City watchdog calls for review of its regulation of collapsed mini-bond firm London Capital & Finance April 1, 2019 The Financial Conduct Authority (FCA) said today there should be an independent investigation into its regulation of mini-bond firm London Capital & Finance (LC&F). The company collapsed in January owing investors more than £230m. The watchdog also called for an investigation to look at whether the existing regulatory system adequately protects retail purchasers of mini-bonds from [...]
Financial Conduct Authority confirms ban on sale of binary options to retail consumers March 29, 2019 City watchdog the Financial Conduct Authority (FCA) said today it was banning the sale, marketing or distribution of binary options to retail customers. Binary options are financial instruments that allow traders to speculate on which way a market will move. Read more: The FCA has to show it really means business The FCA said the [...]
Millions from London Capital & Finance flowed through accounts of four men, say administrators March 26, 2019 Millions of pounds of money invested in collapsed mini-bond company London Capital & Finance flowed through the accounts of four men, the administrators report said today. The report said Andy Thomson – LC&F’s chief executive, Simon Hume-Kendall – the chairman of one its biggest borrower London Oil & Gas, Elten Barker – who was a [...]
City watchdog says it could amend rules to rescue ‘mortgage prisoners’ March 26, 2019 City watchdog the Financial Conduct Authority (FCA) said today it could change its lending rules to help so-called mortgage prisoners switch to more affordable deals. Mortgage prisoners are homeowners, often paying expensive rates, who are unable to switch deals despite being up-to-date with their mortgage payments. The regulator is proposing to amend its responsible lending [...]
Invest in property with your IFISA March 20, 2019 | Sponsored Throughout history, wealth has always been accumulated and preserved by investing in the property sector. Over the years we have seen property prices reach all-time highs and even outperformed the stock market. The super-rich however don’t really “do” buy-to-let investments. They have always had access to other sectors and type of investment products that were [...]
UBS fined £27.6m by City watchdog for transaction reporting failures March 19, 2019 UBS has been fined £27.59m by the City watchdog for misreporting 135.8m transactions. The Swiss investment bank failed to provide complete and accurate information in relation to 86.6m reportable transactions, and also wrongly reported 49.1m transactions over a period of nine years and six months, the Financial Conduct Authority (FCA) said. Read more: Former graduate [...]
Nicky Morgan calls for investigation into possible regulatory failings in collapse of lender London Capital & Finance March 19, 2019 The chair of the Treasury Committee Nicky Morgan MP has called for an investigation into whether there were regulatory failings surrounding the collapse of lender London Capital & Finance (LC&F) which went into administration in December. Morgan has written to the board of the Financial Conduct Authority (FCA) to ask it to consider whether the [...]
Debenhams pressure mounts amid Sports Direct comments March 18, 2019 The war of words between Debenhams and retail tycoon Mike Ashley escalated once again this morning after Sports Direct’s finance chief confirmed City speculation that it would look to buy the department store chain if it collapsed into administration. Sports Direct’s finance chief Chris Wootton, who could potentially become Sports Direct boss if Ashley takes [...]
Fraud office launches investigation into collapsed lender London Capital & Finance March 18, 2019 The Serious Fraud Office (SFO) has launched an investigation into failed £236m lender London Capital & Finance (LCF), it said today. The SFO said it made four arrests in the Kent and Sussex areas on 4 March. It said all four individuals have been released pending further investigation. The SFO is investigating in conjunction with [...]
Debate: Should the Financial Conduct Authority ban exit fees on investment platforms? March 15, 2019 Should the Financial Conduct Authority ban exit fees on investment platforms? Alex Kovach, chief commercial officer at Interactive Investor, says YES. Consumers should be able to vote with their feet and switch investment platforms without the burden of crippling exit fees. As an industry, we should not be putting up barriers to switching – and the [...]