Former FCA risk manager fails to revive whistleblowing claim against UK’s financial watchdog November 17, 2022 A former risk manager at the UK’s Financial Conduct Authority (FCA) has failed to revive his employment lawsuit against the City watchdog, after claiming he was pushed out of his job for whistleblowing. FCA exec Walker Sigismund claimed he was unfairly fired from his job over his decision to file 27 separate whistleblower reports, about [...]
Lenders need to ‘step up’ to support customers, says FCA chief November 7, 2022 The City watchdog said that lenders need to “step up” to support their customers today as they are battered by soaring mortgage rates and rising prices this year.
Exclusive: ‘We have to believe the FCA does things in our best interest’ says fintech chief November 5, 2022 Telecom giant EE said this morning it is planning to burst onto the fast-growing cyber security scene. The operator unveiled new products such as alarm systems and an online cyber security package. The telco’s move underpins the fast-growing character of the cyber security space. Particularly the need for ID verification online seems to be stronger than [...]
FCA makes lenders pay £12m back to 60,000 as pandemic lessons learnt November 3, 2022 The City’s financial watchdog (FCA) is telling lenders to pay back millions in compensation to borrowers after having learnt lessons from poor practices in the pandemic. A report published by the Financial Conduct Authority this morning outlines that £12m has been paid out to thousands of companies in difficulties. Its executive director of consumers and [...]
London financial firm Ebury in FCA-mandated regulatory probe November 3, 2022 A celebrated London fintech has been forced to open itself up to an investigation into its anti money-laundering controls, City A.M. understands. Victoria-HQed Ebury, which is majority owned by Santander and was valued at around £600m at the time the Spanish giant bought in, is the subject of a ‘Section 166’ order by the Financial [...]
Court blocks ‘Essex boys’ traders’ bid to overturn City watchdog’s decision November 2, 2022 A group of oil traders, dubbed the “Essex boys,” who made $700m (£614m) from the collapse in oil prices that saw crude trade negatively at the start of Covid-19, have failed in their bid to overturn a decision by the UK’s financial watchdog to assist US authorities. Traders linked to oil brokerage Vega Capital London [...]
Funds struggle to sell sustainability as greenwashing spreads November 1, 2022 Fund managers are struggling to sell their green investment products to financial advisers as rampant greenwashing erodes trust in the environmental, social and governance (ESG) industry, fresh research has
Ministers push back plans for controversial ‘call in’ powers November 1, 2022 Ministers have delayed plans for the roll-out of controversial ‘call in’ powers over regulators in order to give the prime minister more time to mull over the plans, a letter from the City minister has revealed.
FCA struggling to lure top talent due to lacklustre pay, former official claims November 1, 2022 Reforms to the City watchdog have not done enough to boost employees’ pay packets and it is struggling to recruit top calibre staff as a result, a former official has claimed.
Call-in powers would be a grave threat to the regulator’s vital independence October 31, 2022 Politicians should be wary of the damage they could do to our regulators’ reputation for independence if they move forward with call-in powers Independence is a funny old thing. At a national level, it can be won and lost in the blink of an eye. At more prosaic levels, building up independence – and a [...]