FCA to extend coronavirus relief for car finance and high-cost credit July 3, 2020 The Financial Conduct Authority (FCA) has proposed extending coronavirus relief measures for consumers with car financing products or high-cost credit until the end of October. The watchdog this morning set out options for supporting consumers with motor finance or high-cost credit products, such as buy now pay later, rent-to-own or pawnbroking. The FCA first introduced [...]
FCA extends credit card payment freeze until October July 1, 2020 A credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus, the financial watchdog said today. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has said firms must [...]
FCA puts UK banks on notice on overdrafts but will not open formal inquiry July 1, 2020 The Financial Conduct Authority (FCA) will not open a formal inquiry into overdraft charges by UK banks, but said there would be a full evaluation of lenders’ pricing next year. In January, the financial watchdog gave banks just two weeks to explain changes to their overdraft rates which would leave around eight million consumers worse [...]
Bank of England tells lenders to push ahead with climate risk analysis June 29, 2020 The Bank of England and UK financial regulator today told banks and insurers to press ahead with analysing the impact of climate change on their operations. The Climate Financial Risk Forum (CFRF) — established by the BoE and Financial Conduct Authority (FCA) last year — published a guide setting out how financial firms can analyse [...]
Accounting watchdog investigates London Capital & Finance audits June 24, 2020 The accounting watchdog has launched three investigations into audits of collapsed mini-bond seller London Capital & Finance (LCF). The Financial Reporting Council (FRC) will investigate audits of the investment firm carried out by Oliver Clive & Co., PwC, and EY. LCF went into administration in January 2019, leaving 11,600 investors facing losses of up to [...]
Financial regulator to get greater powers to phase out Libor June 23, 2020 Britain’s financial watchdog is to be given greater powers by the government to ensure that Libor is scrapped by 2021, after efforts to retire the scandal-hit interest rate benchmark faltered due to the coronavirus crisis. The Financial Conduct Authority (FCA) will be allowed to compel changes to benchmarks such as the London Interbank Offered Rate [...]
FCA proposes extending coronavirus consumer credit payment holiday June 19, 2020 The Financial Conduct Authority (FCA) has proposed allowing consumers to extend a payment freeze on their credit cards by a further three months to support borrowers struggling financially amid the coronavirus pandemic. Under the proposals from the markets watchdog, those who have not yet asked for a payment freeze on credit cards or for an [...]
FCA to make mini-bond marketing ban permanent following LCF scandal June 18, 2020 The Financial Conduct Authority (FCA) has permanently banned the mass marketing of speculative mini-bonds to ordinary investors. The ban on the mass marketing of illiquid securities comes after a series of scandals involving unregulated bonds, including the collapse of London Capital & Finance (LCF) last year. The FCA introduced a temporary ban in January amid [...]
Commerzbank fined £38m by FCA over anti-money laundering failures June 17, 2020 The Financial Conduct Authority has fined Commerzbank London £37.9m for failing to have proper controls to prevent money laundering over a five-year period. Announcing its second-largest ever fine for failures to combat potentially illegal transitions, the FCA said Commerzbank’s failures to put anti-money laundering systems in place between 2012 and 2017 had “created significant risk”. [...]
City watchdog tells UK banks to prepare for coronavirus debt pile June 16, 2020 British banks must accelerate preparations for dealing with businesses unable to repay funds borrowed to help them survive the coronavirus pandemic, the financial regulator warned. Over 860,000 UK businesses have taken out state-backed loans worth over £38bn under three emergency credit programmes introduced by the government as lockdowns forced companies to shutter temporarily. Financial Conduct [...]