FCA tells wealth managers to ‘justify’ high fees in warning to sector November 8, 2023 The Financial Conduct Authority warned wealth managers yesterday that it would look to take a more “intrusive and assertive” approach to supervising the sector if they aren’t able to justify their high fees.
Buy-now pay-later firms welcome Labour call to regulate amid Treasury delays November 7, 2023 Buy now pay later (BNPL) firms have welcomed calls from Labour to regulate services such as Klarna in the same way as credit cards.
City watchdog urges firms to link pay to consumer outcomes as bonus cap is lifted October 31, 2023 The Financial Conduct Authority (FCA) has called for firms to link executive pay to consumer outcomes as the City prepares to lift the cap on bonuses.
FCA rebukes Paypal over ‘unfair’ BNPL terms as sector braces for clampdown October 31, 2023 The Financial Conduct Authority said it has forced a number of buy-now-pay-later firms to change “potentially unfair and unclear” terms in their contracts today as it tightens the screws on firms before formally bringing the sector within its remit.
City watchdog faces criticism after declining to expand SME access to complaints service October 24, 2023 Businesses groups have warned that firms may be unable to access justice after the Financial Conduct Authority (FCA) decided against expanding access to the Financial Ombudsman Service (FOS).
FCA fines Equifax £11m for role in cyber breach October 13, 2023 Britain's financial watchdog (FCA) said on Friday it had fined consumer credit rater Equifax £11m for its role in "one of the largest" cyber-security breaches in history.
LCF ‘censured’ over minibonds as City watchdog looks to turn page on ‘unjustifiable’ scandal October 11, 2023 The FCA has censured LCF over its minibonds promotions but watchdog admits move won't provide solace to those duped by misleading promotions
City watchdog issued nearly 150 alerts on crypto ads in 24 hours after new regulations October 9, 2023 The City watchdog issued nearly 150 alerts on the first day of its new crypto marketing regime as unauthorised crypto firms felt the heat from the new regulations.
Young people turning to Tiktok for financial advice as FCA weeds out bad actors October 8, 2023 Young people are increasingly turning to social media sites, such as Instagram and Tiktok, for financial advice, a new survey has revealed.
FCA defends whistleblowing processes after admitting legal slip-up October 4, 2023 The Financial Conduct Authority has defended its conduct towards whistleblowers today after officials wrongly dismissed a plea for protection and apologised for misinterpreting laws. The watchdog apologised to a whistleblower this week after it wrongly dismissed their complaints on the grounds the person they had waived their right to anonymity, a decision which has no basis in law. Officials at the FCA formally apologised to the whistleblower after being approached for comment by City PM Speaking with reporters today, officials admitted the mistake had been made in their handling of the case but sa “I do want to take this opportunity to sincerely apologise for the distress we caused that individual as a result of our mistake,” Sheree Howard, the watchdog’s executive director of risk and compliance said. An official dismissed the calls in March on the grounds that the complainant was “no longer entitled to the protections offered under the Public Interest Disclosure Act 1998” – the laws governing whistleblowing - because the had waived their anonymity. Speaking with City PM on condition of anonymity, the whistleblower claimed they had been treated with “contempt” and left vulnerable to retribution from the firm. The watchdog has faced question over the protections afforded to whistleblowers in recent months after a report from whistleblower body Protect found that 70 per cent were either victimised, dismissed or felt resignation was the only option open to them after raising the alarm. When questioned by City PM on whether the watchdog had failed to adequately protect whistleblowers, the FCA’s co-head of enforcement and market oversight said he was “always happy to look at our approach on whistleblowing”. “We are see[ing] if we can develop and strengthen the protections,” he said. “I do come back to that I think from a FCA perspective, we do have some good protections in place to protect the the confidentiality and the anonymity of the whistleblower.” Earlier this year, the government committed to a review of the protections afforded to whistleblowers in the UK. The review has looked to “take stock of whether the whistleblowing framework is operating effectively and protects those who call out wrongdoing in the workplace,” Business Minister Kevin Hollinrake said at the time.
