FCA rejects ‘light-touch’ regulation in push for City growth December 10, 2024 The heads of the Financial Conduct Authority (FCA) told MPs they will not adopt a “light-touch” approach to regulation today after criticism the City watchdog has hampered growth with burdensome red tape. Appearing before the Treasury Committee on Tuesday, FCA chief executive, Nikhil Rathi, and chair, Ashley Alder, warned of the challenges in delivering on [...]
FCA facing High Court over interest rate hedging redress scheme December 9, 2024 The City regulator faces the High Court this week over its IRHP redress scheme, as a cross-party group aims to overturn the scheme
Mark Kleinman: Tucker’s luck could mean handing over HSBC reins during a trade war December 5, 2024 Mark Kleinman is Sky News’ City Editor and is the man who gets the Square Mile talking in his weekly Morning Wire column. This week he tackles HSBC’s chair changeover, the FCA’s recent climbdown, and a mighty job at Mitie. Tucker’s luck could mean handing over HSBC reins during a trade war Just as one swallow doesn’t make [...]
Former City minister quits Westminster group over scathing FCA report December 4, 2024 The former City minister John Glen has quit a cross-parliamentary group on fairer finance after it released an incendiary report on the Financial Conduct Authority (FCA) accusing it of “incompetence”. In a letter to the Financial Times, Glen, who served as City minister between 2018 and 2022, said he was “dismayed” by the report and [...]
Shein: Why the FCA is unlikely to block a blockbuster listing December 3, 2024 The boss of the Financial Conduct Authority (FCA) has insisted he is not the regulator of “every aspect of corporate behaviour” amid growing concerns over plans for the fast fashion retailer Shein to float on the London Stock Exchange. Nikhil Rathi, chief executive of the FCA, said it is not within the regulator’s power to [...]
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 [...]
City minister warned FCA ‘several times’ over name and shame plans November 29, 2024 The City minister said she warned the Financial Conduct Authority (FCA) “several times” that its controversial ‘name and shame’ rules could harm companies before the regulator moved to water down the plans. Following intense criticism from firms and ministers, the regulator confirmed on Thursday that it would soften plans to publicly name companies facing investigation [...]
FCA softens ‘name and shame’ plans after City backlash November 28, 2024 The Financial Conduct Authority (FCA) has softened its controversial ‘name and shame’ plans and will take into account the damaging impact the proposals could have on companies, after furious backlash from the City and Westminster. In a statement today, the watchdog said it would set out plans for “further engagement” after its initial plans triggered [...]
Former Wizz Air exec fined for breaching share trading laws November 27, 2024 A former Wizz Air executive has been fined £125,000 by the Financial Conduct Authority (FCA) for trading company shares when City rules barred him from doing so. András Sebők, the budget carrier’s former chief supply officer, fell foul of FCA regulations by illicitly trading London-listed Wizz Air shares during the month-long period leading up to [...]
FCA ‘strengthens’ internal whistleblowing policy after backlash November 27, 2024 The Financial Conduct Authority (FCA) has said it will look to strengthen its internal whistleblowing policy after intense criticism over its handling of complaints from former staff. The City regulator said today it will clearly lay out how its chair and other non-executives can internally share information about whistleblowers in order to protect their confidentiality [...]