Topic filter : Financial Conduct Authority

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.... Even so, Frankfurt has a long way to go to overtake the London office, which employs 5,000 staff and is expected to remain the investment bank’s European headquarters. The news comes after Andrew Bailey, the chief executive of the Financial Conduct Authority, said on Tuesday that City firms were getting near to the point where they would have to take steps to move staff and other measures to ensure they could continue to operate seamlessly once the UK left the EU in March 2019. ... [Read full article on Guardian ]
Wednesday 19th of July 2017 04:11:56 PM
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....Under the Data Protection Act, customers do not necessarily have to give their consent for personal information to be shared, provided the reason for the sharing is fair. The Information Commissioner’s Office, which regulates credit reference agencies along with the Financial Conduct Authority, admits consumers are powerless. ... [Read full article on Guardian ]
Monday 17th of July 2017 06:00:43 AM
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....Major City firms will start implementing their Brexit contingency plans at the end of the year unless there is an agreement about the UK’s transition terms for exit from the EU, according to the City regulator. Financial Conduct Authority chief executive Andrew Bailey said City firms were getting near to the point where they would have to take steps to move staff and other measures to ensure that they can continue to operate seamlessly once the UK leaves the EU in March 2019. ... [Read full article on Guardian ]
Tuesday 18th of July 2017 06:56:52 PM
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....Now, for the first time in years, it is fair to ask: which side is London really on? And there is an uglier secondary question: are our politicians leaning on the regulators?. By proposing bending the London listing rules to attract Aramco, Saudi Arabia’s state-owned oil company, the Financial Conduct Authority has sown the seed of distrust and provoked fury among fund managers. ... [Read full article on Guardian ]
Sunday 16th of July 2017 06:00:14 AM
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.... . Last week City watchdog the Financial Conduct Authority issued an interim report on how people are using their newfound freedoms and warned many are losing out after failing to take professional financial advice. ... [Read full article on Daily Express ]
Sunday 16th of July 2017 02:14:00 PM
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Latest Finance News related to Financial Conduct Authority

Morgan Stanley picks Frankfurt as post-Brexit hub image
Source : Guardian [Read Article] Wednesday 19th of July 2017 04:11:56 PM
.... Even so, Frankfurt has a long way to go to overtake the London office, which employs 5,000 staff and is expected to remain the investment bank’s European headquarters. The news comes after Andrew Bailey, the chief executive of the Financial Conduct Authority, said on Tuesday that City firms were getting near to the point where they would have to take steps to move staff and other measures to ensure they could continue to operate seamlessly once the UK left the EU in March 2019. ...
'City will have to launch Brexit plans if there is no transitional deal' image
....Major City firms will start implementing their Brexit contingency plans at the end of the year unless there is an agreement about the UK’s transition terms for exit from the EU, according to the City regulator. Financial Conduct Authority chief executive Andrew Bailey said City firms were getting near to the point where they would have to take steps to move staff and other measures to ensure that they can continue to operate seamlessly once the UK leaves the EU in March 2019. ...
HBOS inquiry: the time for delays is over | Nils Pratley image
Source : Guardian [Read Article] Tuesday 18th of July 2017 06:28:07 PM
....It is now almost nine years since HBOS failed but, if you thought our City regulators couldn’t possibly spin out their inquiries any longer, you’d be wrong. The next instalment – the one that will determine whether former top directors and managers of HBOS should be banned from working in the City – will be completed “as soon as possible,” said Andrew Bailey, head of the Financial Conduct Authority, on Tuesday. ...
How credit score agencies have the power to make or break lives image
Source : Guardian [Read Article] Monday 17th of July 2017 06:00:43 AM
....Under the Data Protection Act, customers do not necessarily have to give their consent for personal information to be shared, provided the reason for the sharing is fair. The Information Commissioner’s Office, which regulates credit reference agencies along with the Financial Conduct Authority, admits consumers are powerless. ...
Pension planning: Avoid these costly mistakes with your savings  image
Source : Daily Express [Read Article] Sunday 16th of July 2017 02:14:00 PM
.... . Last week City watchdog the Financial Conduct Authority issued an interim report on how people are using their newfound freedoms and warned many are losing out after failing to take professional financial advice. ...
