Crisis at the FCA as top regulator Clive Adamson departs December 4, 2014 Some of the City’s most senior insurance executives last night expressed their dismay at the departure of Clive Adamson from the Financial Conduct Authority (FCA). Adamson was widely respected within the industry for being a tough but fair regulator. The news that he is to step down comes days ahead of the publication of a [...]
HMRC, FCA and PRA tell George Osborne they’ll work more closely together to share information at regular meetings after Banking Standards Review November 14, 2014 Financial regulators and HMRC have outlined plans to work more closely together in the wake of the government investigation into banking standards. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) will hold regular meetings with HMRC to better share information and expertise on “taxation, regulatory, prudential and consumer implications” that result from policy [...]
Forex rigging scandal: RBS, UBS, HSBC, JP Morgan and Citi set for lawsuit storm after £2bn FCA fine November 12, 2014 Funds, companies and other traders hurt by banks manipulating the foreign exchange markets could make claims totalling many billions of pounds, lawyers said yesterday. Five banks were fined a total of £2bn by the UK’s Financial Conduct Authority and the US Commodity Futures Trading Commission authorities because their traders fiddled key currency benchmarks. But the [...]
Forex rigging scandal: How the FCA fines have hit RBS, HSBC, Bank of America, JP Morgan, Citi and UBS November 12, 2014 RBS RBS is the most apologetic of the banks, in part because it is 81 per cent taxpayer owned, and in part because its chief executive joined after the wrongdoing. “To say I’m angry about this misconduct would be an understatement,” chief Ross McEwan said yesterday. “We’ve had people working in this bank who didn’t [...]
Forex rigging scandal: FCA lauds US and EU assistance on FX probe November 12, 2014 The Financial Conduct Authority (FCA) yesterday hailed the “unprecedented co-operation” between international regulators in helping to clinch its £1.1bn settlement yesterday, as the chancellor sought to capitalise on the bank settlements. The FCA, which dubbed its probe Operation Dovercourt, unveiled the outcome of its probe alongside its US peer, the Commodity Futures Trading Commission, and [...]
FCA hits RBS, HSBC, UBS, JPMorgan and Citi with record £1.1bn fine in forex rigging scandal November 12, 2014 Some of Britain's biggest banks have been slapped with a fine of £1.1bn by the Financial Conduct Authority (FCA) for "failing to control business practices" in their foreign exchange trading operations. After a year-long investigation into allegations of rate-rigging in their spot forex trading businesses, the UK's financial watchdog said the actions of the five [...]
Will the FCA’s cap on payday lender charges lead to an upsurge in the use of loan sharks? November 11, 2014 John Lamidey, senior partner at Arminius Associates and former chief executive of the Consumer Finance Association, says Yes. There has already been a significant increase in community illegal lending. The Illegal Money Lending Team for England saw a 62 per cent rise in 2013-14 for successful prosecutions. An estimated 310,000 households are borrowing from illegal [...]
Financial Conduct Authority slaps payday lenders with price cap November 11, 2014 The UK’s 400 payday lenders could be hit by a new cap on lending due to come into force in January, after an investigation into the controversial payday loan market by the financial regulator. The Financial Conduct Authority (FCA) said firms will have to cap lending costs at 0.8 per cent per day, with a [...]
RBS could be fined tens of millions of pounds by the FCA for 2012 computer failure November 3, 2014 The Royal Bank of Scotland (RBS) will face tens of millions of pounds worth of fines from the Financial Conduct Authority (FCA) for IT blunders back in 2012. In October, RBS was told by the FCA it must pay an amount that would be a record for IT failures. In 2012, 7m customers were locked [...]
How much have RBS, Barclays, JP Morgan, Citigroup, UBS and HSBC set aside for potential costs from the FCA forex market rigging probe? October 31, 2014 RBS is the latest bank to set aside a hefty pot of cash for the potential costs of settling with the City regulator after a major investigation into the manipulation of forex markets. The bank revealed that figure stands at £400m in its third quarter results today. It’s a large sum, but by no means [...]