FCA tells annuity providers to “play their part” in helping consumers find the right retirement product December 11, 2014 The Financial Conduct Authority has told annuity providers to buck their ideas up after its review of the market found that competition was “not working as well as it could for consumers”. People are likely to miss out on better levels of income because they do not shop around enough, the report said, with [...]
The FCA’s reputation has been dealt a serious blow – change is needed December 10, 2014 The Financial Conduct Authority (FCA) has had a tough week. The findings of the Davis report, an investigation into a botched, market-sensitive media briefing on the life insurance market, yesterday described the regulator’s reaction to the error as “seriously inadequate”, and “short of the standards expected of those it regulates”. The regulator spent a total [...]
The other FCA concern: Why its new rules for bankers would hurt the UK economy December 8, 2014 IT’LL be a busy week for the Financial Conduct Authority (FCA). Yesterday, the regulator announced a new strategic approach for the organisation, with key personnel changes and a “sharper focus” on the challenges ahead. A review by Clifford Chance partner Simon Davis into the FCA’s handling of an insurance probe earlier this year is also [...]
Three senior officials leave FCA as financial watchdog restructures December 8, 2014 The Financial Conduct Authority (FCA) has said goodbye to three senior officials amid a review and reorganisation of its strategy. Director of supervision Clive Adamson’s departure has been confirmed by the British financial watchdog, while executive committee members Zitah McMillan and Victoria Raffe will also leave as part of its restructuring. The FCA, [...]
Business has a patriotic duty to speak out on the economic benefits of the EU December 7, 2014 As Labour, we believe that the prospect of Britain leaving the EU poses the biggest risk to British national prosperity in a generation. That is why Labour will continue to make the case for reform in Europe, not exit from Europe. This is a campaign that unites all of us who know that we simply [...]
No banking unit safe from probes December 4, 2014 EVERY part of Britain’s banks will be open to scrutiny by the new Competition and Markets Authority (CMA), its chief executive Alex Chisholm said yesterday. He denied the body was swayed by politicians and their focus on retail banking. Chisholm insisted his mandate covered any type of anti-competitive behaviour across the whole sector. So far, retail [...]
Split BT and Openreach: £10bn takeover talks with O2 and EE raise competition concerns for Vodafone and TalkTalk November 26, 2014 BT’s biggest rivals voiced competition concerns last night as the former state monopoly continued £10bn takeover talks with the owners of mobile networks O2 and EE. Vodafone and TalkTalk would both call on the regulator to ensure greater separation between BT and its infrastructure arm Openreach, even going so far as to push for the [...]
Watchdog probes credit cards to see if borrowers are ripped off November 25, 2014 THE CREDIT card market is the latest sector to face an investigation, the Financial Conduct Authority (FCA) said yesterday. It is investigating concerns over competition, transparency of charging, and loan affordability. The watchdog is in the process of clamping down on payday lenders, after receiving powers over consumer credit in April. Industry body the UK Cards Association said the [...]
Severn Trent share price dips as water company prepares to slash 500 jobs after profits drop November 25, 2014 Water company Severn Trent is preparing to cut 500 jobs after reporting a 27.7 per cent reduction in profit before tax during the six months to 30 September 2014, dropping from £191m to £138m. However, underlying profit before tax was up 10.3 per cent to £156m from £141m, while turnover improved by 2.7 per cent, [...]
Selling public land is just the start: Three steps to solve London’s housing crisis November 19, 2014 WE HAVE got to the stage that, if you don’t know there’s a serious housing shortage in London, I’d assume you must be living in a cave. This shortage comes with increasingly obvious social and economic ramifications. London First recently published research showing that more than half of workers (56 per cent) have difficulties paying [...]