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....The debt charity StepChange, which has also released fresh data, said the percentage of its clients falling behind on payments went over 40% in the first half of 2017, while the average debt of the people it helps has also risen, from £14,251 in 2016 to £14,367 in the first half of the year. Andrew Bailey, chief executive of the Financial Conduct Authority, told the Guardian – at the start of a series examining the £200bn in unsecured consumer credit amassed by households in Britain – that he was concerned about the sheer number of people who needs loans to make ends meet. ... [Read full article on Guardian ]
Monday 18th of September 2017 05:34:39 PM
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....“When you have people right up the income scale being told by the banks not to worry that they can’t afford the price of a car, just borrow the money anyway,” Reeves said. Andrew Bailey, the chief executive of the Financial Conduct Authority, on Monday called on the government to help craft a sustainable solution to enable vulnerable borrowers to obtain finance. ... [Read full article on Guardian ]
Tuesday 19th of September 2017 12:50:07 PM
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.... That was ignored, leaving Britain’s current-account deficit, which is the largest in the G7 nations, to be factored into the next five-year forecast. Andrew Bailey, the boss of the main financial watchdog, the Financial Conduct Authority, is concerned that significant numbers of families are drowning in debt. ... [Read full article on Guardian ]
Sunday 24th of September 2017 02:39:44 PM
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....Illegal loan sharks are still chasing some of the most vulnerable families in Britain, according to the UK’s second-biggest doorstep lender. The warning came as the Financial Conduct Authority this week called on the government to help tackle the debt burden of the most vulnerable consumers in Britain. ... [Read full article on Guardian ]
Wednesday 20th of September 2017 11:48:20 AM
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.... Credit card lenders appear to be targeting people struggling with unaffordable levels of debt, according to research from the charity Citizens Advice, who helped Tracy to manage her problems. Almost one in five people struggling with debts have had their credit card limit raised without them requesting it, leading the charity to demand the Financial Conduct Authority ban the practice. ... [Read full article on Guardian ]
Monday 18th of September 2017 05:27:02 PM
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....The changes could mean risks for buyers, as they adapt to a new and more complex system for purchasing vehicles. That has prompted an investigation from the Financial Conduct Authority, the City watchdog, including an inquiry to see if firms adequately assess whether buyers have the ability to repay their car loans before taking them out. ... [Read full article on Guardian ]
Tuesday 19th of September 2017 12:50:24 PM
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....Misselling is another concern. The financial regulator, the Financial Conduct Authority, is currently reviewing whether to investigate the car leasing market for underhand practices and obscure clauses that disguise the real cost of borrowing. ... [Read full article on Guardian ]
Tuesday 19th of September 2017 12:50:45 PM
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Latest Finance News related to Financial Conduct Authority

Britain's growing debt problem demands a fresh set of eyes | Phillip Inman image
Source : Guardian [Read Article] Sunday 24th of September 2017 02:39:44 PM
.... That was ignored, leaving Britain’s current-account deficit, which is the largest in the G7 nations, to be factored into the next five-year forecast. Andrew Bailey, the boss of the main financial watchdog, the Financial Conduct Authority, is concerned that significant numbers of families are drowning in debt. ...
UK debt crisis and the onward march of neoliberalism | Letters image
Source : Guardian [Read Article] Thursday 21st of September 2017 06:39:04 PM
.... Has everyone forgotten?John AirsLiverpool. • The UK is on the precipice of a consumer credit crisis, a situation so severe that the Financial Conduct Authority is now urging action from the government (Report, 19 September). ...
Loan sharks are circling, says one of UK's biggest doorstep lenders image
Source : Guardian [Read Article] Wednesday 20th of September 2017 11:48:20 AM
....Illegal loan sharks are still chasing some of the most vulnerable families in Britain, according to the UK’s second-biggest doorstep lender. The warning came as the Financial Conduct Authority this week called on the government to help tackle the debt burden of the most vulnerable consumers in Britain. ...
