Credit card firms must cut fees for those in persistent debt, says watchdog February 3, 2020 Credit card providers must cut or stop fees for those who are caught in a cycle of persistent debt, the financial watchdog has said. In a letter to the chief executives of credit card firms this morning, the Financial Conduct Authority said lenders must come up with a repayment plan for customers who have been [...]
FCA appoints interim chief executive to replace Andrew Bailey January 24, 2020 The Financial Conduct Authority (FCA) has announced that Christopher Woolard will take over as interim chief executive of the regulator after current boss Andrew Bailey leaves to become governor of the Bank of England (BoE). Woolard, who is currently the FCA’s executive director of strategy and competition, will take over after Bailey’s departure in March, [...]
Incoming BoE head Andrew Bailey to be grilled by LCF mini-bond investigation January 23, 2020 Incoming Bank of England governor Andrew Bailey will be interviewed about his oversight of collapsed investment firm London Capital and Finance (LCF), an independent investigation said today. LCF collapsed in January 2019, leaving 11,600 investors who bought its mini-bonds facing collective losses of up to £237m. While LCF itself and its marketing material was regulated [...]
Watchdog tells financial firms to be ready in case of no-deal Brexit January 23, 2020 Financial firms in the UK should be ready in case Britain does not reach a trade deal with the European Union by December, according to a senior regulator. Britain leaves the EU next week, with “business as usual” transition period in place until December. Formal trade talks are set to begin in the coming weeks. [...]
Watchdog warns financial advisers on causing ‘significant harm’ to clients January 21, 2020 Financial advisers were ticked off by the Financial Conduct Authority (FCA) today for causing harm to consumers. In a letter to chief executives, the FCA noted a growing number of cases where firms’ actions resulted in “significant harm to consumers’ financial well-being”. It picked out four ways in which clients could be harmed: receiving unsuitable [...]
Bank of England and City watchdog urge firms to accelerate Libor transition January 16, 2020 The City regulator and Bank of England have joined forces to urge banks and insurers to accelerate plans to transition away from the discredited Libor interest rate benchmark. Firms have until October to stop writing loans tied to the London Interbank Offered Rate (Libor), which is embedded within some $350 trillion (£268 trillion) of financial [...]
Vanguard prepares to enter investment advice industry in UK January 9, 2020 Britain’s financial watchdog has given US fund management giant Vanguard the go-ahead to begin providing investment advice. In a move that will ramp up competition in the UK’s crowded wealth management sector, the Financial Conduct Authority (FCA) has granted Vanguard regulatory permission to begin providing retail investment advice. Read more: Vanguard slashes fees in escalation [...]
Banking watchdog outlines plan for single interest rate across cash savings accounts January 9, 2020 The financial watchdog has proposed an overhaul of cash savings products in the UK, a move it said would bump up interest payments to consumers by £260m a year. Under the plans by the Financial Conduct Authority (FCA), banks would have to set a single easy access interest rate (SEAR) across all easy access accounts. [...]
Three New Year’s resolutions for the wealth management industry January 8, 2020 The year ahead has the potential to be a defining one for the wealth management industry, following a difficult 12 months that have seen client confidence rocked by a number of high-profile issues. Whether it’s the suitability of investment products, exorbitant and opaque fees, or the need to build a better and more inclusive dialogue [...]
FCA head Andrew Bailey confirmed as next Bank of England governor December 20, 2019 Andrew Bailey has been named as the new Bank of England (BoE) governor by chancellor Sajid Javid. The Financial Conduct Authority (FCA) boss will be responsible for steering the world’s fifth largest economy through Brexit and a troubled global macroeconomic climate. Read more: Bank of England refers hedge fund eavesdropping to regulator Announcing Bailey’s appointment, [...]