TSB Bank handed huge fine for failing customers in arrears October 10, 2024 The financial watchdog has fined bank TSB almost £11m over its treatment of customers, but the penalty could have been even worse. TSB Bank will have to pay £10,910,500 after the Financial Conduct Authority (FCA) found it had failed to ensure customers in arrears were treated fairly. The FCA said it also didn’t have sufficient [...]
City regulator: Concentration poses risk to markets October 8, 2024 The boss of the Financial Conduct Authority (FCA) said “herding behaviour” and “market concentration” were posing new risks to the financial markets today as he warned investors to brace for volatility in the long term. Speaking at the regulator’s market conference in Westminster, Nikhil Rathi said excessive daily swings had become a bigger concern to [...]
Rachel Reeves promises to ‘revolutionise’ UK capital markets and boost London listings October 8, 2024 Ministers and regulators have made urgent efforts to inject more life into Britain's capital markets amid a dearth of IPO activity and heavy outflows from UK equity funds.
S&U fires barbs at regulator after motor finance probe dents profit October 8, 2024 Specialist lender S&U fired another salvo at the Financial Conduct Authority (FCA) today as it blamed regulatory pressure for the “uninspiring performance” of its motor finance business in the first six months of the year. Pretax profit across the London-listed firm slumped by nearly half to £12.8m for the six months to 31 July, down [...]
Tate & Lyle uses new listing rules to bypass vote on Kelco deal October 3, 2024 Tate & Lyle has taken advantage of the City regulator's new listing rules to forgo a shareholder vote to approve its agreed acquisition of CP Kelco, a US speciality ingredients maker.
Starling Bank fined £29m for ‘shockingly lax’ financial crime controls October 2, 2024 The Financial Conduct Authority (FCA) has fined digital challenger bank Starling £28.96m for failings related to its financial crime controls that the City regulator called "shockingly lax".
Libor: After more than 50 years, tainted benchmark is officially no more October 1, 2024 Libor, the more than 50-year-old benchmark borrowing rate, has officially been phased out after an arduous process kickstarted by a rigging scandal in the early 2010s.
FCA: First illegal crypto ATM operator pleads guilty September 30, 2024 The first person charged with illegally running a crypto ATM network has pleaded guilty after the Financial Conduct Authority brought a case against him earlier this month. Olumide Osunkoya pleaded guilty today to five offences at Westminster Magistrates’ Court, after running multiple crypto ATMs without FCA registration. In addition, he was charged for creating and [...]
‘Intense’ consumer duty rules driving up regulatory pressure on City, KPMG says September 26, 2024 The Financial Conduct Authority's "intense" supervision of its flagship consumer duty regime is driving an increase in regulatory pressure felt by City firms, according to KPMG.
Good riddance Woke Capitalism. We can get back to business now September 26, 2024 The era of ESG and DEI finally seems to be waning, thank god! So why can't Britain also let Woke Capitalism go, asks Fred de Fossard.