of our economy is ‘now a national mission’ July 16, 2024 In her first words to a business newspaper in this role, Tulip Siddiq tells the Square Mile she is committed to growth of financial services.