Aramco may be big, but fawning to Saudis diminishes London image
Source : Guardian [Read Article] Sunday 16th of July 2017 06:00:14 AM
....Now, for the first time in years, it is fair to ask: which side is London really on? And there is an uglier secondary question: are our politicians leaning on the regulators?. By proposing bending the London listing rules to attract Aramco, Saudi Arabia’s state-owned oil company, the Financial Conduct Authority has sown the seed of distrust and provoked fury among fund managers. ...
Post-Brexit London is open for business (no matter how grubby) image
Source : Guardian [Read Article] Thursday 13th of July 2017 06:21:05 PM
.... If a foreign government, in this case Saudi Arabia’s royal family, doesn’t like the rules in London, the UK is happy to be flexible. For some, the Financial Conduct Authority’s proposed rewrite of the listing rules to woo state-backed companies is a fuss about nothing. ...
City regulator plans rule change to allow Saudi oil giant's $2tn float in London image
....The City regulator is proposing to water down stock market rules in a move regarded as an attempt to attract the world’s biggest ever flotation – of Saudi Aramco, the Gulf kingdom’s state oil company – to London. The proposals by the Financial Conduct Authority come as Aramco weighs up which financial centre to pick for the sale of 5% of its shares. ...
People who receive financial advice could end up around £40,000 better off image
Source : Daily Express [Read Article] Wednesday 12th of July 2017 06:44:00 PM
....Regulators should continue to place emphasis on access to independent financial advice, the report said. A separate report from the Financial Conduct Authority (FCA) on Wednesday said that a lack of consumer trust in pensions can sometimes result in consumers paying too much tax, missing out on investment growth or losing out on other benefits. ...
PENSION WARNING: Savers accessing pots early falling into ‘disastrous’ tax trap image
. Accessing savings early has become the "new norm" since reforms were introduced in 2015, an interim review of the market by the Financial Conduct Authority (FCA) found. ...
FCA warns it may intervene as millions take pension cash early image
Source : Guardian [Read Article] Wednesday 12th of July 2017 12:33:01 PM
....The TUC has warned that millions of workers risk being “plunged into insecurity in old age” after an official report revealed a surge of people grabbing their pension cash early without taking advice. More than two years after the government brought in a range of pension freedoms, the Financial Conduct Authority concluded that accessing pension pots early had become “the new norm”. ...
Lloyds Bank brings in single overdraft rate in radical shake-up image
Source : Guardian [Read Article] Tuesday 11th of July 2017 11:01:08 PM
....All existing charges for overdrafts will be abandoned in November and replaced with a single fee of 1p every day for every £7 of overdraft used. It comes ahead of moves expected by the Financial Conduct Authority to cap “extortionate” fees for unplanned overdrafts, which critics say can work out as bad as the fees charged by payday lenders. ...
Deadline looming for firms to give Brexit strategies to Bank image
Source : Guardian [Read Article] Saturday 8th of July 2017 03:00:11 PM
....While the plans that the Bank’s regulatory arm, the Prudential Regulation Authority, is asking for are intended to be contingency proposals, there are fears they could be enacted at the end of this year if there is no more information about transition arrangements. Andrew Bailey, chief executive of the Financial Conduct Authority, said last week: “It would be regrettable if firms feel they’re in a bind because they have to do practical implementation of contingency planning before they know the context in which they’re going to be working in the future. ...
Will cheap car loans steer Britain to a financial crash? image
Source : Guardian [Read Article] Saturday 8th of July 2017 06:00:00 AM
....A prudent regulator will always want to dampen down excesses. It’s probably time for the Financial Conduct Authority to introduce mortgage affordability-style rules on car finance, maybe applying income-multiple limits to purchases. ...
Pre-paid funeral plans failing to cover the cost of dying image
Source : Guardian [Read Article] Saturday 8th of July 2017 06:00:00 AM
.... But the survey found that around a third of the six million over-50s contacted by sellers felt pushed to take out a plan. The report called for statutory regulation of the sector, finding that 75% of consumers wrongly believe their plan is regulated by the Financial Conduct Authority. ...
UK car sales fall in June for third month in a row image
Source : Guardian [Read Article] Wednesday 5th of July 2017 09:54:18 AM
.... Analysts said it was a bumper month because consumers brought forward car purchases to avoid a rise in vehicle excise duty on 1 April. An explosion in cheap car finance deals has fuelled growth in consumer credit to such an extent that the sector has attracted scrutiny from the Bank of England and the Financial Conduct Authority. ...
