Former City minister quits Westminster group over scathing FCA report December 4, 2024 The former City minister John Glen has quit a cross-parliamentary group on fairer finance after it released an incendiary report on the Financial Conduct Authority (FCA) accusing it of “incompetence”. In a letter to the Financial Times, Glen, who served as City minister between 2018 and 2022, said he was “dismayed” by the report and [...]
FCA slammed by crowdfunding industry for over-regulation December 2, 2024 The UK economy has lost out on billions of pounds of investment over the past five years due to the City watchdog’s over-regulation of the crowdfunding industry, a leading lobby group has claimed. In a letter to City minister Tulip Siddiq, the UK Crowdfunding Association called on the Financial Conduct Authority (FCA) for a new [...]
City minister warned FCA ‘several times’ over name and shame plans November 29, 2024 The City minister said she warned the Financial Conduct Authority (FCA) “several times” that its controversial ‘name and shame’ rules could harm companies before the regulator moved to water down the plans. Following intense criticism from firms and ministers, the regulator confirmed on Thursday that it would soften plans to publicly name companies facing investigation [...]
Former Wizz Air exec fined for breaching share trading laws November 27, 2024 A former Wizz Air executive has been fined £125,000 by the Financial Conduct Authority (FCA) for trading company shares when City rules barred him from doing so. András Sebők, the budget carrier’s former chief supply officer, fell foul of FCA regulations by illicitly trading London-listed Wizz Air shares during the month-long period leading up to [...]
Critics circle under-fire watchdog November 27, 2024 What unites firebrand socialist MPs and stalwarts of the Tory establishment? The answer – somewhat unbelievably – is the state of our main financial regulator. The Financial Conduct Authority is heading into a cold winter with storms swirling on all sides. It faces fury from parts of both the Square Mile and Westminster for hamstringing [...]
‘More of the same’: City lawyers sceptical of FCA’s five-year plan November 26, 2024 The Financial Conduct Authority (FCA) has set out a new five-year strategy, including details about its secondary objective to support the growth and competitiveness of the UK economy. In a speech today, FCA chief operating officer Emily Shepperd outlined the four key themes that the City watchdog would be focusing on: Growth and innovation, financial [...]
FCA fines Macquarie Bank for fictitious trades after ‘serious failings’ November 26, 2024 Macquarie Bank’s London branch has been slapped with a £13m fine for “serious failings” which allowed one of its employees to record 400 fictitious trades. The Financial Conduct Authority (FCA) penalised the firm based on activity between June 2020 and February 2022. Trader Travis Klein, based on Macquarie Bank Limited’s (MBL) London metals and bulks [...]
FCA is ‘incompetent’ and transformation plan a ‘failure’, MPs say November 25, 2024 The Financial Conduct Authority (FCA) is “incompetent” and “defective” and attempts to transform itself over the past four years have been a “failure”, according to a damning report by a group of MPs, set to be revealed tomorrow. In a more than 350-page report compiled over three years, the All-Party Parliamentary Group on Investment Fraud [...]
Revolut set to take on Hargreaves Lansdown after winning trading licence November 18, 2024 Revolut is set to allow customers to buy UK-listed stocks on its platform from next year after winning a trading licence from the City watchdog. In an announcement today, Europe’s most valuable fintech said it had been authorised by the Financial Conduct Authority to allow UK customers to trade British and EU-listed stocks and exchange-traded [...]
FCA bans director who stabbed man twice and concealed he was in jail November 18, 2024 A company director has been banned from working in financial services after stabbing a man twice in the neck and failing to notify the regulator of his conviction. Ari Harris was reprimanded by the Financial Conduct Authority today after his conviction following the incident in July 2020. He was found guilty of inflicting grievous bodily [...]