What you need to know about car loans image
Source : Guardian [Read Article] Tuesday 19th of September 2017 12:50:45 PM
....Misselling is another concern. The financial regulator, the Financial Conduct Authority, is currently reviewing whether to investigate the car leasing market for underhand practices and obscure clauses that disguise the real cost of borrowing. ...
Car finance: the fast lane to debt? image
Source : Guardian [Read Article] Tuesday 19th of September 2017 12:50:24 PM
....The changes could mean risks for buyers, as they adapt to a new and more complex system for purchasing vehicles. That has prompted an investigation from the Financial Conduct Authority, the City watchdog, including an inquiry to see if firms adequately assess whether buyers have the ability to repay their car loans before taking them out. ...
Public inquiry needed into UK's £200bn debt crisis, say senior MPs image
Source : Guardian [Read Article] Tuesday 19th of September 2017 12:50:07 PM
....“When you have people right up the income scale being told by the banks not to worry that they can’t afford the price of a car, just borrow the money anyway,” Reeves said. Andrew Bailey, the chief executive of the Financial Conduct Authority, on Monday called on the government to help craft a sustainable solution to enable vulnerable borrowers to obtain finance. ...
Britain's debt time​bomb: FCA urges action over £200bn crisis image
Source : Guardian [Read Article] Monday 18th of September 2017 05:34:39 PM
....The debt charity StepChange, which has also released fresh data, said the percentage of its clients falling behind on payments went over 40% in the first half of 2017, while the average debt of the people it helps has also risen, from £14,251 in 2016 to £14,367 in the first half of the year. Andrew Bailey, chief executive of the Financial Conduct Authority, told the Guardian – at the start of a series examining the £200bn in unsecured consumer credit amassed by households in Britain – that he was concerned about the sheer number of people who needs loans to make ends meet. ...
'They just kept topping it up' – how one credit card user fell £28,000 in debt image
.... Credit card lenders appear to be targeting people struggling with unaffordable levels of debt, according to research from the charity Citizens Advice, who helped Tracy to manage her problems. Almost one in five people struggling with debts have had their credit card limit raised without them requesting it, leading the charity to demand the Financial Conduct Authority ban the practice. ...
Over-55s take out £8m a day from their homes image
Source : Guardian [Read Article] Saturday 16th of September 2017 06:00:04 AM
....Interest-only mortgages almost became extinct following the credit crunch, and were once branded a “ticking timebomb”. But now the Financial Conduct Authority (FCA) is talking about reviving them to help older borrowers. ...
Barclays' head of whistleblowing to leave after dropping employment case image
Source : Guardian [Read Article] Friday 15th of September 2017 03:32:40 PM
....His departure comes as the investigations into Staley’s conduct continue. The American banker – who joined Barclays in December 2015 – along with the bank are under investigation by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority. ...
FCA refuses to publish report on RBS and small business customers image
Source : Guardian [Read Article] Thursday 14th of September 2017 11:01:17 PM
....The City regulator is at loggerheads with MPs after refusing to publish a report it commissioned into the way Royal Bank of Scotland treated small business customers. Andrew Bailey, the chief executive of the Financial Conduct Authority, has told MPs on the Treasury select committee that publication of information in the report could be a criminal offence under the Financial Services and Marketing Act. ...
Bitcoin investors could lose all their money, FCA warns image
Source : Guardian [Read Article] Tuesday 12th of September 2017 01:48:03 PM
....The financial regulator has issued a stern warning against a speculative frenzy over initial coin offerings (ICOs) in cryptocurrencies such as bitcoin that have been promoted by celebrities including Paris Hilton. The Financial Conduct Authority said anyone investing in ICOs should be prepared to lose all their money, with some of the schemes floated potentially outright frauds. ...
MPs to question City watchdog over Saudi Aramco float image
Source : Guardian [Read Article] Thursday 7th of September 2017 11:01:22 PM
. The Financial Conduct Authority is facing questions from MPs about whether political influence was behind proposed City rule changes that could lure the $2tn (£1. ...
