Independence is ‘vital’ for effective regulation, say watchdogs September 7, 2022 The UK's top financial regulators have doubled down on their continued independence from political influence today as they warned that pursuing short term growth by "lowering" regulatory standards could threaten financial stability.
FCA issues warning over influencers peddling online trading services September 7, 2022 The UK’s financial watchdog has warned Brits against the dangers of unregulated financial advice today amid fears that social media influencers are peddling crypto and forex trading as a way out of a cost of living crunch.
Amigo Loans cuts ties with KPMG following ‘competitive tender’ September 5, 2022 Amigo Loans has cut ties with KPMG in appointing mid-tier accountancy firm MHA MacIntyre Hudson as its new auditor. The subprime lender said in a statement it had appointed MHA MacIntyre Hudson as its new auditor after the accounting firm won a competitive tender for the contract to audit Amigo’s accounts. KPMG said in a [...]
Citigroup Global Markets hit with £12.6m fine by FCA August 19, 2022 Citigroup Global Markets has been hit with a £12.6m fine by the UK’s financial watchdog for failing to monitor trading activities for potential cases of market abuse. The Market Abuse Regulation, introduced in 2016, means businesses must fulfil surveillance requirements on trades and orders to catch types of insider trading and market manipulation. Following an [...]
FCA warns providers of BNPL products about unregulated promotions August 19, 2022 The UK’s financial regulator has written to providers of Buy Now Pay Later (BNPL) products and the British Retail Consortium warning about unregulated promotions. The Financial Conduct Authority outlined that products must comply with promotion rules, and some unauthorised firms may be breaking the law if their products aren’t backed up by an approved company. [...]
A City super-regulator’s benefits are not immediately obvious August 18, 2022 The greatest compliment a football fan can ever give a referee is that they ‘let the game flow’ and try to avoid blowing their whistle except when absolutely necessary. Financial regulators sit broadly within the same definition. So it is with some regret that just a few years after we went through a post-crisis reorganisation [...]
Liz Truss to launch ‘war on technocrats’ by merging City watchdogs August 18, 2022 Tory leadership frontrunner Liz Truss is planning an immediate shakeup of the City’s major regulators if she wins the race to become prime minister. Truss is planning to merge the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and Payments System Regulator (PSR) into a single, new body. The Conservative party MP’s plans comes [...]
MPs call for inquiry into FCA’s handling of Blackmore Bonds scandal August 16, 2022 The UK’s financial watchdog has been accused of failing to intervene in a risky property investment scheme that lost investors millions. MPs have called for inquiry into the UK’s Financial Conduct Authority (FCA) over its handling of the Blackmore Bonds scandal, that saw thousands of ordinary investors lose combined sums of £46m. The MPs’ call [...]
Abrdn snaps up stake in London crypto startup Archax August 13, 2022 Scottish asset manager Abrdn has bought a stake in the UK’s first regulated crypto trader Archax in a major vote of confidence in blockchain technologies and cryptocurrencies. The acquisition, for an undisclosed sum, will see Abrdn become the crypto startup’s largest external shareholder, the crypto firm said in a statement. Launched in 2018, Archax is [...]
Shock fine for Sir Christopher Gent as FCA rules former Vodafone CEO ‘failed to apply his mind’ August 5, 2022 City watchdog the Financial Conduct Authority (FCA) said this morning it has slapped a fine on City insider Sir Christopher Gent of £80,000 for unlawfully disclosing inside information. While a non-executive Chairman of ConvaTec Group, “Sir Christopher disclosed inside information to individuals in senior positions at two of ConvaTec’s major shareholders before this information had [...]