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 [...]
Van insurance premiums surge to record highs as inflationary pressures bite August 4, 2022 Van insurance premiums have surged to record highs, after increasing for six consecutive months in a row, due to soaring inflation and widespread price hikes in response to new rules banning the practice of “price walking”. The cost of insuring a van increased by 13.6 per cent during the first six months of the year, [...]
UK’s FCA to create 100 jobs through launch of new Leeds offices August 2, 2022 The UK’s financial watchdog today set out plans to hire 100 new staff at its newly opening Leeds office as it looks to bolster its headcount this year and meet the demands of an expanding regulatory remit. The UK’s Financial Conduct Authority (FCA) announced it has signed a lease for premises on 6 Queen Street, [...]
UK financial watchdog cracks down on marketing of ‘high-risk’ financial products August 1, 2022 The UK’s financial watchdog has vowed to crack down on those using “unclear” and “misleading” information to sell risky investments after bringing in tough new rules around the marketing of high-risk financial products. The Financial Conduct Authority’s (FCA’s) “stronger” rules require firms to use clearer and more prominent risk warnings, and ban companies from [...]
FCA reveals major consumer regulation shake-up but delays deadlines after industry protest July 27, 2022 The UK’s top financial watchdog has revealed its plans to tighten protections for consumers today in the biggest package of regulatory reforms to hit the City in a decade.
Consumer Duty set to deliver ‘biggest regulatory overhaul in a decade’ for financial services July 26, 2022 City firms are braced for one of the biggest shake ups of UK financial services regulation in a decade this week as the UK’s top watchdog unveils its new Consumer Duty to ramp up protection of savers and retail investors.
FCA and Andrew Bailey slammed for failing to protect pension savers who were ripped off by poor advisors July 21, 2022 The City watchdog and its former head Andrew Bailey, nowadays the Bank of England’s chief, have come under fire for letting down British Steel pension savers who were ripped off by poor advice from companies they thought they could trust. The Financial Conduct Authority (FCA) did not protect the members of the British Steel pension [...]