‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Dress for success: A stylish work outfit will help you turn heads October 23, 2018 Mad Men wasn’t a hit show just because of the writing and acting. People loved it because it oozed style. Everyone wanted to look as cool and sharp in a suit as Don Draper. But it’s one thing to admire a style icon, and another to follow in their footsteps – partly because it’s hard, but [...]
FCA could slap fine on TfL for not informing London Stock Exchange of Crossrail delay in July October 18, 2018 The financial watchdog is considering whether to launch a formal investigation into Transport for London (TfL) over its alleged failure to inform the London Stock Exchange (LSE) about the impending delay to Crossrail in July. On 31 August Crossrail announced that the £15.4bn Elizabeth Line, which will connect Reading and Heathrow in the west to Shenfield [...]
City watchdog rolls out ombudsman service to small businesses October 16, 2018 Small businesses will be able to resolve disputes with banks through an independent adjudicator from next year, as the Financial Conduct Authority (FCA) confirmed the extension of its ombudsman service. Companies with an annual turnover below £6.5m and fewer than 50 employees, or an annual balance sheet below £5m, will be able to access the [...]
Has the clampdown on spreadbetting platforms really protected traders? October 16, 2018 For years, spreadbetting companies enjoyed an easy ride. But this summer saw trading platforms enter a tough new era, as regulators began to weigh down on the industry. Recent weeks have seen some of the UK’s largest trading platforms bowing under the pressure, as the impact of strict new rules becomes clear. Introduced by the European [...]
Regulator warns payday lenders over risky loans October 15, 2018 The Financial Conduct Authority has written to the bosses of payday lending firms, urging them to consider ‘affordability risk’ before making loans to financially vulnerable borrowers. In a ‘Dear CEO’ letter sent today, the FCA warned that lenders should “take prompt action” to ensure they maintain compliance with regulations that force them to assess customers’ [...]
Today’s wealth management industry is as deceitful as the tobacco companies of the past October 11, 2018 When medical suspicions of health impacts of cigarettes were first raised, the tobacco industry obfuscated and suppressed their own knowledge of smoking risks. In many ways, this mirrors what is happening in the wealth management industry today, as many companies suppress information about their fee structures, and often fail to warn consumers of the long-term damage these hidden fees [...]
Brexit means nearly 1,000 pages of Brexit from the Financial Conduct Authority October 10, 2018 The City watchdog today made moves to make Brexit mean Brexit in its rules, publishing two enormous papers detailing changes to regulation in case of a no-deal Brexit. The Financial Conduct Authority published a 781-page doorstopper consultation on changes to its handbook and the EU’s binding technical standards (BTS), alongside a comparatively slim 150-page consultation [...]
Royal Bank of Scotland chief executive Ross McEwan calls for small business lending regulation October 9, 2018 The chief executive of the Royal Bank of Scotland (RBS) has called for small business lending to be regulated in the UK, despite avoiding disciplinary action for the mistreatment of SMEs by the bank's Global Restructuring Group (GRG). The lack of oversight for SME lending allowed RBS to dodge punishment by the Financial Conduct Authority this year, despite a report by the [...]
Financial Conduct Authority increases Brexit planning urgency, says chief executive Andrew Bailey October 4, 2018 The Financial Conduct Authority (FCA) has increased the urgency with which it is preparing for the UK to exit the European Union, chief executive Andrew Bailey said today. Former Bank of England deputy Bailey said the city watchdog is working with European regulatory partners to plan for a range of scenarios as the March 2019 deadline [...]
Frank Field slams financial regulator over delay to pension advice fee decision October 4, 2018 Influential MP Frank Field has slammed the financial regulator for delaying a decision on whether to ban a model of charging for pensions advice which is believed to have driven mis-selling to thousands of retirees. The Financial Conduct Authority (FCA) said it sought views on whether to ban contingent charging – where a pension adviser [...]