FCA chief operating officer Stephanie Cohen to step down CHANGE AT THE TOP The City watchdog’s chief operating officer Stephanie Cohen will step down later this year for personal reasons. BlackRock veteran Stephanie Cohen joined the Financial Conduct Authority in 2021, but an internal email seen by City A.M. informed staff this morning that she would be moving on “later this year.” Cohen was one of a series [...]
THG on warpath to prove collusion as firm hands City regulator data dossier THG FALLOUT E-commerce firm THG has given a dossier of data to the Financial Conduct Authority (FCA), in a bid to prove hedge funds and stockbrokers conspired to push its share price down. THG chief executive Matt Moulding believes a dossier of irregular stock market trading and short-selling data will prove collusion against his company, according to [...]
Just days until LIBOR switch to SONIA: FCA measures likely to postpone potential wave of litigation, for now End of LIBOR With the deadline for banks to stop using LIBOR as an interest rate benchmark just a few days away, new measures taken by the Financial Conduct Authority (FCA) mean a possible wave of litigation will likely be avoided for now, though it could be “a problem postponed, rather than solved”, a leading Square Mile lawyer [...]
FCA fines Switzerland’s GAM International Management £9.1m for conflicts of interest December 16, 2021 Britain’s financial watchdog this morning said it has fined Swiss asset management group GAM International £9.1m, as well as its former fund manager Tim Haywood, for conflicts of interest and gifts and entertainment matters. Following its investigation into the asset manager, the regulator concluded that GAM “failed to conduct its business with due care, skill [...]
FCA scrambles to fill staffing gaps with almost £1m headhunter spend December 13, 2021 The UK’s financial services watchdog had hired private law firms to help process job applications and dished out almost £1m on headhunters this year, as it rushes to fill an abnormally large vacancy pool following a series of departures. While vacancy levels at the Financial Conduct Authority normally run at around 300, they currently stand [...]
FCA’s boss reveals the watchdog is having a hard time signing up data and tech specialists December 9, 2021 City watchdog the FCA has revealed it is struggling to hire in-demand technology specialists. Financial Conduct Authority (FCA) chief executive Nikhil Rathi told MPs on the Treasury Select Committee that it was having to “manage the challenges” of hiring, particularly for data and technology roles. Rathi said the “hot” jobs market and moves by big [...]
FCA wants stricter rules after Greensill scandal December 3, 2021 The Financial Conduct Authority (FCA) has today announced proposals to make changes to its appointed representative regime (AR) – a scheme which allowed the now collapsed Greensill to run in the UK without a license to conduct millions of pounds’ worth of business. The AR regime, which was first conceived four decades ago, lets an [...]
FCA confirms listing rule changes in bid to sharpen London’s edge for startup IPOs December 2, 2021 London’s financial watchdog this morning confirmed a list of changes to its listing rules that will come into force tomorrow, in an effort to bolster incentives for innovative founder-led companies to list on UK markets sooner. Chief among the new changes, the Financial Conduct Authority (FCA) confirmed it is introducing a “targeted form” of dual [...]
UK financial regulator proposes near doubling of fees November 30, 2021 The Financial Conduct Authority (FCA) has proposed a near-doubling of the fee it charges authorised firms for supervision services.
FCA pushes back on union recognition demands November 17, 2021 The Financial Conduct Authority (FCA) has pushed back on union demands to give official recognition to Unite the Union as the representative of staff at the watchdog. The new Unite general secretary Sharon Graham wrote to the regulator’s CEO Nikhil Rathi ten days ago, alleging that “staff at the Financial Conduct Authority are flooding to [...]