FCA orders challenger banks to stop cutting corners in combating money laundering April 22, 2022 One of the UK’s main regulators has warned challenger banks to stop cutting corners in combating financial crime so that customers can set up accounts quickly and easily. Sarah Pritchard, who heads the market division of the City regulator, said that there cannot be a “trade-off” between getting customers to come into the fold and [...]
Financial watchdog chief calls on Meta to up its game with blocking investment fraud April 7, 2022 The head of the UK’s financial regulator has called on Facebook to take action against investment scams. Writing in The Telegraph, Nikhil Rathi, head of the Financial Conduct Authority (FCA), said Facebook’s parent company Meta needed to do more to tackle fraudsters targeting vulnerable people online. It comes as the Online Safety Bill progresses through [...]
City watchdog hires three senior officials as it ramps up recruitment drive April 5, 2022 The City watchdog has hired three new senior officials as it pushes to strengthen its authorisation process, it announced today. City veteran Craig Chapman is set to join the FCA as Finance Director, from his current role as CFO at London fintech firm RTX Routetrader. Prior to joining RTX Routetrader, Chapman worked in various senior [...]
Members of troubled British Steel Pension Scheme win back over £71m in redress March 31, 2022 The UK’s financial watchdog has agreed that former members of the troubled British Steel Pension Scheme (BSPS) will be able to receive £71.2m worth of compensation, as part of long-awaited redress for workers. The Financial Conduct Authority (FCA), which launched a probe for a redress scheme in late December, has found that almost half (46%) [...]
Financial whistleblower takes UK watchdog to court over claims of unfair dismissal March 23, 2022 A former employee of the UK’s Financial Conduct Authority has claimed he was unfairly fired by the watchdog, after he raised concerns about systemic issues in the runup to the 2008 financial crisis. Former FCA risk manager Walker Sigismund told a tribunal that he was unfairly fired by the financial regulator after he filed 27 [...]
FCA brings in consultants to tackle authorisation backlog as it races to recruit new staff February 23, 2022 The UK’s financial industry regulator has brought in consultants to help it tackle the backlog in new authorisations, as it pushes forwards in its efforts to recruit new staff. Speaking to the Treasury Committee, Sheldon Mills, executive director of the FCA, said the watchdog had hired consultants as it aims to cut the authorisation backlog, [...]
City watchdog FCA looking to hire hundreds of new staff to get grip on consumer credit market February 21, 2022 The financial services watchdog is recruiting for a number of senior roles in a push to expand its oversight and supervision of the City’s credit space. The Financial Conduct Authority, based in Stratford, is looking for a lead supervisor for credit and debt as well as a director for consumer finance. In the publicly available [...]
Redcentric looks forward after FCA prosecutes former finance chief for misleading investors February 14, 2022 IT services provider Redcentric has said it hopes to move on following the prosecution of a former top dog for misleading investors. A case led by the financial regulator culminated in the company’s former chief financial officer, Timothy Coleman, being found guilty of four charges relating to the making of false and misleading statements to [...]
UK’s top crypto chief calls out City watchdog for curbing innovation February 13, 2022 The City watchdog has come under fire from the chief of Britain’s biggest cryptocurrency firm after he suggested that the UK is falling behind its EU cousins. Peter Smith, the chief exec of Blockchain.com, told The Telegraph that the Financial Conduct Authority (FCA) had taken a “risk-management first approach” that came “at the expense of [...]
Money and mental health czar Richard Lloyd named FCA boss while search for Charles Randell successor kicks off February 4, 2022 The Treasury announced this afternoon that they have started the search for the next Chair of the FCA. While the search for Charles Randell’s permanent successor kicks off, Richard Lloyd OBE will act as interim chair of the FCA from 1 June, with Aidene Walsh will become interim chair of the PSR from 1 April. Richard Lloyd [...]