Publish leaked RBS report, MPs tell FCA image
Source : Guardian [Read Article] Wednesday 6th of September 2017 11:01:44 PM
. The Financial Conduct Authority is facing pressure from the Treasury select committee of MPs to publish the report into Royal Bank of Scotland’s troubled business restructuring unit. ...
The City's timidity has let Sports Direct's Keith Hellawell survive | Nils Pratley image
....Nicky Morgan, the Treasury select committee chair, is right. Now the report into the alleged devious activities of Royal Bank of Scotland’s restructuring unit has leaked, there is little point in the Financial Conduct Authority continuing to sit on the document. ...
Can I buy a house for my mum to live in rent-free? image
Source : Guardian [Read Article] Monday 4th of September 2017 09:26:14 AM
....But according to independent mortgage adviser Niche Advice, if you were already a homeowner it might be possible to take out what is referred to as a regulated or consumer buy-to-let mortgage. These allow applications for such mortgages to be assessed according to the same strict affordability rules set by the Financial Conduct Authority (FCA) for residential mortgages if the property is to be let to a close relative. ...
Former Provident Financial chief forfeits £4m after profit warning image
Source : Guardian [Read Article] Friday 1st of September 2017 05:56:36 PM
....The dramatic fall came after Provident warned that its home credit division could lose up to £120m this year compared with a prediction of a £60m profit just two months ago, a forecast that was already a downgrade on previous expectations. The firm also cancelled its dividend and said City regulator the Financial Conduct Authority was probing the sale of a credit card product by its banking division, Vanquis Bank. ...
Arnold Schwarzenegger joins call to act over mis-sold PPI before deadline image
Source : Daily Express [Read Article] Wednesday 30th of August 2017 09:55:00 AM
. The clock is now ticking with City regulator the Financial Conduct Authority (FCA) setting a final deadline for claims of August 29, 2019. ...
Credit card lenders 'targeting people struggling with debt' image
Source : Guardian [Read Article] Tuesday 29th of August 2017 11:01:11 PM
....Research from Citizens Advice finds almost one in five people struggling with debts have had their credit card limit raised without them requesting it. The charity has demanded the Financial Conduct Authority bans the practice, amid growing concerns over a boom in lending. ...
Mitie investigated by FCA over results and profit warning image
Source : Guardian [Read Article] Tuesday 29th of August 2017 05:56:07 PM
....The City regulator has launched an investigation into Mitie over its annual results and the timing of a September 2016 profit warning, adding to problems at the outsourcing company as it tries to revive its fortunes. The provider of pest control, cleaning and security services said on Tuesday it was informed of the probe by the Financial Conduct Authority on Friday and was “fully cooperating”. ...
Hasta la vista, PPI! Schwarzenegger fronts FCA's £42m campaign image
Source : Guardian [Read Article] Tuesday 29th of August 2017 04:25:34 PM
....The UK’s financial watchdog is to launch a £42m campaign featuring a model of the Terminator star, Arnold Schwarzenegger, to raise awareness of the deadline for making complaints about payment protection insurance. The Financial Conduct Authority’s ad campaign, which is being paid for by the 18 banks, building societies and credit card providers with the most PPI complaints, is being launched exactly two years before the 29 August 2019 deadline for claims. ...
City pay still out of proportion a century after JM Keynes complained image
Source : Guardian [Read Article] Sunday 27th of August 2017 06:00:02 AM
....For anyone who hasn’t had enough of phone calls offering untold riches via compensation for mis-sold PPI, now the campaign is hitting the TV, radio and billboards. In this case though, it won’t be bogus cold calls but advice from reputable City watchdog the Financial Conduct Authority. ...
