Crispin Odey banned from financial industry March 17, 2025 Former hedge fund manager Crispin Odey has been fined £1.8m and banned from working in the financial services industry by the Financial Conduct Authority. The financial watchdog cited Odey’s “lack of integrity” in their decision after he attempted to escape the allegations of sexual assault he faced at his firm. Odey “deliberately sought to frustrate” [...]
I’ll cut regulation and unleash the animal spirits of the private sector March 17, 2025 In an exclusive article for City PM, the Prime Minister says “it is an outrage that government does not know how much it costs business to comply with the regulations imposed on them” and declares that his “will be the first government to baseline these costs” – before slashing them. Last week, I set out [...]
City regulator considering scrapping £100 contactless limit March 14, 2025 The Financial Conduct Authority (FCA) announced on Friday it was looking for opinions on scrapping the contactless card limit and whether changes could benefit the UK economy. The current cap prohibits customers from making contactless card payments of more than £100 – however, the rule is set for review in a bid to boost growth. [...]
Founder of whisky investment firm Hackstons tied to notorious ‘Wolf of Wall Street’ wine scam March 13, 2025 A high-flying salesman who made millions during his time at a business that was subsequently exposed as a notorious wine scam is now running a West End whisky investment firm having changed his name, City PM can reveal. Alphie Valentine, 41, is the co-founder and director of Hackstons, whose flagship store opened in Knightsbridge in [...]
Payments watchdog bosses given hours to tell staff of FCA merger March 12, 2025 Payment Systems Regulator top brass did not know the watchdog was definitely being merged into the Financial Conduct Authority until just hours before it became public and used media leaks to prepare their response for the sweeping change, the regulator’s interim boss has said. Speaking at a Treasury Committee hearing less than 24 hours after [...]
Financial watchdogs ditch DEI regulation and ‘name and shame’ plans March 12, 2025 The UK’s two main financial watchdogs have ditched plans to impose diversity, equity and inclusion (DEI) targets on City institutions amid a government push to put Britain’s regulators on a growth footing. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) announced on Wednesday that in light of the “broad range” of feedback and [...]
Quango crackdown as Starmer reportedly set to slash civil service jobs March 12, 2025 The Prime Minister is reportedly planning to slash thousands of civil service jobs amid a crackdown on quangos, as he aims to radically overhaul the British state. Sir Keir Starmer will deliver a speech on Thursday, in which he will set out plans to cut thousands more Whitehall jobs than expected, according to the Guardian. [...]
FCA clarity on defence investment and green rules welcomed by MPs March 11, 2025 MPs have welcomed a move by the financial watchdog, clarifying that defence investments aren’t constrained by green or sustainability rules. The Financial Conduct Authority (FCA) released a statement on Tuesday morning clarifying their position on sustainability and defence investments. A spokesperson said: “Our sustainability rules do not prevent investment in or finance for defence companies. [...]
Regulator considers redress scheme in motor finance review March 11, 2025 In a statement this morning, the Financial Conduct Authority (FCA) has outlined its next steps in its motor finance review – including an industry-wide redress scheme if the Supreme Court upholds last year’s Court of Appeal ruling. The UK’s top court is expected to hear the appeal in early April as part of the growing [...]
Quilter hikes dividend as ongoing advice review drags on March 5, 2025 Asset management firm Quilter has reported a 17 per cent rise in adjusted profit to £196m for 2024, alongside a two-percentage-point improvement in its operating margin to 29 per cent. The wealth management firm, which provides advice and investment solutions across the high net worth and affluent market segments, recorded net inflows of £4.8bn. This [...]
