FCA chief: AI could disrupt financial services ‘at a scale not seen before’ July 12, 2023 The chief of the Financial Conduct Authority has said that artificial intelligence could disrupt the financial services sector in “ways and at a scale not seen before”, warning that the regulator would look to take action against AI-based scams.
UK must prioritise financial inclusion over the City’s competitiveness, says former FCA chair July 11, 2023 The UK “can’t go on” prioritising the competitiveness of the City over the financial access of millions of vulnerable people during a cost of living crunch, the former chair of the Financial Conduct Authority has warned.
Watchdog opens fewer cases than last year but still keeping close eye on wrongdoers July 9, 2023 The number of enforcement cases opened by the Financial Conduct Authority’s (FCA) dropped last year, but experts suggested the regulator was not resting on its laurels. According to a Freedom of Information request submitted by law firm Reed Smith, in the year to March, the number of cases opened against firms dropped 67 per cent [...]
Savings rates: Banks recognise they need ‘to do more’ after meeting with regulator July 7, 2023 Bank bosses admitted to the regulator that they needed to “do more” to help customers access the best deals on savings products. In a statement after yesterday’s meeting, the regulator said “those in the room recognised that they needed to do more to help their consumers access the best rates.” Savings rates have lagged the [...]
‘Blatant profiteering’: Bank chiefs hauled in front of FCA to discuss failure to pass on interest rates to savers July 6, 2023 Bank chiefs are meeting Financial Conduct Authority (FCA) officials on Thursday to discuss concerns surrounding interest rates for savers lagging behind the cost of mortgages. Bosses from HSBC, Natwest, Lloyds and Barclays are expected to attend. According to data from Moneyfactscompare.co.uk, the average easy access savings rate on offer on Thursday is 2.49 per cent. [...]
FCA rips up trading tape in post-Brexit rules overhaul July 5, 2023 The FCA has tabled a slew of reforms to City rules to try and keep the capital competitive
FCA moves fast to let firms provide mortgage breathing space June 30, 2023 The City regulator says it has moved quickly to make rulebook changes, to help give households some relief from rising mortgage rates. The Financial Conduct Authority (FCA) said lenders should make the options available to borrowers clear and accessible. Sheldon Mills, executive director for consumers and competition at the FCA, urged homeowners who are struggling [...]
Watchdog raises ‘greenwashing’ concerns over sustainable loans – but experts question need for ‘hard laws’ June 30, 2023 The Financial Conduct Authority (FCA) has highlighted a number of issues in sustainable lending which are stymying the growth of the market. In a letter sent yesterday to sustainability heads at banks, the watchdog noted that the market for sustainability-linked loans (SLLs) – which link borrowing costs to sustainability targets – had “grown rapidly” over [...]
As the Financial Services and Markets Act becomes law – here are the 5 things you need to know June 30, 2023 The Financial Services and Markets Bill received royal assent yesterday, securing the passage into law of the government’s landmark overhaul of financial services regulation. The government claims the reforms enable the UK to capitalise on ‘Brexit freedoms’, unlocking billions of pounds which could be directed to investment in the UK. In short, the act empowers [...]
FCA risks ‘watering down’ investor protection in bid to revive London, 10 top pension funds warn June 28, 2023 The Financial Conduct Authority risks “watering down” investor protections in its push to revive the appeal of London’s markets, a group of top pension has claimed today.