FCA: Financial services must reflect the diverse industry it serves November 26, 2020 Action needs to be taken quickly for financial services to become an industry that is representative of the diverse people it serves, according to city regulator the Financial Conduct Authority (FCA). “There is a growing consensus that healthy cultures are purposeful, diverse and inclusive… [and] a healthy culture is one where diversity is the fertile [...]
‘Break’ London banks and give us access to data: fintech firms tell FCA November 24, 2020 A coalition of primarily London startups is calling on UK regulators to end the dominance of banking institutions over the use of consumer data as it would increase competition in the savings, credit, mortgages and pensions markets. The Coalition for a Digital Economy (Coadec), an advocacy group that represent a number of UK fintech firms [...]
Carillion ‘recklessly’ misled markets before collapse, says UK watchdog November 13, 2020 The Financial Conduct Authority (FCA) has today announced that it intends to take further action against failed outsourcer Carillion for “misleading” shareholders with false information. In a warning notice published today the watchdog said that a number of senior executives were “knowingly concerned” in numerous breaches of market rules, and had acted “recklessly”. These include [...]
UK regulators prepared to intervene if Brexit disrupts markets, says FCA November 12, 2020 British regulators are prepared to intervene if the UK’s full departure from the European Union on 31 December risks disrupting financial markets, an executive from the Financial Conduct Authority (FCA) said. While Britain has already left the bloc, post-Brexit transition agreements gives banks and trading platforms full access to EU markets until the end of [...]
FCA outlines payment holiday proposals for struggling borrowers November 4, 2020 The Financial Conduct Authority (FCA) has outlined its proposals to bolster support for consumer credit borrowers struggling with the financial impact of the Covid-19 pandemic. Earlier this week, the watchdog announced plans to extend payment holidays credit cards, car finance, personal loans and pawnbroking as England prepares to enter a fresh national lockdown tomorrow. Under [...]
Watchdog extends loan payment holidays ahead of second lockdown November 2, 2020 The UK’s financial watchdog will extend payment holidays on credit cards, car finance, personal loans and pawnbroking ahead of a second coronavirus lockdown in England. The Financial Conduct Authority (FCA) said that consumers who had not yet had a payment deferral under guidance issued in July would be able to request a payment holiday lasting [...]
FCA says 12 million people in UK will struggle to pay bills October 22, 2020 Some 12 million people in Britain are likely to struggle with bills or loan repayments amid the continued economic disruption triggered by the coronavirus pandemic, the Financial Conduct Authority (FCA) said. A survey by the watchdog found that 12 million people in the UK had low financial resilience, and that two million of those people [...]
UK to increase sentence for market abuse in post-Brexit financial regulation October 21, 2020 The UK is planning to increase the maximum prison sentence for market abuse from seven to 10 years, as the government sets out a roadmap for financial regulation after the end of the Brexit transition period. The government is also proposing introducing “more proportionate” regulation of investment firms and giving the City watchdog greater powers [...]
Treasury Committee demands update on bank signature forgery allegations October 15, 2020 An influential committee of MPs have demanded an update from the City watchdog and National Crime Agency on their investigation into allegations of widespread signature forgery at British banks. The Treasury Select Committee first asked the Financial Conduct Authority and NCA to investigate allegations that banks used forged signatures on an industrial scale, leading to [...]
Regulator fines ARCM for breaches of short-selling rules October 14, 2020 The City regulator has handed its first fine for breaches of short-selling rules to activist hedge fund Asia Research and Capital Management. The Financial Conduct Authority (FCA) today announced it had fined ACRM £873,118 over failing to publicly disclose its net short position in Premier Oil built between February 2017 and July 2019. Short selling [...]