Amigo Loans cuts ties with KPMG following ‘competitive tender’ September 5, 2022 Amigo Loans has cut ties with KPMG in appointing mid-tier accountancy firm MHA MacIntyre Hudson as its new auditor. The subprime lender said in a statement it had appointed MHA MacIntyre Hudson as its new auditor after the accounting firm won a competitive tender for the contract to audit Amigo’s accounts. KPMG said in a [...]
Citigroup Global Markets hit with £12.6m fine by FCA August 19, 2022 Citigroup Global Markets has been hit with a £12.6m fine by the UK’s financial watchdog for failing to monitor trading activities for potential cases of market abuse. The Market Abuse Regulation, introduced in 2016, means businesses must fulfil surveillance requirements on trades and orders to catch types of insider trading and market manipulation. Following an [...]
FCA warns providers of BNPL products about unregulated promotions August 19, 2022 The UK’s financial regulator has written to providers of Buy Now Pay Later (BNPL) products and the British Retail Consortium warning about unregulated promotions. The Financial Conduct Authority outlined that products must comply with promotion rules, and some unauthorised firms may be breaking the law if their products aren’t backed up by an approved company. [...]
A City super-regulator’s benefits are not immediately obvious August 18, 2022 The greatest compliment a football fan can ever give a referee is that they ‘let the game flow’ and try to avoid blowing their whistle except when absolutely necessary. Financial regulators sit broadly within the same definition. So it is with some regret that just a few years after we went through a post-crisis reorganisation [...]
Liz Truss to launch ‘war on technocrats’ by merging City watchdogs August 18, 2022 Tory leadership frontrunner Liz Truss is planning an immediate shakeup of the City’s major regulators if she wins the race to become prime minister. Truss is planning to merge the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and Payments System Regulator (PSR) into a single, new body. The Conservative party MP’s plans comes [...]
MPs call for inquiry into FCA’s handling of Blackmore Bonds scandal August 16, 2022 The UK’s financial watchdog has been accused of failing to intervene in a risky property investment scheme that lost investors millions. MPs have called for inquiry into the UK’s Financial Conduct Authority (FCA) over its handling of the Blackmore Bonds scandal, that saw thousands of ordinary investors lose combined sums of £46m. The MPs’ call [...]
Abrdn snaps up stake in London crypto startup Archax August 13, 2022 Scottish asset manager Abrdn has bought a stake in the UK’s first regulated crypto trader Archax in a major vote of confidence in blockchain technologies and cryptocurrencies. The acquisition, for an undisclosed sum, will see Abrdn become the crypto startup’s largest external shareholder, the crypto firm said in a statement. Launched in 2018, Archax is [...]
Shock fine for Sir Christopher Gent as FCA rules former Vodafone CEO ‘failed to apply his mind’ August 5, 2022 City watchdog the Financial Conduct Authority (FCA) said this morning it has slapped a fine on City insider Sir Christopher Gent of £80,000 for unlawfully disclosing inside information. While a non-executive Chairman of ConvaTec Group, “Sir Christopher disclosed inside information to individuals in senior positions at two of ConvaTec’s major shareholders before this information had [...]
Van insurance premiums surge to record highs as inflationary pressures bite August 4, 2022 Van insurance premiums have surged to record highs, after increasing for six consecutive months in a row, due to soaring inflation and widespread price hikes in response to new rules banning the practice of “price walking”. The cost of insuring a van increased by 13.6 per cent during the first six months of the year, [...]
UK’s FCA to create 100 jobs through launch of new Leeds offices August 2, 2022 The UK’s financial watchdog today set out plans to hire 100 new staff at its newly opening Leeds office as it looks to bolster its headcount this year and meet the demands of an expanding regulatory remit. The UK’s Financial Conduct Authority (FCA) announced it has signed a lease for premises on 6 Queen Street, [...]
