FCA calls out consumer duty laggards as deadline for new rules approaches January 25, 2023 The Financial Conduct Authority (FCA) has said that many financial firms still had a long way to go on implementing its incoming Consumer Duty, as it issued its review of the implementation of the scheme. While regulator found that many firms had “understood and embraced the shift to focus on consumer outcomes”, it noted that [...]
PPI scandal: Supreme Court case could ‘open door’ for hundreds-of-thousands of new claims for UK banks January 12, 2023 British banks could face a new wave of payment protection insurance (PPI) claims following a hearing at the UK’s Supreme Court. The Supreme Court will decide whether to expand the reach of a six-year time limit to let thousands more PPI claims be heard in UK courts. PPI policies cover the costs of debt repayments [...]
FCA says more than 750,000 at risk of mortgage default as interest rates rise January 11, 2023 The Financial Conduct Authority (FCA) has warned that more than 750,000 people are at risk of defaulting on their mortgage in the next two years. In a letter sent to the Treasury Select Committee on December 14, the regulator said that at the end of June 2022, there were nearly 200,000 regulated mortgages in payment [...]
Watchdog woes: One in 10 positions at FCA yet to be filled despite summer hiring splurge January 11, 2023 The City watchdog managed to fill more than 100 vacancies during the summer and autumn, but one in 10 positions still remain empty, new figures show. Data released by the Financial Conduct Authority (FCA) in response to a Freedom of Information request, shows that there were 449 vacancies at the end of November. At the [...]
City watchdog slaps Al Rayan Bank with £4m fine for ‘egregious’ anti-money laundering failures January 11, 2023 The Financial Conduct Authority issued a £4m fine to Al Rayan Bank on Wednesday for “egregious” failures in its anti-money laundering rules. The FCA said that between April 2015 and November 2017, Al Rayan allowed money to pass through the bank and be used within the UK “without carrying out appropriate checks.” Al Rayan is [...]
FCA to expand guidance for insurers on protecting cash-strapped customers January 11, 2023 The City watchdog has vowed to update guidance for insurers on protecting customers amid the UK’s cost-of-living crisis. The UK’s Financial Conduct Authority (FCA) today set out plans to expand guidance, which was first introduced during the pandemic, to ensure all struggling customers are protected. Under the FCA’s proposed new guidance, insurers will be [...]
FinTech sector asks UK government for more clarity in 2023 December 22, 2022 A group of UK based FinTech companies have written an open letter to the Financial Conduct Authority (FCA) calling for greater clarity on how open banking will be regulated from 2023 onwards. The letter criticizes the Joint Regulatory Oversight Committee (JROC), a regulatory body established in March by the Competition and Markets Authority (CMA). The [...]
Car premiums increase 17.4 per cent after FCA price walking ban December 20, 2022 The average car premium has soared 17.4 per cent in the past year, according to recent research. Data published today by market researcher Consumer Intelligence shows that average premiums now cost £877, surpassing by 6.7 per cent current inflation rates. According to senior insight analyst Georgia Day, the unsurprising surge has been driven by the [...]
Metro Bank fined £10m by FCA for publishing incorrect information December 12, 2022 Metro Bank has been slapped with a £10m fine for publishing incorrect information to investors, while two of its former executives have received a warning. The lender was told to pay up by the Financial Conduct Authority for breaching rules, while its ex chief executive and chief financial officer were given fines also. The original [...]
FTSE 100 firms hit with four times more fines than last year December 12, 2022 The value of fines against FTSE 100 companies has increased fourfold over the previous year, Thomson Reuters Regulatory Intelligence research shows. Companies on the FTSE 100 index received £1.6bn in fines in the year ending on 30 June 2022, compared to just £354m worth of fines in the previous year. The £1.6bn figure marks an [...]