The big fixer-upper: How to solve the problems in the mortgage market May 15, 2019 We've sent people into space, built driverless cars, and engineered robots that can think like us. And yet, fixing the mortgage approval process still seems out of humanity’s reach. The market is riddled with inefficiencies. Consumers are forced to fill out documents detailing every corner of their lives, while clunky underwriting processes mean that it [...]
MPs tell government to intervene if banks don’t do enough to halt branch closures May 13, 2019 The government or the financial watchdog should be ready to intervene if banks do not do enough to halt the closure of local branches, MPs have suggested. In its report into financial inclusion, the influential Treasury Select Committee (TSC) said the closure of local branches were more likely to affect older and more vulnerable customers and [...]
City watchdog proposes mortgage shake-up to boost consumer choice May 7, 2019 The Financial Conduct Authority (FCA) today announced changes to mortgage advice rules to try and increase choice for consumers. The City watchdog identified a number of ways its advice rules are acting as a barrier to the development of new tools to help consumers choose and buy a mortgage and the new rules are aimed [...]
City watchdog launches review of the financial advice market May 1, 2019 The City watchdog today launched a review of the financial advice market amid concerns investors are paying too much. The Financial Conduct Authority’s review will look at what consumers want from the market and how the market works to deliver this. The FCA will review how changes made since 2012, including the retail distribution review [...]
Crypto AM industry voices: Regulating blockchain and crypto April 30, 2019 | Sponsored The Financial Conduct Authority (FCA), US Securities and Exchange Commission (SEC) and others are working to provide regulatory guidance frameworks and structures in the ever-changing landscape of cryptocurrencies and blockchain technology. The views on these activities run the gamut from the Establishment (‘The sooner we get regulation, the sooner things will really take off’) to [...]
Financial Conduct Authority dawn raids nearly doubled in 2018 April 29, 2019 The number of dawn raids conducted by the Financial Conduct Authority (FCA) has almost doubled over the past year, from 13 in 2017 to 25 in 2018. Financial services regulatory consultancy Fscom said one of the drivers of the jump in raids was likely to be an FCA crackdown on unregulated investments. Read more: London [...]
Financial investment fraud cases jumped 74 per cent in 2018 April 29, 2019 Reported fraud cases related to financial investments rose 74 per cent to 6,890 last year, up from 3,950 in 2017. The most commonly reported cases were related to share and bond sales which saw an increase to 860 last year, up from 200 in 2017, and pyramid or Ponzi schemes, which saw an increase to [...]
Half of motorists think charging loyal car insurance customers more should be illegal April 24, 2019 Fifty per cent of motorists think it should be illegal for insurers to charge existing customers more than new customers for the same cover, a new survey said today. The research by price comparison site Go Compare showed 61 per cent of participants felt insurers treat existing customers less favourably by charging those who renew [...]
London Capital & Finance investors rage against the FCA, EY and PwC in stormy meeting April 24, 2019 Angry bondholders of collapsed lender London Capital & Finance railed against the Financial Conduct Authority (FCA) and accountants PWC and EY today at a packed meeting in City Temple church. Furious investors raged against the FCA, blaming it for failing to intervene in the regulated firm sooner. “We’ve been sold down the river!” One investor [...]
Metro Bank CEO’s pay almost halved after waiving bonus in aftermath of loans blunder April 24, 2019 Metro Bank boss Craig Donaldson saw his pay almost halved last year after waiving his bonus in the wake of a major loans blunder. Read more: Public sentiment towards Metro Bank plunges after accounting error Donaldson was paid £800,000 last year, down from £1.5m in 2017 following the loans error, which is being investigated by [...]