FCA slaps Lloyds Bank’s insurance division with £90m fine for misleading customers July 8, 2021 The Financial Conduct Authority fines the insurance division of Lloyds Bank £90.7m for sending misleading renewal quotes to nine million customers. The renewal quotes claimed the amounts were “competitive” when new customers could get a better price on the same products elsewhere, the FCA said. The FCA said the breach of rules caused “a risk [...]
Wise valued at £8bn in London’s biggest ever tech float July 7, 2021 Wise, one of Britain’s biggest fintech firms, has seen its valuation hit £8bn after listing on the London Exchange this morning, marking a major boost for the capital’s tech scene. Shares in the payments group, formerly known as Transferwise, began trading at £8 each in its eagerly-awaited stock market float. It follows an auction process [...]
Are auto companies preparing their workforce for a more digital future? July 7, 2021 As climate change ambition ramps up across the world, emissions reduction targets in the autos sector will likely be forced to tighten further. Numerous countries – including Norway, France, the UK, Sweden, Ireland and the Netherlands – have already announced internal combustion engine (ICE) vehicle phaseouts between 2025-2040. Companies must pursue low and zero-carbon alternatives [...]
City watchdog rolls out ban on funeral provider cold calling July 5, 2021 The City watchdog has confirmed plans to ban cold calling by funeral plans providers as part of a wider crackdown on the industry. The Financial Conduct Authority (FCA) today unveiled new rules that companies will have to follow from 29 July 2022. In addition to the ban on cold calling, these include a guarantee that [...]
FCA begins listing rules consultation in bid to lure more fintechs to IPO in London July 5, 2021 FCA launches listing rules consultation in bid to lure more fintechs to IPO in London
Former competition chief urges government to speed up CMA overhaul July 2, 2021 The former chairman of the UK’s competition watchdog has called on the government to speed up an overhaul of the organisation. Lord Andrew Tyrie, who chaired the Competition and Markets Authority from 2018 to 2020, warned that the organisation’s effectiveness will be eroded unless it is urgently reformed, in a report published today. Speaking to [...]
Facebook’s antitrust victory could be the inspiration Joe Biden needs to serve Big Tech a fatal blow July 2, 2021 When Charles Dickens’s Mr Bumble is confronted with the assumption that his overbearing wife “acts under his direction,” he responds with an argument for the ages: “If the law supposes that… the law is an ass.” Though Bumble’s argument might hold little water in a court of law, it isn’t an altogether bad one. It [...]
‘Busiest six months in 57 years’: Stamp duty holiday causes pandemonium in property sector July 1, 2021 The last week has seen chaos for buyers trying to beat the stamp duty holiday deadline, and long hours and stress for all other parties involved in the process. This week homebuyers were in a race against time to beat the deadline on the most generous stamp duty holiday, which ended at midnight last night. [...]
TfL under fire over ‘hidden subsidies’ for Uber Thames Clipper services June 30, 2021 Transport for London (TfL) is tonight under pressure after a complaint was lodged with the Competition and Markets Authority (CMA) over “hidden subsidies” for the Uber Thames Clipper ferry service. Romford MP Andrew Rosindell and London Assembly Member Keith Prince have written to the CMA saying that the firm is being given “an unfair and [...]
Post-Brexit change: EU state aid rules to be replaced by new UK regime June 30, 2021 Post-Brexit change: EU state aid rules to be replaced by new UK regime