Government criticised for refusal to extend financial watchdog’s remit October 10, 2019 The government has been criticised for refusing to back a policy that would allow the financial regulator to recommend changes to its remit after the chair of the watchdog warned that regulatory loopholes were being exploited by “bad people”. In a report released in August, the Treasury Select Committee (TSC) had recommended the Financial Conduct [...]
Watchdog calls for clearer investor warnings in wake of Woodford saga September 30, 2019 The Financial Conduct Authority (FCA) will introduce tougher rules for funds that invest in hard-to-sell assets following the suspension of Neil Woodford’s flagship fund. In a policy statement published today, the financial regulator also said investors should be given better warnings about the risks they face if they want to be able to withdraw their [...]
Issues with no-deal Brexit preparations ‘still to be resolved’, warns City watchdog September 16, 2019 The head of the UK’s financial regulator has struck a cautious tone over the City’s preparations for a no-deal Brexit, warning that while progress is “welcome”, there are “issues still to be resolved”. Financial Conduct Authority (FCA) boss Andrew Bailey said earlier that overlaps between UK and EU share trading regulations post-Brexit would damage both [...]
Watchdog opens door to PPI deadline reprieve as customers battle technical issues August 28, 2019 The regulator responsible for overseeing PPI claims has hinted that providers could extend tomorrow’s deadline if technical difficulties prevent customers from complaining about mis-sold policies. Consumers have to lodge claims with the provider that sold them the PPI policy, but people have complained of being unable to make claims with providers due to problems with [...]
Natwest customers wrestle with IT issues as PPI deadline looms August 28, 2019 Natwest customers have complained of being unable to make PPI claims ahead of tomorrow’s deadline for lodging complaints about mis-sold plans. Customers took to Twitter to express their frustration at not being able to make claims. “The [Natwest] website is down, personal banking on-line system is down and the PPI call line system is malfunctioning! [...]
One day to go until the PPI deadline: How to make a PPI claim August 28, 2019 Consumers are rushing to make last-minute PPI claims as tomorrow’s deadline looms. Here’s how to get your claim submitted before the cut-off time of 11.59pm on 29 August. What is PPI? PPI – or Payment Protection Insurance – was intended to cover loan repayments if the person who took out the loan became unable to [...]
Watchdog urges consumers to make PPI claims as deadline looms August 22, 2019 The Financial Conduct Authority (FCA) is urging consumers not to leave making PPI claims to the last minute ahead of next week’s deadline. Figures released by the FCA show a total of £340.4m was paid to consumers who had complained about being mis-sold PPI in June, taking the total paid out since 2011 to £36bn. [...]
Watchdog’s ban on ex-Barclays executive holding senior positions overturned August 16, 2019 A ruling by the financial watchdog banning former Barclays executive Andrew Tinney from holding senior positions at financial institutions has been overturned. Tinney, former chief operating officer of Barclays Wealth, was also cleared of misleading the Financial Conduct Authority (FCA) and the US Federal Reserve Bank of New York, but a finding he “acted without [...]
When the fund stops: Why times are tough for UK asset managers August 6, 2019 It’s been a difficult year for the UK investment industry, and things could get worse before they get better. Fallout from the Woodford saga and increasing fears of a no-deal Brexit are continuing to pummel asset managers as they try to stem ongoing outflows. And with regulatory pressure ramping up, they are facing questions not [...]
Calls for clearer warnings of Woodford-style fund suspension risks August 5, 2019 Investors should be given clearer warnings about the risks of investing in funds that could suspend withdrawals, industry professionals have said. Neil Woodford’s equity income fund suspended trading in June after becoming overwhelmed by withdrawals, but it has been suggested that investors may not have understood that the fund could be suspended, leaving them unable [...]