The UK City watchdog’s so good at fintech it’s going to teach Hong Kong December 7, 2016 The UK's forward thinking City regulator is exporting its fintech expertise, partnering with authorities in Hong Kong to foster innovation in finance. The Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) to share its knowledge and promote innovation between the two countries. It's the latest example of the UK collaborating with other [...]
Pfizer slapped with record £84.2m fine for overcharging NHS after ramping up cost by 2,600 per cent December 7, 2016 If you're looking for tales of goodwill in the run-up to Christmas, look away now. For Britain's competition watchdog has slapped Pfizer and Flynn Pharma with nearly £90m worth of fines for charging excessive prices to the NHS for an anti-epilepsy drug. It found the cost had been ramped up by as much as 2,600 [...]
IG Group share price drops 39 per cent, Plus500 down 27 per cent CMC Markets loses 35 per cent as City watchdog moves to tighten spreadbetting rules December 6, 2016 Shares in spreadbetting firms have tumbled in early trading on the news that the City watchdog is planning to tighten rules around contract for difference (CFD) products. By mid-afternoon, IG Group's stock had dropped 39 per cent, while shares in CMC Markets were down 35 per cent, and Plus500 had fallen 27 per cent. The Financial Conduct [...]
City watchdog wants to impose stricter rules on spreadbetters December 6, 2016 The financial watchdog has revealed plans for stricter rules for firms selling "contract for difference" (CFD) products such as spread bets to retail customers. The Financial Conduct Authority said CFDs like spread bets and rolling spot foreign exchange products are complex financial instruments offered by investment firms, often through online platforms, to customers who may not really know [...]
A flood of new energy tariffs risks “bamboozling” customers now Ofgem has removed deal restrictions, First Utility warns December 5, 2016 Energy customers risk being “bamboozled” by a flood of new deals following the scrapping of Ofgem’s four tariff rule, challenger supplier First Utility has warned. Customers could be faced with choosing between a whopping 1,364 energy deals in 2017 from 44 suppliers, the company has estimated based on previous averages. Five years ago, the average [...]
FCA wants customers to shop around for the best bank interest rates and have revealed who gives the best returns on cash December 1, 2016 With interest rates at rock bottom levels we've all become accustomed to the fact we shouldn't expect much of a return from our bank accounts. And today, the UK's financial watchdog named and shamed the banks paying the lowest interest rates on cash savings accounts. Read more: City watchdog warns of asset management "market failure" [...]
City Moves for 1 December 2016 | Who’s switching jobs December 1, 2016 NEON Neon has appointed Geoff Riddell as its new non-executive chairman. Geoff brings with him over three decades of experience in the international and London insurance markets. He is currently chairman of Pool Re, having joined its board in 2015. He previously held several senior managerial roles at Zurich, where he was chief executive and [...]
Edinburgh at the heart of the global revolution in digital healthcare driven by science fiction November 28, 2016 From the work of HG Wells to Arthur C Clarke, science fiction visionaries have predicted all manner of technological advances. Just look at the 2002 cyberpunk thriller, Minority Report. Facial recognition, personalised advertising, predictive crime fighting, gesture control, driverless cars – sound familiar? Yet some technologies have remained tantalisingly beyond our reach…until now. As Star [...]
Ladbrokes Coral could be in line to table a £2bn bid for Australian betting company Tabcorp November 27, 2016 Ladbrokes Coral Group could be in line to launch a bid for Australian betting company Tabcorp, in a deal worth over £2bn. Advisers for the bid have been hired, according to reports in the Mail on Sunday. Ladbrokes Coral Group declined to comment. Tabcorp, which reported a market capitalisation of AU$3.8 (around £2.3bn) in its [...]
Compare the (annuity) market: Financial watchdog wants customers to be offered more choice November 25, 2016 The UK's financial watchdog will force annuity providers to tell customers to shop around after it found that 80 per cent of customers would get a better dealing by doing so. The Financial Conduct Authority (FCA) today revealed its own Black Friday push with plans for an "annuity comparator" to help people find out if there [...]