Cash-poor UK firms lobby for looser rules on stock offerings March 25, 2020 Advisers to cash-strapped British firms are lobbying regulators to loosen rules governing new stock offerings, in the hope it could make it easier for struggling companies to raise funds. An industry body representing investment banks is asking the Financial Conduct Authority (FCA) to increase the maximum allowed discount for equity sales on the London Stock [...]
Milestones for ending Libor will be hit by coronavirus, says City watchdog March 25, 2020 The coronavirus pandemic will make it harder for some firms to meet some of the milestones for transitioning away from Libor, the Financial Conduct Authority (FCA) said. Libor, or the London Interbank Offered Rate, is an interest rate benchmark used in contracts worth around £355 trillion globally. The rate was widely discredited after banks were [...]
Coronavirus: British companies rush to mothball results after City watchdog calls for delay March 23, 2020 British companies are rushing to delay the publication of their results following an unprecedented call from the financial regulator for results to be suspended due to the coronavirus crisis. The Financial Conduct Authority (FCA) said late on Saturday that listed firms planning to report preliminary results in the next few days should mothball them for [...]
Treat customers fairly during coronavirus crisis, watchdog tells insurers March 19, 2020 Changes in how the public go about their lives because of the coronavirus pandemic must not make it harder for them to make insurance claims, the financial regulator has warned insurers. The Financial Conduct Authority (FCA) has urged firms to treat customers fairly and be transparent during the outbreak, noting that many consumers will be [...]
Travelex owner Finablr in danger of collapse as shares suspended March 16, 2020 Payments company Finablr has warned it is in danger of collapsing as trading in its shares was frozen by the Financial Conduct Authority (FCA). In a dramatic update to the stock exchange this morning, the Travelex owner said it had found around $100m (£81m) of undisclosed financing, which meant it no longer had any certainty [...]
City watchdog outlines tougher climate change disclosures for top firms March 6, 2020 The UK’s top listed firms must disclose how their business is affected by climate change using globally-agreed guidance or explain why they cannot, under proposals outlined today by the Financial Conduct Authority (FCA). Under the plans, firms with a premium listing would have to either make climate-related disclosures in line with the approach set out [...]
Influential Treasury Select Committee slams FCA culture but backs Bailey as next Bank governor March 5, 2020 Parliament’s influential Treasury Select Committee (TSC) today unanimously backed Andrew Bailey in his new role at the Bank of England, but took the opportunity to criticise failings in his post at the City’s watchdog. The TSC pointed to recent conduct issues such as the London Capital & Finance mini-bond and Woodfood investment scandals, which occurred under Bailey’s watch [...]
Bank of England expects to internal report on audio feed misuse in April March 3, 2020 The Bank of England expects an internal report into misuse of its audio feeds to go the bank’s directors in April, after it emerged that hedge funds were able to access a market-sensitive feed ahead of its official broadcast. Outgoing governor Mark Carney told the Treasury committee today that he expected the BoE’s court — [...]
Deutsche Bank under pressure from UK regulator over compliance failings March 2, 2020 The British financial regulator has criticised Deutsche Bank for failing to improve its compliance and anti-money laundering controls, and warned this could threaten the lender’s access to the UK post-Brexit. Bank of England regulators have told the German lender they now require monthly updates, as opposed to typical quarterly meetings, according to the Financial Times. [...]
Fund supermarket best-buy lists — Are they bogus or a bargain? February 25, 2020 It should go without saying that choosing the right investment can be challenging. For time-strapped everyday investors, combing through the financial records of individual companies to find a share worth buying can seem like a monumental task. Instead, many people prefer to put their money into investment funds run by professional asset managers who do [...]