FCA: Lessons still to learn from rate-rigging scandals such as Libor and forex July 29, 2015 The Financial Conduct Authority (FCA) has warned banks are yet to fully apply the lessons learned from rate-rigging scandals such as Libor, forex and gold to other benchmarks. The FCA's "Thematic Review of Oversight and Controls", which looked into 12 firms between August 2014 and June 2015, assessed all benchmarks apart from Libor and forex, which [...]
Payday lender Cash Genie told to repay £20m to customers by Financial Conduct Authority July 27, 2015 A payday lender has been told to give back millions of pounds to customers because its lending practices were deemed unfair by the financial regulator. After it found "serious failings" at the lender, the Financial Conduct Authority (FCA) told Cash Genie to repay £10m to customers – after it's already waived fees and interest totaling £10.3m. [...]
Rescued banks are not out of the woods yet: New FCA rules to improve account transparency for customers July 23, 2015 The City watchdog put more pressure on the financial sector yesterday with new rules that could see banks and building societies named and shamed for paying poor interest rates to longstanding customers. The Financial Conduct Authority (FCA) said that from next year, firms will have to provide clear information on how much interest savers are paid [...]
The Financial Conduct Authority is going to help savers by making it easier for them to switch accounts July 23, 2015 The Financial Conduct Authority (FCA), Britain’s financial regulator, has announced plans to introduce new measures to help customers switch cash savings accounts, following a review of competition in the industry. Read more: This chart shows how many current account switchers Barclays, HSBC, Lloyds and NatWest have lost The regulator is proposing new rules which will make [...]
Bosses who put on a brave face: Martin Wheatley grimaces through FCA annual meeting July 22, 2015 “The AGM is my favourite time of year” – said no one ever, least of all outgoing Financial Conduct Authority (FCA) chief Martin Wheatley yesterday, who had to sit through the FCA’s annual meeting with a face like a smacked bottom. Wheatley, who has been booted out of the job by George Osborne, now joins [...]
FCA boss Martin Wheatley: Disappointed to be leaving with “unfinished business” July 22, 2015 Martin Wheatley, the FCA's chief executive who has been unceremoniously ousted by chancellor George Osborne has spoken of his upset at leaving while there is still “unfinished business”. Wheatley made his first public statement at the Financial Conduct Authority's annual public meeting this morning, just days after his shock departure was revealed on Friday. [...]
Financial Conduct Authority chief exec Martin Wheatley says he’s leaving with “a sense of unfinished business” July 22, 2015 Outgoing chief executive of the Financial Conduct Authority Martin Wheatley has said that he's “disappointed to be moving on and I do so with a sense of unfinished business”. Wheatley was speaking at what will be his last annual public meeting with the financial regulator, following announcements that he will step down in September. Earlier [...]
Watchdog visits Barclays four times a week as FCA takes on Barclaycard oversight July 20, 2015 Barclays was visited by UK regulators on 186 separate occasions last year – more than twice as many times as the next most-visited lender, figures published yesterday show. The bank met with supervisors from the Financial Conduct Authority at its offices roughly four out of every five working days in 2014. The next most visited, [...]
Bungles and blunders: From the life insurance scandal to confusion over HSBC, here are Financial Conduct Authority boss Martin Wheatley’s worst moments July 17, 2015 As Financial Conduct Authority (FCA) chief executive Martin Wheatley takes his final bow, many in the City will be celebrating – after all, this is the man who famously promised to “shoot first and ask questions later” when it came to regulating the finance sector. Read more: George Osborne ousts Wheatley from the FCA [...]
George Osborne ousts Martin Wheatley from FCA July 17, 2015 Martin Wheatley, the man who famously said he would "shoot first and ask questions later" as he launched the Financial Conduct Authority (FCA), has been ousted by chancellor George Osborne. Wheatley, who will leave on 12 September, jumped before he was pushed: City A.M understands he resigned after learning Osborne had decided not to [...]