Lloyds and the FCA must give full story on HBOS Reading fraud | Nils Pratley image
....The important thing now is that the Dobbs review is published in full. As things stand, Lloyds has merely committed to share the findings with the Financial Conduct Authority. ...
HBOS took £240m hit after 'serious control breakdown' in Reading image
Source : Guardian [Read Article] Tuesday 4th of July 2017 06:35:25 PM
....HBOS took a £240m hit in 2007 after discovering a “serious control breakdown” in its Reading operation, according to information published by the City regulator for the first time. The Financial Conduct Authority (FCA) on Tuesday published information that had been redacted by its predecessor body in a 2012 regulatory notice because of an investigation by Thames Valley police into the HBOS Reading branch. ...
Lenders told to be vigilant over loans image
Source : BBC [Read Article] Tuesday 4th of July 2017 10:52:05 AM
....It did not conclude that looser credit checks were behind the growth in consumer credit, but expressed worries about future underwriting standards. The Financial Conduct Authority, which authorises lenders, is conducting its own reviews into high-cost credit, which is expected to be published later in July, and into car finance. ...
Bank of England steps up scrutiny of lenders image
Source : Guardian [Read Article] Tuesday 4th of July 2017 08:59:11 AM
....The PRA – which regulates 40% of providers of car finance and 80% of the credit card market – looks at the consumer finance market from the perspective of the lenders. The impact on borrowers is considered by the Financial Conduct Authority, which is scheduled to provide an update on its views later this month but on Tuesday told firms to scrutinise their bonus schemes. ...
Five minute guide to high-charging investment funds image
Source : Daily Express [Read Article] Sunday 2nd of July 2017 11:11:00 AM
. High-charging fund managers have been picking savers’ pockets for years, so there were good reasons to celebrate when the Financial Conduct Authority announced yet another crackdown last year. ...
Can the Bank get Britain to kick its cheap credit habit? image
Source : Guardian [Read Article] Saturday 1st of July 2017 03:00:02 PM
.... The Prudential Regulatory Authority, an arm of the Bank of England that overseas the financial sector, has put in place tough rules that force banks to hold huge reserves in case unemployment increases and borrowers can no longer afford their monthly payments. Meanwhile, the Financial Conduct Authority has clamped down on mortgage products that allow borrowers to treat their accounts like cash machines. ...
Financial Conduct Authority offers a plaster instead of an antidote | Gina Miller image
. The Financial Conduct Authority is finally pursuing a pro-consumer agenda – but it is disappointing that it still appears to be dragging its feet on some key aspects. ...
UK financial watchdog investigates car loans market image
Source : Guardian [Read Article] Thursday 29th of June 2017 01:33:08 PM
....The City regulator is scrutinising the fast-growing car finance sector and has held discussions with the US authorities about the market. Andrew Bailey, the chief executive of the Financial Conduct Authority, said the FCA wanted to understand what was going on in the car finance market. ...
UK in credit splurge despite pay squeeze, Bank figures show image
Source : Guardian [Read Article] Thursday 29th of June 2017 11:37:19 AM
....30 on the foreign exchanges to its highest level since the general election three weeks ago. The data came as Andrew Bailey, the chief executive of the Financial Conduct Authority, said his organisation wanted to find out what was happening in the car loan market, a crucial component of the consumer credit sector. ...
FCA knows its scrutiny of the investment sector has only just started | Nils Pratley image
....The fund management industry has become an elaborate exercise in siphoning savers’ capital for the benefit of insiders, critics have grumbled for years, with strong justification. Now the Financial Conduct Authority finally agrees – roughly speaking. ...
Co-op Bank secures £700m rescue deal from hedge funds image
Source : Guardian [Read Article] Wednesday 28th of June 2017 11:18:25 AM
....”. The business secretary can change the bank’s name if “it gives so misleading an indication of the nature of its activities as to be likely to cause harm to the public”, while the City regulator, the Financial Conduct Authority, has the power to prevent the use of the “co-operative” name to protect consumers. ...
FCA says UK's £7tn asset management industry needs radical reform image
Source : Guardian [Read Article] Wednesday 28th of June 2017 07:28:17 AM
....Britain’s £7tn asset management industry must introduce sweeping reforms to cut costs and improve returns for savers after years of raking in sustained, high profits, the City regulator has said. Publishing the final findings of its asset management market study, the Financial Conduct Authority said greater transparency and better competition were vital in a sector relied on by millions of people for their financial wellbeing. ...
