Fraud office launches investigation into collapsed lender London Capital & Finance March 18, 2019 The Serious Fraud Office (SFO) has launched an investigation into failed £236m lender London Capital & Finance (LCF), it said today. The SFO said it made four arrests in the Kent and Sussex areas on 4 March. It said all four individuals have been released pending further investigation. The SFO is investigating in conjunction with [...]
Debate: Should the Financial Conduct Authority ban exit fees on investment platforms? March 15, 2019 Should the Financial Conduct Authority ban exit fees on investment platforms? Alex Kovach, chief commercial officer at Interactive Investor, says YES. Consumers should be able to vote with their feet and switch investment platforms without the burden of crippling exit fees. As an industry, we should not be putting up barriers to switching – and the [...]
Financial Conduct Authority proposes investment platform exit fee ban March 14, 2019 The City watchdog has proposed banning exit fees on investment platforms as part of a package to improve the switching process for consumers. The Financial Conduct Authority (FCA) also mooted a rule that would allow customers to switch platforms and remain in the same fund without having to sell their investments in a bid to [...]
Nicky Morgan ducks investigation into Treasury role in RBS GRG unit March 10, 2019 Former Cabinet minister Nicky Morgan has ducked an investigation into the relationship between the Treasury and RBS's disgraced global restructuring unit GRG. Morgan, who chairs the Treasury Select Committee, responded to a letter from Sir Vince Cable in which the former business secretary called for a probe into allegations the Treasury may have “actively encouraged” the activities [...]
Investors fear £236m given to London Capital & Finance is lost after firm collapses March 9, 2019 London Capital & Finance (LCF) has collapsed and thousands of people who collectively invested £236m into a high-risk bond scheme fear they may have lost everything, according to the BBC. The scheme was marketed as a "Fixed Rate ISA" and the company, now in administration, is under investigation for mis-selling products. Many of those who put [...]
Majority of UK consumers unable to define cryptocurrency, City watchdog finds March 7, 2019 More than 70 per cent of UK consumers do not know what a cryptocurrency is, new research has found, as the City watchdog warned that crypto investors should be prepared to lose all their money. The term cryptocurrency, which is a digital or virtual currency that uses cryptography coding for security, is understood by 29 [...]
Regulator warns consumers over illegal cryptocurrency scam March 6, 2019 UK consumers have been warned to avoid an illegal cryptocurrency firm posing as an authorised company. The Financial Conduct Authority (FCA) said Next Coin Market is an fraudulent organisation based in Bulgaria which is attempting to scam UK customers. Read more: JP Morgan launches its own cryptocurrency The company dupes victims by sending customers a [...]
Financial Conduct Authority issues warning to high cost lending firms March 6, 2019 The City watchdog has warned that high-cost lending firms must take action to protect customers from risk. The Financial Conduct Authority (FCA) said companies that offer credit to consumers that may be rejected by mainstream banks must be aware of customers that display patterns of relending, which could be a symptom of unsustainable borrowing patterns. [...]
The Innovative Finance Isa didn’t get off to a flying start – so how’s it doing now? March 6, 2019 When the Innovative Finance Isa and its not-so-catchy acronym, IFISA, entered the scene back in April 2016, it’s fair to say that it didn’t get off to a great start. This was partly because, compared to its Isa cousins, the IFISA didn’t get much publicity (admittedly, the UK was two months away from the EU referendum, [...]
Provident Financial resolves regulation issues with City watchdog March 6, 2019 Doorstep lender Provident Financial has said it has "substantially resolved" recent regulatory issues as it revealed that it has hired a new boss to lead its Vanquis Bank business. The company, which has rejected a £1.3bn takeover bid from rival Non-Standard Finance (NSF), revealed that the Vanquis refund programme was more than 99 per cent [...]