Number of claims management firms halves after FCA clampdown Regulation The number of claims management firms authorised by the UK’s financial watchdog has nearly halved since the beginning of the decade after the regulator “raised the bar” for firms in the sector. A Freedom of Information request by financial services consultancy Broadstone revealed 483 claims management companies (CMCs) operate in the sector, compared with 942 [...]
City watchdog accused of ‘massive overreach’ in motor finance clampdown Legal The Financial Conduct Authority (FCA) has been accused of a “massive overreach” following letters sent to law firms and claims management companies (CMCs) requesting batches of information under the new Digital Markets, Competition and Consumers law. The FCA sent letters in August, seen by Morning Wire, requesting information on the law firms’ motor finance services, [...]
£1.9bn price tag makes JLR Britain’s most expensive cyber attack Tech The cyber attack on Jaguar Land Rover (JLR) has been estimated to cost the UK around £1.9bn, in what experts are calling the most economically damaging hack in British history. Research from the Cyber Monitoring Centre (CMC), a non-profit group that tracks major cyber incidents, found that around 5,000 organisations across the country were affected [...]
FCA names interim FOS chair after abrupt leadership shake-up July 28, 2025 The Financial Conduct Authority has named a new interim chair of the Financial Ombudsman Service after its initial recruitment campaign “proved unsuccessful”. The City regulator appointed Liam Coleman as the watchdog’s temporary chair, which comes as controversy surrounds the departures of former leadership. Coleman will replace Baroness Zahida Manzoor who abruptly announced in February she [...]
CMC Markets eyes Web 3.0 as profit jumps June 5, 2025 Profit at the Lord Cruddas-founded CMC Markets jumped 33 per cent last year to £84.5m, as the group launches a new campaign to enter the ‘Web 3.0’ space. Net operating income came in at £340.1m, a two per cent increase on the previous financial year but below expectations of £359m, the firm revealed in its [...]
CMC Markets: Firm founded by Lord Cruddas sees shares tank January 23, 2025 CMC Markets’ share price has nosedived more than 12 per cent after issuing a brief trading update to markets. In a stock exchange announcement this morning, the firm said it remained “on track” to deliver annual net operating income in line with previous guidance. “Management also remains confident in meeting its cost guidance of approximately [...]