UK banks ordered to hold more capital as consumer debt surges image
Source : Guardian [Read Article] Tuesday 27th of June 2017 09:44:48 AM
....The Bank is also bringing forward the part of the annual stress tests on banks that scrutinises their exposure to consumer credit by two months to September. The Bank’s Prudential Regulation Authority and the City regulator, the Financial Conduct Authority, will also publish next month how they expect lenders to treat borrowers in the consumer credit market. ...
Co-op Bank abandons sale talks as it edges towards rescue deal image
Source : Guardian [Read Article] Monday 26th of June 2017 05:25:23 PM
....The bank is known for its ethical stance and when it was rescued by hedge funds in 2013 it enshrined this commitment in its constitution. Its name can be reviewed by the business secretary if its use could “cause harm to the public” while the City regulator, the Financial Conduct Authority, has the power to prevent the use of the “co-operative” name to to protect consumers. ...
HBOS fraud victims go unpaid as Lloyds battles Noel Edmonds image
Source : Guardian [Read Article] Monday 26th of June 2017 05:07:52 PM
....There are concerns that the £100m compensation pot will not be enough – Edmonds alone is seeking £73m – amid signs that Lloyds is facing an uphill battle in resolving all the issues surrounding the fraud that took place over a decade ago at HBOS’s Reading office. The City regulator, the Financial Conduct Authority, is investigating the “extent and nature of the knowledge of these matters within HBOS”. ...
Car finance: Is it time to go down the PCP and HP road? image
Source : Daily Express [Read Article] Sunday 25th of June 2017 01:27:00 PM
....PCP is now a hugely popular way of buying new and, increasingly, used cars, but some fear it could trigger the next big mis-selling scandal. City regulator the Financial Conduct Authority (FCA) recently launched a review of motor finance, citing concerns over "irresponsible lending". ...
Co-op Bank in advanced talks to secure hundreds of millions for rescue image
....Sky News has reported that the group wants £200m to be put into the fund to allow it to be carved up between the two businesses. The business secretary has the power to change the bank’s name if “it gives so misleading an indication of the nature of its activities as to be likely to cause harm to the public” while the City regulator, the Financial Conduct Authority, has the power to prevent the use of the “co-operative” name to to protect consumers. ...
Barclays to learn if SFO will press charges over Qatari cash injections image
.... Barclays has since said the fees amounted to £332m payable over five years. In September 2013 Barclays revealed that the Financial Conduct Authority intended to fine the bank £50m for reckless behaviour by breaching disclosure rules. ...
Are cheap car loans the vehicle taking us to the next financial crash? image
Source : Guardian [Read Article] Saturday 10th of June 2017 03:00:29 PM
.... It says PCPs are sold responsibly and only to those people with a strong credit score, yet lenders’ credit scoring policies, which are relatively transparent in the US – the original home of the PCP – are secret in the UK. Officials at the Financial Conduct Authority, the City regulator, have embarked on a review of lenders’ practices, including how they credit-score customers and the amount of checking that takes place of customer incomes and credit history. ...
Qatar and the UK image
Source : BBC [Read Article] Friday 9th of June 2017 04:51:11 AM
.... . But the manner in which Barclays raised the funds is being scrutinised by two UK regulators, the Financial Conduct Authority and the Serious Fraud Office, and there is a separate lawsuit in which the private equity company PCP Partners is claiming £700m from Barclays in allegedly unpaid fees. ...
London Stock Exchange shouldn't bend rules for $2tn Saudi flotation | Nils Pratley image
.... Nor did even he mention Saudi Aramco. But everybody knew the context when he wrote last week to the Financial Conduct Authority to say that the 25% minimum level should apply “irrespective of the size of the company being listed” and “should be preserved at all costs to protect the integrity and standard of the UK premium listing”. ...
Tesco PwC accounts probe called off image
Source : BBC [Read Article] Monday 5th of June 2017 07:34:39 AM
....In March this year, Tesco was fined £129m over the affair. It also agreed with the Financial Conduct Authority (FCA) to spend £85m on compensating investors. ...
