FCA warns fund managers to improve their “poor-quality” ESG applications July 20, 2021 The Financial Conduct Authority (FCA) has told fund managers that their “poor-quality” ESG fund applications must improve. The UK watchdog said it has received “numerous” applications with a sustainability focus that were “poorly drafted” and fell below its expectations. “They often contain claims that do not bear scrutiny,” the FCA wrote in a letter to [...]
Upsurge in FCA voluntary resignations costs watchdog over £7m July 16, 2021 The cost of the Financial Conduct Authority’s “voluntary resignation programme” has surged to over £7m compared to just £200,000 last year. The watchdog’s figures, published in its annual report for the year to April, showed the jump, in the number of staff who took advantage of its “Mutually Agreed Resignation Scheme” (MARS) in the year [...]
FCA outlines plans to spot fraud and ‘poor behaviour’ faster after LCF debacle July 15, 2021 The Financial Conduct Authority (FCA) said this morning it plans to invest £120m in improving its data capabilities over the next three years to crack down on fraud and misconduct. The UK’s financial watchdog outlined plans to overhaul its practices and vowed to be faster at spotting fraud and poor behaviour by banks. These include [...]
City watchdog blasts Provident over compensation plans July 14, 2021 The City watchdog has hit out at Provident Financial over plans to cap compensation for customers of its failed doorstep lending arm, but said it would not oppose the lender in court. Provident has set aside £50m under a so-called scheme of arrangement to reimburse customers who were mis-sold loans by its home credit unit. [...]
FCA threatens action against retail banks for poor financial crime controls July 13, 2021 The Financial Conduct Authority (FCA) has issued a warning to retail banks about their continuing weaknesses and failings surrounding financial crime controls in a letter published in full today. The letter, which was penned by David Geale, the Director of Retail Banking & Payments Supervision for the FCA, and sent to banking industry chiefs across [...]
FCA slaps Lloyds Bank’s insurance division with £90m fine for misleading customers July 8, 2021 The Financial Conduct Authority fines the insurance division of Lloyds Bank £90.7m for sending misleading renewal quotes to nine million customers. The renewal quotes claimed the amounts were “competitive” when new customers could get a better price on the same products elsewhere, the FCA said. The FCA said the breach of rules caused “a risk [...]
Senior staff at financial services firms to have pay based on diversity performance July 7, 2021 Senior managers at financial services firms could have their renumeration based on their company’s diversity and inclusion performance under new rules announced today. The Financial Conduct Authority, Prudential Regulation Authority and the Bank of England are seeking feedback on proposals put forward to improve diversity and inclusion in financial services. “Linking progress on diversity and [...]
Having regained control from EU, MPs want to hand policing of the City over to regulators July 6, 2021 Brexit: Having regained control from EU, MPs want to hand policing of the City over to regulators
City watchdog rolls out ban on funeral provider cold calling July 5, 2021 The City watchdog has confirmed plans to ban cold calling by funeral plans providers as part of a wider crackdown on the industry. The Financial Conduct Authority (FCA) today unveiled new rules that companies will have to follow from 29 July 2022. In addition to the ban on cold calling, these include a guarantee that [...]
FCA begins listing rules consultation in bid to lure more fintechs to IPO in London July 5, 2021 FCA launches listing rules consultation in bid to lure more fintechs to IPO in London