City watchdog plans to overhaul treatment of whistleblowers in 2019 December 31, 2018 The City watchdog is planning an overhaul of its approach to whistleblowers in the new year, in order to encourage more people to feel safe in coming forward. The Financial Conduct Authority (FCA) said that it would announce details of the plan, first reported by the Financial Times, later in 2019. It will revisit how it maintains [...]
Telit shares take a knock after FCA announces wider investigation into company announcements December 18, 2018 Shares in technology company Telit Communications have taken a five per cent hit after the financial watchdog announced it was broadening the scope of its investigation into the company. The Financial Conduct Authority (FCA) first announced its investigation into Telit, an internet of things solutions provider, in March. Telit notified investors that the watchdog was assessing a [...]
Aston Martin remains in short sellers’ sights despite Soros cash-out, as stock continues to fall December 16, 2018 Aston Martin's struggling stock continues to be targeted by short sellers, with London-based Adelphi Capital raising its bet against the carmaker to £15m last week. The manufacturer behind James Bond’s vehicle of choice would have wished to slip under the radar of hedge funds after its shares crashed from an initial £19 in October to £11.49 [...]
CMA orders shake-up of pension advice market due to lack of competition December 12, 2018 Pension scheme members are at risk of getting a bad deal due to a lack of competition in the pension advice market, according to the Competition and Markets Authority (CMA). The CMA said today that pension trustees, who oversee companies’ pension schemes, are not given sufficient information to help them choose advisers. The report found [...]
UK scores top marks in anti-money laundering review December 7, 2018 The UK’s finance sector scored top marks in a review by a global anti-money laundering watchdog published today. However, due to its status as the largest financial services provider in the world, it still faces a “significant risk” of money laundering, the Paris-headquartered Financial Action Task Force said. While Britain has a “robust” regime to [...]
City watchdog proposes clampdown on high risk spread betting instruments December 7, 2018 City watchdog the Financial Conduct Authority (FCA) has today proposed a clampdown on the sale of certain risky financial instruments to retail customers, in a move that could hit the already struggling spreadbetting sector hard. The FCA proposed a ban on the sale, marketing and distribution of binary options to retail customers and a restriction [...]
City watchdog taken to court over failure to act in Royal Bank of Scotland GRG scandal December 5, 2018 A Scottish businessman is taking City watchdog the Financial Conduct Authority (FCA) to court over its role in the investigation into the Royal Bank of Scotland’s restructuring unit. According to court documents, frequent RBS critic Neil Mitchell has filed an application for a judicial review of the FCA’s decision not to sanction anyone from RBS’s [...]
Brexit mess makes Britain ‘hot heads’ of Europe, says City’s policy boss December 4, 2018 Britain’s mishandling of Brexit has made it the new “hot heads” of Europe and damaged its financial services industry, according the the City of London’s policy boss. Catherine McGuinness said the uncertainty surrounding Brexit has damaged the country’s reputation and will take time to rebuild. “We do travel the world quite extensively and I do [...]
Zopa to launch digital banking service, becoming latest group to take the fight to traditional high street banks December 4, 2018 Peer-to-peer lender Zopa is to follow through on continued hints that it would launch a bank, this morning announcing that it had acquired a license to do so. The company said it will roll out a range of new banking products next year, including fixed term savings accounts, credit cards and a money management app, [...]
The City is the goose that lays the golden eggs December 3, 2018 The Financial Conduct Authority has taken its boldest step yet into the debate about banks' Brexit contingency plans. In a letter to lenders the City watchdog warned that it will not accept “steps being taken which could expose clients or markets to unacceptable risks.” Specifically, the FCA warns that they will intervene if they suspect [...]