Peer-to-peer lending promised 6%, but I’ve been left red-faced and in the red image
.... It’s because one of the firms that 10% of his money was lent to defaulted, leaving his account £128 in the red – a sum that his other investments at the platform have struggled to make up. In the week that Funding Circle, and several rival big-name P2P lenders gained full authorisation from the Financial Conduct Authority – which paves the way for them to start offering tax-free “innovative finance” Isas (see below) – his case is a reminder that P2P lending is not without its risks. ...
SFO delays decision again on charging Barclays over 2008 fundraising image
.... The bank has since said the fees amounted to £332m payable over five years. Barclays first revealed investigations into Qatari arrangements in July 2012 and admitted in September 2013 that the City regulator, the Financial Conduct Authority, wanted to fine it £50m for “reckless behaviour” during the cash calls. ...
Contactless payment fraud soars to £7m image
Source : BBC [Read Article] Thursday 25th of May 2017 11:37:11 PM
....She reported the crime to the police, and was fully refunded within two weeks. Andrew Bailey, chief executive of the Financial Conduct Authority said: "The overall risk is low" but added "we have been urgently working with card schemes and banks to ensure this issue is fixed. ...
New payday loan regulations come into force image
Source : BBC [Read Article] Thursday 25th of May 2017 11:07:20 PM
....One of the best-known lenders, Wonga, has signed up with a comparison site called Choose Wisely. Following a separate investigation, the Financial Conduct Authority (FCA) imposed a cap on payday loan costs from the start of January 2015. ...
SFO to investigate pension liberation scams image
Source : BBC [Read Article] Tuesday 23rd of May 2017 03:23:01 PM
....Since April 2015, it has become easier to withdraw money from pension funds, under the then government's so-called "pension freedoms". The Financial Conduct Authority (FCA) provides a list of known pension scammers. ...
Debt fears remain despite manifesto 'breathing space' plans image
Source : BBC [Read Article] Monday 22nd of May 2017 11:24:11 PM
....There is widespread concern over the levels of personal debt among working households. The City regulator - the Financial Conduct Authority (FCA) - has warned of an acceleration in consumer borrowing, such as loans, overdrafts, credit card debt and car finance. ...
Car loans, low rates, second mortgages: all the ingredients for a new credit crunch image
.... And loans have turned in recent years into leases that have customers renewing contracts every three years, keeping them in effect permanently hooked. The main consumer regulator for the financial services industry, the Financial Conduct Authority, is reviewing the market for car leasing, which now accounts for more than 90% of car sales, to check for mis-selling to poorer households who will be vulnerable to default. ...
What's the best way to release equity for home improvements? image
Source : Guardian [Read Article] Thursday 18th of May 2017 06:00:18 AM
....To decide which option is best for you, it would make sense to get advice from an independent financial adviser who can search the whole market and who also has a specialist equity release qualification. You should also check that the adviser you use is on the Financial Conduct Authority register and a member of, and on, the Equity Release Council’s member directory. ...
Richard Branson says scammers are using his name to dupe investors image
Source : Guardian [Read Article] Wednesday 17th of May 2017 03:08:44 PM
....”. Some countries have banned the trading of binary options, which are not currently regulated by the Financial Conduct Authority (FCA), so investments in them are not protected by the UK’s financial services complaints and compensation scheme. ...
Vanguard move sparks price war for personal investors image
Source : BBC [Read Article] Tuesday 16th of May 2017 12:45:12 PM
....It will be offering only its own funds to general investors, unlike online stockbrokers and independent financial advisers (IFAs) who may offer a much wider range of investments such as individual shares, unit trusts and investment trusts. Sean Hagerty of Vanguard said the firm was following the lead of the Financial Conduct Authority (FCA), which has complained that fees charged by the investment industry are too high. ...
Giant US fund manager to shake up UK investment market by halving fees image
....5% charge means a fund manager and advisers help themselves to 38% of an individual’s pension savings, much of it, they alleged, the result of pointless short-term positions and over-trading. Sean Hagerty, head of Vanguard’s European business, said: “Only recently, the FCA’s [Financial Conduct Authority’s] asset management market study highlighted that fees have not decreased enough based on the economies of scale achieved by the industry. ...
