One day to go until the PPI deadline: How to make a PPI claim August 28, 2019 Consumers are rushing to make last-minute PPI claims as tomorrow’s deadline looms. Here’s how to get your claim submitted before the cut-off time of 11.59pm on 29 August. What is PPI? PPI – or Payment Protection Insurance – was intended to cover loan repayments if the person who took out the loan became unable to [...]
Watchdog urges consumers to make PPI claims as deadline looms August 22, 2019 The Financial Conduct Authority (FCA) is urging consumers not to leave making PPI claims to the last minute ahead of next week’s deadline. Figures released by the FCA show a total of £340.4m was paid to consumers who had complained about being mis-sold PPI in June, taking the total paid out since 2011 to £36bn. [...]
Watchdog’s ban on ex-Barclays executive holding senior positions overturned August 16, 2019 A ruling by the financial watchdog banning former Barclays executive Andrew Tinney from holding senior positions at financial institutions has been overturned. Tinney, former chief operating officer of Barclays Wealth, was also cleared of misleading the Financial Conduct Authority (FCA) and the US Federal Reserve Bank of New York, but a finding he “acted without [...]
When the fund stops: Why times are tough for UK asset managers August 6, 2019 It’s been a difficult year for the UK investment industry, and things could get worse before they get better. Fallout from the Woodford saga and increasing fears of a no-deal Brexit are continuing to pummel asset managers as they try to stem ongoing outflows. And with regulatory pressure ramping up, they are facing questions not [...]
Calls for clearer warnings of Woodford-style fund suspension risks August 5, 2019 Investors should be given clearer warnings about the risks of investing in funds that could suspend withdrawals, industry professionals have said. Neil Woodford’s equity income fund suspended trading in June after becoming overwhelmed by withdrawals, but it has been suggested that investors may not have understood that the fund could be suspended, leaving them unable [...]
FCA calls for contingent charging ban on pension transfer advice July 30, 2019 Britain’s markets watchdog has proposed banning financial advisers from getting paid only when a customer moves a pension pot, a practice known as contingent charging that it said cost consumers £2bn per year. MPs called for the ban last year after accusing the Financial Conduct Authority (FCA) of being too slow to prevent “vulture” advisers [...]
Let’s end the government monopoly of financial regulation July 19, 2019 The growth of financial regulation seems inexorable. Andy Haldane, chief economist at the Bank of England, has noted that in 1980 there was one UK regulator for every 11,000 people employed in finance, compared to one for every 300 people by 2011. At that rate of growth, the number of regulators will overtake the number [...]
Woodford offloads stake in Raven property investment firm July 1, 2019 Embattled stockpicker Neil Woodford has jettisoned his 12 per cent stake in Raven Property Group, bringing the total he has raised since the suspension of his flagship fund to £459m. Raven announced today that it has bought back 72.1m shares from Woodford at 36p per share. Read more: Neil Woodford cuts stake in AI firm [...]
RBS GRG scandal: The baggage that could drag down Andrew Bailey’s quest to lead the Bank of England June 2, 2019 This summer, the Bank of England is expected to announce a successor to Mark Carney as governor. Among the runners in the contested race is Andrew Bailey, the financial watchdog chief who stands a solid chance of taking Carney's crown. While the boss of the Financial Conduct Authority (FCA) certainly has the credentials for the [...]
Private bank Raphaels fined £1.89m for failures that left customers cashless on Christmas Eve May 30, 2019 Private bank Raphaels has been fined £1.89m for poor controls over its outsourcing arrangements. The 230-year old bank was fined £775,100 by the Financial Conduct Authority (FCA) and £1.1m by the Prudential Regulation Authority (PRA) in connection with the failings between April 2014 and December 2016. The weaknesses in its systems came to light on [...]