The rise of the regulators Opinion Regulators have expanded massively over the last 50 years, in terms of headcount, expenditure and scope. This has created a risk aversion ratchet which is hampering growth and damaging democracy – there is another way, says James Vitali Over the past fifty years, a silent revolution has taken place in the British constitution. While central [...]
FCA ‘strengthens’ internal whistleblowing policy after backlash Banking The Financial Conduct Authority (FCA) has said it will look to strengthen its internal whistleblowing policy after intense criticism over its handling of complaints from former staff. The City regulator said today it will clearly lay out how its chair and other non-executives can internally share information about whistleblowers in order to protect their confidentiality [...]
UK proposes earlier banker bonuses in bid to boost competition Banking UK regulators have officially laid out plans for the country’s top bankers to get their bonuses years earlier in a bid to boost competition with rival jurisdictions. The Bank of England’s Prudential Regulation Authority (PRA) and City watchdog the Financial Conduct Authority (FCA) published proposals on Tuesday to reduce the bonus deferral period for most [...]
Motor finance industry in crisis mode after landmark court ruling November 1, 2024 Motor finance providers are scrambling to avoid a full-blown market meltdown after a landmark London court ruling on "secret" car loan commissions sparked chaos across the sector.
Volkswagen Finance fined by FCA for unfairly treating vulnerable customers October 21, 2024 The City regulator has fined Volkswagen's UK financial services arm £5.4m for its unfair treatment of customers in financial difficulty, which it said may have caused them harm.
FCA to review UK premium finance market amid price hike concerns October 16, 2024 The UK's financial regulator is to review Britain's premium finance market amid worries that consumers who borrow to pay for insurance may not be getting fair or competitive deals.
S&U: City regulator lifts collection restrictions on motor finance lender October 14, 2024 Specialist lender S&U said the City regulator agreed to remove collection process restrictions on its motor finance business after blaming the measures for a slide in profit this year.
TSB Bank handed huge fine for failing customers in arrears October 10, 2024 The financial watchdog has fined bank TSB almost £11m over its treatment of customers, but the penalty could have been even worse. TSB Bank will have to pay £10,910,500 after the Financial Conduct Authority (FCA) found it had failed to ensure customers in arrears were treated fairly. The FCA said it also didn’t have sufficient [...]
City regulator: Concentration poses risk to markets October 8, 2024 The boss of the Financial Conduct Authority (FCA) said “herding behaviour” and “market concentration” were posing new risks to the financial markets today as he warned investors to brace for volatility in the long term. Speaking at the regulator’s market conference in Westminster, Nikhil Rathi said excessive daily swings had become a bigger concern to [...]
Rachel Reeves promises to ‘revolutionise’ UK capital markets and boost London listings October 8, 2024 Ministers and regulators have made urgent efforts to inject more life into Britain's capital markets amid a dearth of IPO activity and heavy outflows from UK equity funds.