RBS mistreated clients, leaked FCA report reveals image
Source : Guardian [Read Article] Friday 25th of August 2017 08:27:01 PM
. A division of the taxpayer-owned RBS bank which was meant to help companies in trouble mistreated many of its clients but did not try to “profit from their distress”, according to a leaked report by the regulator, the Financial Conduct Authority. ...
Banks brace for rush of PPI claims as £42m TV ad campaign begins image
Source : Guardian [Read Article] Friday 25th of August 2017 10:21:14 AM
....Britain’s banks are bracing themselves for a new wave of compensation claims likely to be sparked by a £42m advertising campaign urging customers to complain about their payment protection insurance policies. The campaign by the Financial Conduct Authority is due to launch on 29 August – exactly two years before the cut-off point for any fresh PPI claims – and is being paid for by 18 of the biggest players in the industry. ...
Provident Financial sees nearly £1.7bn wiped off stock market value image
Source : Guardian [Read Article] Tuesday 22nd of August 2017 09:40:50 AM
....The company, which specialises in lending to people in financial difficulty, issued its second profit warning in two months, parted company with its chief executive and cancelled a dividend for shareholders. It also announced that it is facing a regulatory probe by City watchdog the Financial Conduct Authority into the sale of a product that allowed people to freeze their credit card debt. ...
World's biggest banks face £264bn bill for poor conduct image
Source : Guardian [Read Article] Monday 14th of August 2017 05:28:32 PM
....“As has been the case since the first table, we find ourselves wondering when, if ever, the level of conduct costs will start to decrease,” said McCormick. He noted that the 2016 figures showed a rapid decline in fines from the Financial Conduct Authority, which issued fines worth £819m in the first six months of 2015 alone, as a result of the market-rigging scandals. ...
David Davis linked to City trader fined for insider dealing image
Source : Guardian [Read Article] Saturday 12th of August 2017 07:45:41 PM
.... But their relationship deepened in 2012 when Davis criticised the Financial Services Authority in its pursuit of the City’s leading dealmaker, who was forced to leave his job with JP Morgan after being found guilty of “market abuse”. The £450,000 fine imposed by the FSA (replaced by the Financial Conduct Authority or FCA in 2013) was one of the largest handed down to an individual and was considered a major coup for the authority. ...
Stock market crash: how Slater and Gordon became a casualty of the neoliberal dream | Richard Ackland image
....For a bunch of ambulance-chasing lawyers, you might expect the legal brains at Slater & Gordon to know a car crash when they saw one. Two months after the acquisition Quindell was investigated by the Financial Conduct Authority. ...
Why are Britain’s banks blaming customers for online banking fraud? | Miles Brignall image
.... Victims question how a payment can be considered authorised if it goes to a different person. But the banks’ default position is to assume the victim has acted in a grossly negligent manner – a stance that has been backed by the regulator, the Financial Conduct Authority. ...
Banks issue new sort codes in ringfencing of high street operations image
Source : Guardian [Read Article] Sunday 6th of August 2017 03:15:24 PM
.... “We have worked hard to minimise the number of customers and clients impacted,” it said. The Financial Conduct Authority, the City regulator, is telling customers of all banks to be wary of banking and online fraud, as banks make the changes necessary to comply with the rules. ...
A decade after the financial meltdown, its underlying problems haven’t been fixed image
....Put like that – and with scrupulous avoidance of any reference to Saudi Aramco – the process can be made to sound benign. A tweak here, an update there: isn’t that what the grown-ups at the Financial Conduct Authority should be doing to maintain London’s place at the top of the global financial pecking order?. ...
Socially responsible retailers aim to end the ‘rent-to-own’ rip-off image
Source : Guardian [Read Article] Saturday 5th of August 2017 05:59:04 AM
.... But there has long been criticism of the high cost of items and the steep interest rates charged: a March 2016 report from the Financial Inclusion Centre thinktank stated that rent-to-own customers “can easily find themselves paying three times as much for goods and services than they would from more conventional retail outlets”. A couple of months after that, the Financial Conduct Authority (FCA) said that following its intervention, the three firms had agreed to make major improvements to their product affordability, price transparency and arrears handling. ...
