Advisers call on FCA to strengthen investor protections following Woodford collapse October 19, 2021 Financial advisers have called on the City’s watchdog to impose stronger investor protections where illiquid assets are held in funds, drawing on lessons learned from the collapse of Neil Woodford’s flagship fund. Since the fund was shuttered by former star stockpicker Woodford in late 2019, the biggest lesson learned among financial advisers was to give [...]
City bosses warn FCA over listings reform that would ‘undermine’ London market October 17, 2021 Proposed restrictions on the number of smaller companies listed on the London stock exchange as part of the FCA’s shake up of the market could “undermine” the City’s competitiveness rather than improve it, a group of City figures has warned. An increase to the minimum market capitalisation for companies to list on the main stock [...]
Civil war: FCA staff pushing for union involvement after pay cut row with CEO Nikhil Rathi October 12, 2021 The Financial Conduct Authority may soon be a unionised workplace, if trade union activists get their way. A formal petition has been launched by Unite the union to gauge interest after what the union said was a significant increase in staff at the regulator joining the union. Staff are said to be unhappy with chief [...]
FCA in hot water over £230m London Capital & Finance scandal redress October 11, 2021 The UK’s financial watchdog has come under fire by an independent commissioner for its handling of the £237m London Capital & Finance (LCF) investment scandal. The Financial Conduct Authority (FCA) is reportedly at risk of censure from the financial regulator’s complaints commissioner, which investigates complaints against institutions like the FCA, the Bank of England’s Prudential [...]
999 for banks: Lenders set to launch customer hotline to tackle fraud September 28, 2021 UK banks are preparing to launch an emergency hotline – dubbed the industry’s answer to 999 – later this week, in an effort to tackle surging levels of fraud. Customers who fear that they have been targeted by fraudsters imitating their bank, or other common guises such as HM Revenue & Customs or a parcel [...]
One in ten UK buy now pay later shoppers pursued by debt collectors September 3, 2021 One in ten UK shoppers who choose to pay for products using buy now pay later have been chased by debt collectors, amid exploding demand for the services since the onset of the pandemic. The proportion of buy now pay later (BNPL) shoppers that have received contact from or been referred to debt collectors rises [...]
City watchdog orders peer-to-peer lenders to step up preparations for orderly wind-downs August 26, 2021 The City watchdog has urged peer-to-peer lenders to improve their internal governance controls to prevent a wave of disorderly wind-downs in the sector. The Financial Conduct Authority published a letter today that it distributed to the boards of online lending platforms showing it has ordered peer-to-peer lenders to improve contingency plans for being ordered to [...]
FCA says it cannot supervise crypto exchange Binance effectively August 25, 2021 UK Financial Conduct Authority (FCA) has admitted that it is “not capable” of effectively supervising Binance, the world’s largest crypto exchange by trade volume in a statement published today. In a supervisory note the watchdog today reiterated its concerns over Binance’s products, which allow consumers to take supercharged bets, and added that the crypto exchange [...]
PayPal ditches late fees for buy now pay later purchases August 18, 2021 PayPal will stop charging late fees when customers miss payments on buy now, pay later (BNPL) purchases worldwide, in an effort to attract customers amid booming market competition. As of October 1, purchases from customers in the US, UK and France will no longer be subject to late fees, while the company’s BNPL services in [...]
FCA warns equity crowdfunding CEOs of consumers making ‘high-risk’ investments August 18, 2021 The Financial Conduct Authority (FCA) has written to the CEOs of equity crowdfunding platforms, to warn them that consumers are still making “inappropriate high-risk” investments despite the current marketing restrictions, as first reported in P2P Finance News. The FCA said crowdfunding firms should “promote investment opportunities appropriately so that consumers can understand the risks these [...]