Young people turning to Tiktok for financial advice as FCA weeds out bad actors October 8, 2023 Young people are increasingly turning to social media sites, such as Instagram and Tiktok, for financial advice, a new survey has revealed.
FCA defends whistleblowing processes after admitting legal slip-up October 4, 2023 The Financial Conduct Authority has defended its conduct towards whistleblowers today after officials wrongly dismissed a plea for protection and apologised for misinterpreting laws. The watchdog apologised to a whistleblower this week after it wrongly dismissed their complaints on the grounds the person they had waived their right to anonymity, a decision which has no basis in law. Officials at the FCA formally apologised to the whistleblower after being approached for comment by City A.M. Speaking with reporters today, officials admitted the mistake had been made in their handling of the case but sa “I do want to take this opportunity to sincerely apologise for the distress we caused that individual as a result of our mistake,” Sheree Howard, the watchdog’s executive director of risk and compliance said. An official dismissed the calls in March on the grounds that the complainant was “no longer entitled to the protections offered under the Public Interest Disclosure Act 1998” – the laws governing whistleblowing - because the had waived their anonymity. Speaking with City A.M. on condition of anonymity, the whistleblower claimed they had been treated with “contempt” and left vulnerable to retribution from the firm. The watchdog has faced question over the protections afforded to whistleblowers in recent months after a report from whistleblower body Protect found that 70 per cent were either victimised, dismissed or felt resignation was the only option open to them after raising the alarm. When questioned by City A.M. on whether the watchdog had failed to adequately protect whistleblowers, the FCA’s co-head of enforcement and market oversight said he was “always happy to look at our approach on whistleblowing”. “We are see[ing] if we can develop and strengthen the protections,” he said. “I do come back to that I think from a FCA perspective, we do have some good protections in place to protect the the confidentiality and the anonymity of the whistleblower.” Earlier this year, the government committed to a review of the protections afforded to whistleblowers in the UK. The review has looked to “take stock of whether the whistleblowing framework is operating effectively and protects those who call out wrongdoing in the workplace,” Business Minister Kevin Hollinrake said at the time.
FCA dismissed whistleblower’s ‘extreme retaliation’ claims with legal mistake October 3, 2023 The City watchdog dismissed the complaints of a whistleblower and allegedly left them open to a barrage of retaliation from their former employer because officials wrongly interpreted the law, City A.M. has learned.
FCA in data protection scandal over ‘intercepting and diverting’ emails October 2, 2023 The Financial Conduct Authority is at the centre of a data protection scandal over a policy of “intercepting and diverting” emails of its staff to keep track of people “considered a nuisance”, according to reports. The UK’s data watchdog, the Information Commissioner’s Office, has concluded that the FCA had “infringed their data protection obligations” after [...]
Cash-strapped Brits pushed towards payday loans and buy-now pay-later, FCA warns September 29, 2023 The Financial Conduct Authority has warned the cost of living crunch is pushing Brits toward payday loans and buy-now pay-later products today as it launched a fresh financial inclusion drive.
FCA set to probe private asset valuations amid fears of liquidity crisis September 27, 2023 The Financial Conduct Authority is set to probe the way investors value the private assets on their books as it continues a deepdive into the liquidity of the market in the UK.
City watchdogs target diversity in finance with raft of new rules September 25, 2023 The City watchdogs have taken aim at lacklustre diversity and equality in the Square Mile today with a raft of proposals designed to boost representation and stamp out bullying and sexual harassment.
FCA warns insurance firms to make sure they are offering fair value September 20, 2023 The City regulator has given firms producing a type of add-on insurance to motor cover an ultimatum to demonstrate they are providing fair value.
Banks not closing accounts due to political views, FCA finds September 19, 2023 Banks have not been closing customer accounts for political reasons, according to the initial findings of an investigation by the FCA.
FCA poised for fresh clampdown on firms with new marketing rules September 12, 2023 FCA poised for fresh clampdown on firms with new marketing rules