City exec who dodged £43k in train fares quits Blackrock and avoids FCA probe after being named August 3, 2014 A passenger caught dodging £43,000 of train fares earlier this year has been revealed as a former managing director at asset management firm Blackrock. Jonathan Burrows has been named by the Daily Mail as the man believed to have avoided paying thousands of pounds for travel between his home in Stonegate in Sussex to his [...]
FCA hits payday loan companies with strict caps July 16, 2014 The payday loans industry is expecting to see revenue shrink by 42 per cent if new caps on interest proposed by the Financial Conduct Authority (FCA) come into force. The FCA said it estimated firms would lose £420m annually as a result of its proposals to cap interests on loans at 0.8 per cent per [...]
FCA proposes restrictions on interest charged by payday lenders July 15, 2014 The Financial Conduct Authority has proposed putting severe restrictions on the amount of interest that can be charged by payday lenders. In a bid to ease concerns about high interest rates and excessive total cost of credit, the city regulator has suggested that loan rates are capped at 0.8 per cent per day of [...]
Investors demand FCA probe into share float advisers after serial IPO failures July 7, 2014 Shareholders want the City watchdog to investigate claims advisers on stock market flotations have put unfair pressure on equities analysts to hike the price put on shares. City A.M. last month revealed tensions between banks and independent adviser STJ over behaviour ahead of the Saga flotation. In the wake of a series [...]
Credit Suisse hit with £2.4m fine by FCA over misleading promotions June 16, 2014 Credit Suisse International (CSI) has been struck with a £2,398,100 fine by the Financial Conduct Authority (FCA) for failing to ensure that financial promotions for CSI's Cliquet product were "clear, fair and not misleading". Yorkshire Building Society (YBS) has also been fined £1,429,000 over the same matter. The Cliquet product was described as a capital [...]
What today’s Court of Appeal ruling means for FCA prosecutions May 21, 2014 Today's ruling in the UK's Court of Appeal has overturned the decision of a lower court to effectively halt a fraud prosecution pursued by the Financial Conduct Authority (FCA). The regulator has applauded the ruling, stating that it "is committed to pursuing criminal action in appropriate cases" and is "pleased that this case can now [...]
FCA succeeds in overturning landmark fraud case ruling May 21, 2014 The Court of Appeal has quashed a decision to halt a landmark fraud trial because of lack of legal aid barristers to represent the defendants. The prosecution of the three men was stopped after Alex Cameron QC, brother of the prime minister, argued they wouldn’t get a fair trial as they were not sufficiently represented. [...]
Royal London boss calls on FCA chief to look at pension rules May 13, 2014 THE BOSS of mutual Royal London has called on the financial regulator to tighten up the rules on advice offered to people on their retirement, specifically around pensions. Announcing the group’s first quarter results, Phil Loney said the government’s guarantee of guidance, outlined in the Budget in March, does not go far enough. “There is [...]
FCA called to act as Quindell is hit by critical blog April 22, 2014 THE FINANCIAL Conduct Authority (FCA) is facing calls to investigate after a critical blog post wiped £900m from the value of one of the UK’s fastest-growing public firms. Insurance outsourcer Quindell saw its shares tumble as much as 52 per cent after US firm Gotham City Research initiated coverage with a 3p target price – [...]
FCA sets out terms for probe into bungled insurance probe April 8, 2014 It's all getting a bit meta at the Financial Conduct Authority. The regulator has set out its Term of Reference, for a probe into itself, after a briefing to The Telegraph saw billions wiped off the shares of insurers, just over a week ago. Investors were panicked by reports that a probe into the sector [...]