‘More of the same’: City lawyers sceptical of FCA’s five-year plan November 26, 2024 The Financial Conduct Authority (FCA) has set out a new five-year strategy, including details about its secondary objective to support the growth and competitiveness of the UK economy. In a speech today, FCA chief operating officer Emily Shepperd outlined the four key themes that the City watchdog would be focusing on: Growth and innovation, financial [...]
UK proposes earlier banker bonuses in bid to boost competition November 26, 2024 UK regulators have officially laid out plans for the country’s top bankers to get their bonuses years earlier in a bid to boost competition with rival jurisdictions. The Bank of England’s Prudential Regulation Authority (PRA) and City watchdog the Financial Conduct Authority (FCA) published proposals on Tuesday to reduce the bonus deferral period for most [...]
Damning FCA report ‘risks undermining’ London as a financial centre November 26, 2024 Criticism of the Financial Conduct Authority (FCA) is continuing to mount as a group of parliamentarians prepares to lay out a stinging report claiming the watchdog is “defective” and “incompetent”. In a more than 350-page report compiled over three years, set to be presented to parliament, the All-Party Parliamentary Group on Investment Fraud and Fairer [...]
FCA fines Macquarie Bank for fictitious trades after ‘serious failings’ November 26, 2024 Macquarie Bank’s London branch has been slapped with a £13m fine for “serious failings” which allowed one of its employees to record 400 fictitious trades. The Financial Conduct Authority (FCA) penalised the firm based on activity between June 2020 and February 2022. Trader Travis Klein, based on Macquarie Bank Limited’s (MBL) London metals and bulks [...]
UK delays stablecoin regulation amid rise in crypto investing November 26, 2024 The government has delayed the rollout of a regulatory regime for stablecoins, it has been confirmed. City minister Tulip Siddiq confirmed that the government’s plan for stablecoin regulation, which had been expected this year, would be rolled into a larger regulatory plan for crypto next year. “Doing everything in a single phase is simpler, and [...]
FCA is ‘incompetent’ and transformation plan a ‘failure’, MPs say November 25, 2024 The Financial Conduct Authority (FCA) is “incompetent” and “defective” and attempts to transform itself over the past four years have been a “failure”, according to a damning report by a group of MPs, set to be revealed tomorrow. In a more than 350-page report compiled over three years, the All-Party Parliamentary Group on Investment Fraud [...]
Barclays fined over ‘reckless’ failure to disclose Qatar links November 25, 2024 The Financial Conduct Authority (FCA) has hit Barclays with a £40m fine today for failing to disclose ties with certain Qatari investors as it scrambled to avert a government bailout during the financial crisis. In a statement today, the City watchdog said the FTSE 100 lender’s conduct through during a capital raise in 2008 was [...]
FCA proposes extending motor finance complaint deadline November 21, 2024 The Financial Conduct Authority (FCA) is weighing up whether to extend the time that companies have to respond to motor finance complaints following a landmark high court ruling. In an announcement today, the watchdog said it is launching a consultation on whether to give firms more time to respond to customers’ concerns over the use [...]
Close Brothers restarts motor finance lending following landmark ruling November 21, 2024 Close Brothers has restarted its motor finance lending practice a month after a landmark court ruling over the legality of its business. On 25 October, a court ruled that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment, sending the entire motor finance [...]
‘FCA is not fit for purpose’: Motor finance lender bosses lash out November 20, 2024 Motor finance lender executives criticised the FCA performance of this sector, telling members of the Lords that the regulator is "not fit for purpose"