Call-in powers would be a grave threat to the regulator’s vital independence October 31, 2022 Politicians should be wary of the damage they could do to our regulators’ reputation for independence if they move forward with call-in powers Independence is a funny old thing. At a national level, it can be won and lost in the blink of an eye. At more prosaic levels, building up independence – and a [...]
Watchdog eyes Big Tech push into UK financial services sector October 25, 2022 The presence of Big Tech in the UK’s financial services market has caught the eyes of the regulator. The Financial Conduct Authority (FCA) is seeking views on the possible competition harms and benefits of the Big Tech push into financial services sectors and the infrastructure on which it is based. Sheldon Mills, executive director of [...]
City regulator FCA extends guidance for banks that look to permanently shut more branches October 11, 2022 The Financial Conduct Authority (FCA) guidance, which already sets out expectations for banks to carry out thorough checks on the impact that permanent closures will have on customers, has been extended. Alternatives to bank branches should be delivered quickly and as a priority, according to the City regulator, which has published new guidance for those [...]
FCA slaps City broker with £531,000 fine over missing suspicious transactions October 6, 2022 The Financial Conduct Authority (FCA) has slapped City stock broker Sigma with a £531,000 fine after it failed to identify 97 suspicious transactions. The watchdog also found the firm guilty of inadequately reporting 56,000 contracts for difference – an insurance tool used by market participants – between December 2014 and August 2016. Both former and [...]
FCA vows to take action against insurers falling short on business interruption claims October 4, 2022 The UK’s financial watchdog has warned insurers are falling short of its requirements in their handling of business interruption (BI) claims. The Financial Conduct Authority (FCA) said it will “consider using all regulatory tools” it has available to ensure insurers meet its standards after a review carried out by the watchdog determined insurers have “fallen [...]
Don’t penalise cash-strapped Brits, FCA warns insurers September 29, 2022 The City watchdog has fired a warning shot at insurance firms today and told them to ensure they are supporting consumers as a cost of living crunch hits.
UK’s new housing minister vows to crack down on ‘immoral’ insurance deals September 22, 2022 The UK’s new housing minister has vowed to crack down on “immoral” practices in the insurance sector that “drive up prices for consumers,” after tower block leaseholders were hit with surging premiums in the wake of the Grenfell tower disaster. In a comment piece in The Telegraph, Housing secretary Simon Clarke said his department [...]
Link faces £50m fine over Woodford fund’s collapse September 21, 2022 The UK firm that managed Neil Woodford’s flagship investment fund is facing a £50m fine over its running of the fund before its collapse in 2019. The UK’s Financial Conduct Authority (FCA) has issued a draft warning notice against Link Fund Solutions Ltd (LFS) indicating it could be forced to pay £306m in costs and [...]
FCA warns millions of Brits who live in blocks of flats urgently need better protection September 21, 2022 Under a move by the City watchdog to improve how the buildings insurance market operates, the FCA said today that people living in blocks of flats could receive greater protections from high insurance costs. A cross-industry risk-sharing scheme could be set up to limit the risk to individual insurers posed by buildings affected by flammable [...]
Exclusive: Banks cleaning up their act as City sees steep drop in bullying and sexual harassment September 20, 2022 Banks, insurers and other financial services firms have come under pressure from the City watchdog, the Financial Conduct Authority (FCA), in recent years to crack down on personal misconduct by individuals in regulated firms, and it seems these efforts are starting to pay off. City PM can reveal this morning that London’s financial services space [...]
