Watchdog raises ‘greenwashing’ concerns over sustainable loans – but experts question need for ‘hard laws’ June 30, 2023 The Financial Conduct Authority (FCA) has highlighted a number of issues in sustainable lending which are stymying the growth of the market. In a letter sent yesterday to sustainability heads at banks, the watchdog noted that the market for sustainability-linked loans (SLLs) – which link borrowing costs to sustainability targets – had “grown rapidly” over [...]
As the Financial Services and Markets Act becomes law – here are the 5 things you need to know June 30, 2023 The Financial Services and Markets Bill received royal assent yesterday, securing the passage into law of the government’s landmark overhaul of financial services regulation. The government claims the reforms enable the UK to capitalise on ‘Brexit freedoms’, unlocking billions of pounds which could be directed to investment in the UK. In short, the act empowers [...]
FCA risks ‘watering down’ investor protection in bid to revive London, 10 top pension funds warn June 28, 2023 The Financial Conduct Authority risks “watering down” investor protections in its push to revive the appeal of London’s markets, a group of top pension has claimed today.
Crypto: FCA cannot ignore ‘harms that exist’ in market as new rules come into force June 19, 2023 The Financial Conduct Authority’s (FCA) crypto lead Matthew Long said regulators could not ignore “the harms that exist” in the market as new rules come into force. Speaking at London FinTech Week, Long said regulators around the world needed to be vigilant of the risks that the crypto sector poses to consumers. He said “opportunities [...]
Watchdogs in focus as proposed shakeup of financial regulation returns to parliament June 5, 2023 The UK’s financial regulators will be in focus as lawmakers consider a range of proposals to boost the accountability of watchdogs. A range of amendments to the Financial Services and Markets Bill have been put forward, focusing on the scrutiny of regulators as the Bill returns to parliament this week. Regulatory scrutiny has been a [...]
FCA hits broker ED&F Man Capital Markets with record £17.2m fine over cum-ex trading June 5, 2023 The Financial Conduct Authority has hit City broker ED&F Man Capital Markets with a record £17.2m fine for “serious failings” in its oversight of a murky cum-ex trading strategy. In a statement today, the watchdog said the failings from ED&F Man allowed it to collect millions of pounds of fees for the trading strategy as [...]
Consumer Duty: High street banks prepare for major regulatory shakeup as clock ticks down May 31, 2023 Banks in the UK have just two months to prepare for the incoming Consumer Duty, with some prominent bankers suggesting the new regulatory standards will prompt widespread changes in the industry. The Financial Conduct Authority’s (FCA) flagship Consumer Duty, which will come into effect on 31 July, requires firms to deliver good outcomes for retail [...]
City needs a whole ecosystem to attract the best and brightest May 9, 2023 Soft power success or waste of time and money? We’re more inclined to side with the Lord Mayor than some on Twitter when it comes to the weekend’s festivities. Clearly, the coronation was always going to kick off an almighty debate on the role of the Royal Family in the twenty-first century; but regardless of [...]
FCA continues crypto ATM crackdown and warns of further action again ‘illegal’ sites May 5, 2023 The Financial Conduct Authority (FCA) said it had inspected sites in Exeter, Nottingham and Sheffield suspected of hosting illegally operated crypto ATMs, as part of a continued crackdown on the illegal sector. The city watchdog said the inspections were part of a joint operation with the South West Regional Organised Crime Unit, Yorkshire and Humber [...]
Post-Brexit powers mean regulators need greater oversight, City figures warn May 5, 2023 Ex-ministers and City figures have warned that the government is not doing enough to improve the scrutiny of regulators after Brexit, in a sign that past rows about protecting the independence of the UK’s top financial regulators could resurface in the coming months. Following Brexit, UK financial regulators, such as the Prudential Regulation Authority (PRA) and [...]