Debt fears grow as county court judgments soar by 35% image
Source : Guardian [Read Article] Monday 15th of May 2017 05:07:52 PM
....In recent months the Bank of England, MPs and charities have warned that consumer debt levels were dangerously high, citing increases in lending from banks, car leasing companies, credit card firms and shops offering interest free-credit. Concerns that the purchase of cars with complicated loans, known as PCPs, has increased the debt levels of many low income families has triggered an investigation into potential mis-selling by the main consumer finance watchdog, the Financial Conduct Authority. ...
I cancelled my car insurance in the cooling-off period, but was still charged image
.... As a comparison, Aviva charges an admin fee of £38 for cancelling policies. One Call says its charges are entirely justified and in line with the Financial Conduct Authority regulations. ...
Number of second charge mortgages leaps to nine-year high image
Source : Guardian [Read Article] Friday 12th of May 2017 03:10:13 PM
....However, the landscape for these loans has arguably changed a lot in the last few years. As of March 2016, both first and second charge mortgages are now regulated under the same regime by the Financial Conduct Authority (FCA), while interest rates on these deals have fallen. ...
Car finance deals soar to new record image
Source : BBC [Read Article] Friday 12th of May 2017 10:21:27 AM
....The vast majority of the purchases were via so-called Personal Contract Purchases (PCPs). The Bank of England and the Financial Conduct Authority (FCA) have raised concerns about such deals. ...
Is it better to borrow money for a foreign property from home or overseas? image
Source : Daily Express [Read Article] Friday 12th of May 2017 12:00:00 AM
....The other issue with getting an overseas mortgage is that you will not receive the same protections as you would if you dealt with a UK institution. Bodies like the Financial Ombudsman Service can only deal with complaints regarding companies that operate in or from the UK, while the Financial Conduct Authority (FCA) only regulates UK businesses, so if something went wrong you would not be able to claim compensation on an overseas mortgage. ...
Barclays chief apologises to shareholders over whistleblowing incident image
Source : Guardian [Read Article] Wednesday 10th of May 2017 06:26:33 PM
.... Even so, he said, the bank had treated the matter as a whistleblowing incident – although McFarlane said many issues raised by whistleblowers are not found to be valid. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Barclays CEO sees no reason for Brexit jobs shift to Europe image
Source : Guardian [Read Article] Wednesday 10th of May 2017 12:12:29 PM
....Staley made two attempts to discover the identity of the individual making the allegations and began the meeting by apologising to shareholders for his actions, which he now says were a mistake. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Barclays boss sees off shareholder rebellion image
Source : BBC [Read Article] Wednesday 10th of May 2017 07:04:15 AM
....He later told the Barclays board he had been trying to protect the individual who had experienced personal difficulties, but admitted he got "too personally involved". The Financial Conduct Authority and the Prudential Regulation Authority are now both investigating the matter. ...
Drive carefully – I can see a credit car crash up ahead | Phillip Inman image
.... Doomsayers predict a tipping point will be reached when car companies and lenders are laden with unsold cars and consumer debts that cannot be repaid. A team inside the Financial Conduct Authority, the main City watchdog, has begun drawing up the terms of an inquiry into how much banks have lent to car buyers, and the likelihood of these institutions (many of them still struggling with the overhang of debts from the 2008 crash), getting their money back. ...
Don't change insurer regularly? It could be costing you more than £1,400 image
....New rules introduced last month force insurers to tell buyers at renewal stage what their premium was the year before. The Financial Conduct Authority said that measure alone should save consumers more than £100m, by alerting them to the scale of a premium increase. ...
Banks accused of putting lives at risk as charity accounts are shut without notice image
.... It had closed them without explanation following a review. Last year the Financial Conduct Authority (FCA) warned of an “avalanche” of de-risking which could close thousands of accounts. ...
Is it safe to manage currency transfers on your phone? image
Source : Daily Express [Read Article] Friday 5th of May 2017 03:10:00 PM
.... . You should also always aim to use the services of a currency broker that’s authorised by the Financial Conduct Authority (FCA). ...
Fears savers are being tricked OUT of gold-plated final salary pensions image
Source : Daily Express [Read Article] Thursday 4th of May 2017 11:49:00 AM
....This would also help advisors give clients the best options, as anyone with a pension pot worth over £30,000 is required to take financial advice before transferring into a DC scheme. The Financial Conduct Authority (FCA) is launching a consultation on the rules for advisors who are being paid to carry out transfers, suggesting the watchdog is concerned about the current situation. ...
