City watchdog eyes new laws for claimant firms accused of ‘harm’ Legal The City watchdog has threatened enforcement action and new laws to impose “stronger compensation mechanisms” against the claims management market, including law firms that cause harm. The Financial Conduct Authority (FCA) has launched a fresh review of “the root causes of poor practices” across the market, as claims management companies and law firms come under [...]
Monzo slapped with £21m fine by City regulator Fintech Monzo has been slapped with a £21m fine by the Financial Conduct Authority after “repeatedly” opening accounts for “high-risk” customers. The UK fintech was blasted by the City watchdog for failing to keep the pace of its crime control with its customer and product growth. Between August 2020 and June 2022, Monzo signed up over [...]
City watchdog takes on advice gap to unlock growth Investing The Financial Conduct Authority (FCA) has launched a new form of financial help dubbed ‘targeted support’ in a bid to encourage greater consumer participation in financial markets and unlock more investment-led growth. The City regulator will target consumers with common financial characteristics, such as unsustainable pension drawdown, inadequate retirement savings and excess cash not being [...]
Banks called on to slash mortgage borrowing costs May 7, 2025 The Financial Conduct Authority (FCA) has called on lenders to take informed risks in the mortgage market to improve consumer support. The City regulator has launched a consultation on mortgage rules which targets reducing the overall cost of borrowing through term reductions and access to cheaper products when remortgaging. It said discussions will include “consideration [...]
City regulator appoints Asia-Pacific director in growth push March 20, 2025 A top director at the Financial Conduct Authority (FCA) will head up a new role in Asia as part of the regulator’s bid to boost growth, Morning Wire has learned. Camille Blackburn, who is currently the director of wholesale buy-side at the regulator, will head up growth operations in the Asia-Pacific region. This follows the [...]
FCA slammed by crowdfunding industry for over-regulation December 2, 2024 The UK economy has lost out on billions of pounds of investment over the past five years due to the City watchdog’s over-regulation of the crowdfunding industry, a leading lobby group has claimed. In a letter to City minister Tulip Siddiq, the UK Crowdfunding Association called on the Financial Conduct Authority (FCA) for a new [...]