RBS plans move to Amsterdam for post-Brexit EU hub image
Source : Guardian [Read Article] Friday 4th of August 2017 06:44:41 AM
....Meanwhile, the news of the investigation into potential breaches of money laundering rules was contained in the more than 15 pages of legal warnings attached to the results. “On 21 July 2017, the FCA [Financial Conduct Authority] notified RBS that it is undertaking an investigation into RBS plc’s compliance with the money laundering regulations 2007 in relation to certain customers. ...
Swiss bank Julius Bär plans expansion in UK with new offices image
Source : Guardian [Read Article] Thursday 3rd of August 2017 06:28:41 PM
.... “The newly hired relationship managers all have proven track records and will be joining Julius Bär over the coming months, operating out of premises that have been identified and which are expected to open later this year,” the bank said. The UK operation is regulated by the Financial Conduct Authority, while the bank’s new offices will add to existing operations in Dubai, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Milan, Monaco, Montevideo, Moscow, Mumbai, Singapore and Tokyo. ...
'It's hard to remember how fraught it was': Mark Carney on the credit crunch image
....Andrew Bailey, who was at the Bank of England at the time, said the mood was pretty sombre as the run on the Rock was under way. “There were still a lot of people saying it will all be over by Christmas,” said Bailey, who is now the chief executive of the Financial Conduct Authority. ...
The day the credit crunch began, 10 years on: 'the world changed' image
Source : Guardian [Read Article] Wednesday 2nd of August 2017 04:15:56 PM
.... Andrew Bailey, who played a crucial role in unravelling Northern Rock, said one of the lessons was to understand what banks were actually up to. Now chief executive of the Financial Conduct Authority, Bailey said: “If you’re a supervisor you need to understand the business model … The root of it is still how are you earning your money, how are you managing your balance sheet?”. ...
London’s reputation at risk from watering down City rules, IoD warns image
Source : Guardian [Read Article] Wednesday 2nd of August 2017 05:01:38 AM
....London’s world-class reputation for corporate governance is at risk if the City regulator presses ahead with plans to water down stock market rules for companies owned by sovereign wealth funds, business leaders have warned. The Financial Conduct Authority published plans last month to introduce rules that were regarded as an attempt by the regulator to attract the world’s biggest ever flotation – of Saudi Aramco, Saudi Arabia’s state oil company – to London. ...
Using Brexit to RIP of customers: Here's how YOU can beat great British rip-off image
Source : Daily Express [Read Article] Wednesday 2nd of August 2017 12:01:00 AM
.... . City regulator the Financial Conduct Authority (FCA) has condemned pricey bank overdraft charges because they do not reflect the low level of risk involved. ...
ESSATI garage doors victim vows to fight warranty “con” image
Source : Daily Express [Read Article] Monday 31st of July 2017 05:15:00 PM
....This goes further than reading the small print. Beware anything that is not a formal financial contract, such as insurance which is underwritten and has to be authorised by the Financial Conduct Authority (FCA). ...
Why bitcoin and its digital cousins are under increasing scrutiny image
Source : Guardian [Read Article] Monday 31st of July 2017 03:54:14 PM
.... A spokeswoman for the Bank said it was monitoring developments. At the same time, the consumer watchdog, the Financial Conduct Authority, is considering the impact of digital currencies, and plans to report on its findings later this year. ...
Bank account overdraft fees: How big charges for going over your limit could be SCRAPPED image
....Customers who go over their arranged overdraft are typically hit with severe financial penalties by providers. But the charges don't reflect the level of risk from the bank, according to the Financial Conduct Authority (FCA) in its review of high cost credit. ...