Billions wasted on home and car insurance as people fail to shop around, says new research image
....”. Less than a third of homeowners have switched their household insurer in the last four years, but new rules introduced last month by City watchdog the Financial Conduct Authority (FCA) make it easier to see how much you lose by staying put. ...
The home insurance mistake costing YOU £123 every year image
Source : Daily Express [Read Article] Wednesday 3rd of May 2017 12:05:00 AM
....At the same time, nine out of 10 people said price is the most important factor for an insurance policy. Regulator the Financial Conduct Authority (FCA) has recently introduced rules which prompt customers to compare quotes at renewal. ...
If Barclays CEO is shown the door, let it be for the right reason | Nils Pratley image
.... It is staggering that Staley, whether he was badly advised or not, could have made such a mistake. The regulator, the Financial Conduct Authority, is investigating and its judgment is keenly awaited. ...
Theresa May promised to tackle greedy bosses – instead she’s helping them | Polly Toynbee image
.... PIRC, the pensions and investments research consultants who rate company performance on behalf of shareholders, noted HSBC’s 62% drop in profits last year, and the bank has closed 62 UK branches and shifted 1,000 jobs to Paris due to Brexit. The Financial Conduct Authority rates HSBC as the second-worst bank for customer complaints about banking, credit cards and mortgages. ...
Barclays chief admits he 'made a mistake' over whistleblowing case image
Source : Guardian [Read Article] Friday 28th of April 2017 08:27:59 AM
.... This related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. He had not offered to resign, Staley said, in the face the regulatory investigation into himself and the bank by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority. ...
Barclays boss faces shareholder revolt over whistleblowing case image
Source : Guardian [Read Article] Thursday 27th of April 2017 06:37:05 PM
.... He has issued a written apology for becoming too personally involved in the whistleblowing case, which related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Lloyds appoints ex-high court judge to review handling of HBOS fraud image
Source : Guardian [Read Article] Wednesday 26th of April 2017 11:03:08 AM
.... Six people were jailed in February after a jury was told how they spent the proceeds on superyachts and sex parties. The findings of the investigation by Dame Linda Dobbs, who retired as a judge four years ago, will be shared with the Financial Conduct Authority, although it is not clear whether it will be published. ...
Bill sets out plan to tackle 'extortionate' UK overdraft fees image
Source : Guardian [Read Article] Sunday 23rd of April 2017 04:51:46 PM
....Bank customers ripped off by “extortionate” overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges. Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts, similar to the limit imposed on charges on payday loans of £24 a month. ...
Low rates, tight margins: the mortgage market looks worryingly familiar image
.... Soon customer deposits will be just 5%, not 35%, and the information needed from borrowers on how they intend to pay will be sketchier. The Bank of England and the Financial Conduct Authority, which monitors how mortgages are sold, like to assure critics that they are not the “light-touch” regulators of old. ...
Financial watchdog to investigate car finance market image
Source : BBC [Read Article] Wednesday 19th of April 2017 10:47:47 AM
....Britain's financial watchdog is to investigate the car finance market, with concerns about irresponsible lending. The Financial Conduct Authority (FCA) is also raising concerns about a lack of transparency and potential conflicts of interest. ...
Investors think the election means a softer Brexit – are they right? image
Source : Guardian [Read Article] Tuesday 18th of April 2017 06:40:16 PM
.... That sounds a more realistic plan. Andrew Bailey, head of the Financial Conduct Authority, refused to mention Jes Staley or Barclays when asked about whistleblowing. ...
Brexit, PPI and high cost credit are top priorities for City watchdog image
Source : Guardian [Read Article] Tuesday 18th of April 2017 05:32:29 PM
....The City regulator has pledged to ensure that financial firms remain strong in the face of Brexit in its annual list of priorities, which also includes protecting vulnerable customers from overly expensive loans. Andrew Bailey, chief executive of the Financial Conduct Authority, said the regulator’s lawyers were scrutinising EU financial sector rules as part of the government’s “great repeal bill”, which will transfer thousands of EU regulations into UK legislation after Brexit. ...
Financial Conduct Authority concerned over personal debt image
Source : BBC [Read Article] Tuesday 18th of April 2017 09:09:54 AM
. Personal debt levels are high enough to merit the whole sector coming under the microscope of the UK's financial regulator, the head of the Financial Conduct Authority (FCA) has said. ...

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