Unsecured consumer credit tops £200bn for first time since 2008 image
Source : Guardian [Read Article] Monday 31st of July 2017 08:55:04 AM
....The financial watchdog has announced fresh measures to protect consumers from spiralling debt as official data showed that borrowing through credit cards, overdrafts and car loans has topped £200bn for the first time since the global financial crisis. The Financial Conduct Authority said it was cracking down on the high cost of overdrafts and reviewing the booming car loan market. ...
HSBC chief sounds alarm over financial regulation and Brexit image
Source : Guardian [Read Article] Monday 31st of July 2017 07:02:10 AM
....2bn fine from the US Department of Justice (DoJ) for money laundering, which led to a monitor being installed at the bank as part of a deferred prosecution agreement (DPA). US lawyer Michael Cherkasky was appointed as the monitor five years ago and his concerns have prompted an investigation by the Financial Conduct Authority into potential breaches of money-laundering rules. ...
Barclays sets aside extra £700m for PPI claims image
Source : Guardian [Read Article] Friday 28th of July 2017 07:25:34 AM
.... The bank is fighting accusations by the US Department of Justice – made in December – over a decade-old mortgage bond mis-selling scandal. With regards to the whistleblowing investigation, the bank said it and Staley “are cooperating fully” with the Financial Conduct Authority and the Prudential Regulation Authority. ...
Libor interest rate to be phased out after string of scandals image
Source : Guardian [Read Article] Thursday 27th of July 2017 04:47:23 PM
....The index will be phased out in 2021 despite a series of reforms put in place to clean up the way the rate is set. Andrew Bailey, chief executive of the Financial Conduct Authority, made the announcement after admitting banks no longer wanted to participate in setting the rate, which underpins the financial system and is used to price more than $350tn of financial products around the world. ...
Lloyds to pay £300MILLION compensation to customers: Are YOU owed money? image
Source : Daily Express [Read Article] Thursday 27th of July 2017 11:28:00 AM
.... Following the involvement of the financial regulator, Lloyds will now refund all fees charged to customers for arrears management and broken payment arrangements over the seven years. Any customers in Lloyds litigation process during this period will also have unfair litigation fees refunded, the Financial Conduct Authority (FCA) said. ...
Lloyds takes fresh £1bn hit from PPI compensation claims image
Source : Guardian [Read Article] Thursday 27th of July 2017 08:29:53 AM
....The bank announced it was reimbursing about 590,000 customers following a review of the way it handled mortgage holders who were in arrears and has set aside a total of £552m to tackle the issue. The Financial Conduct Authority said £283m of this would be paid to customers after the the bank had acknowledged that when customers fell into arrears, it did not always do enough to ensure their arrears payment plans were affordable and sustainable. ...
FCA to extend regulatory regime to 47,000 firms image
Source : Guardian [Read Article] Wednesday 26th of July 2017 05:37:53 PM
....A regulatory regime intended to crack down on the behaviour of bank bosses is to be extended to 47,000 firms including dentists, gyms and tool hire companies that offer credit to customers. The Financial Conduct Authority estimated that the new regime would cost firms £550m, with up to £190m of ongoing costs for the firms involved. ...
THIS is how much savers are taking from pensions: How do YOU compare? image
Source : Daily Express [Read Article] Wednesday 26th of July 2017 03:42:00 PM
.... Tom Selby, senior analyst at AJ Bell, said: “The pension freedoms continue to be hugely popular, with evidence suggesting most people are accessing their retirement pot in a sensible way rather than ravaging their savings to splurge on fast cars. “While the evidence so far is encouraging, the Financial Conduct Authority (FCA) will need to keep a close eye on the market to ensure consumers continue to manage their withdrawals in a sensible, sustainable manner. ...
Bank of America to move some City of London roles to Dublin post-Brexit image
.... that’s obviously helpful to us,” Gnodde said. Earlier this week, Andrew Bailey, chief executive of City regulator the Financial Conduct Authority, said financial firms were getting near to the point where they would have to take steps to move staff and other measures to ensure they can continue to operate seamlessly once the UK leaves the EU. ...
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. ...

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