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Financial Ltd faces 'hundreds of millions' in redress after FCA action

31 July 2014 2:30 pm | By Tessa Norman

FCA found “systemic weaknesses” in network’s systems and controls for recruiting and supervising advisers.

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Independent audit of legacy pension charges to include exit fees

31 July 2014 11:15 am | By Michael Glenister

Update sets out terms of costs review with report to be published in December.

Comments (1)

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HMRC debt recovery proposals under attack

31 July 2014 11:00 am | By Michael Glenister

City of London Law Society calls Budget proposals ‘seriously misguided’.

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FCA authorisation approvals fall for retail firms

31 July 2014 9:53 am | By Tessa Norman

Regulator says high risk cases are taking up resources. 

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Lloyds profits slump after fresh PPI hit

31 July 2014 8:46 am | By Devraj Ray

Bank has allocated a further £600m in PPI redress in the first half of 2014.

Comments (2)

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Stalling for time: Is the FCA hiding behind EU rules to delay long-stop?

31 July 2014 8:30 am | By Tessa Norman

No evidence found for regulator’s claim that EU directive is holding back progress on the long-stop.

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FCA department heads promoted in management shake-up

30 July 2014 3:25 pm | By Tessa Norman

FCA may bring in additional line of senior management. 

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ASA bans three more payday loan adverts

30 July 2014 2:17 pm | By Devraj Ray

Four out of seven payday loan adverts reported to the ASA in March have now been banned.

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Banks to certify own advisers as 'fit and proper'

30 July 2014 1:01 pm | By Steve Tolley

Approved persons regime will continue to apply to IFAs but not bank advisers.

Comments (21)

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IMF: BoE will have to hike rates if LTI caps fail to stem house prices

30 July 2014 12:53 pm | By Devraj Ray

IMF report addresses lack of housing supply, which is driving up house prices.

City

FCA and PRA announce clampdown on bankers' bonuses

30 July 2014 10:58 am | By Steve Tolley

Regulators propose allowing clawback even if bonus is spent.

Comments (1)

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SLS liquidator files £59m Keydata lawsuit against US brokerage

30 July 2014 10:28 am | By Tessa Norman

First major lawsuit resulting from Keydata collapse has been filed against US brokerage. 

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Barclays hit by fall in investment banking arm profits

30 July 2014 8:57 am | By Devraj Ray

Investment banking profits are down 18 per cent year-on-year, pushing down overall profits by 7 per cent.

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FCA cost of closed book probe spirals to £2.2m

30 July 2014 7:50 am | By Tessa Norman

Regulator has set aside an additional £500k for legal advice for senior staff involved in probe. 

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Peers told EU-wide misselling redress mechanism needed

29 July 2014 1:31 pm | By Steve Tolley

Parliamentary inquiry into EU regulation told mechanism needed to help deal with “massive” misselling problem.

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Lloyds suspends 7 employees in wake of Libor rigging scandal

29 July 2014 9:01 am | By Devraj Ray

Blackwell has condemned the “truly shocking conduct” displayed by Lloyds employees who rigged key benchmark rates.

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'Every little helps': How Lloyds traders manipulated the markets

28 July 2014 4:35 pm | By Michael Glenister

FCA final notice details failings which led to fine.

Comments (2)

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FCA fines Lloyds £105m over Libor and benchmark rigging

28 July 2014 1:48 pm | By Steve Tolley

Bank has been fined a total of £218m including fines from US authorities.

Comments (10)

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RBS to pay £17m bonus to controversial GRG unit

28 July 2014 8:47 am | By Devraj Ray

Bonuses are being awarded despite the FCA still investigating claims that GRG forced small businesses into default in order to boost profits.

Comments (2)

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FOS upholds complaint against Berkeley Burke over Ucis

25 July 2014 9:30 am | By Tessa Norman

FOS ruled Berkeley Burke failed to carry out adequate due diligence on Ucis investment. 

Comments (6)

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Barclays rules out review of its LTI cap

24 July 2014 1:01 pm | By Devraj Ray

Lender has no plans to bring its LTI cap in line with its high street rivals.

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BoE: Lenders may have underestimated the effect of MMR

24 July 2014 12:02 pm | By Devraj Ray

MPC members feel lending volumes will be suppressed longer than expected.

Comments (7)

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TPR targets consumers with 'hard-hitting' pensions liberation campaign

24 July 2014 8:40 am | By Tom Selby

The regulator says it knows of one individual who took his own life after losing his pension to fraudsters.

Guidance cover

Advisers face writing blank cheque to fund Osborne's guidance guarantee

24 July 2014 8:30 am | By Steve Tolley, Tessa Norman

Cost of delivering Chancellor George Osborne’s guidance guarantee could spiral as savers access the service as many times as they like.

Comments (16)

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FCA warns on Sipps and ETV transfers

24 July 2014 | By Tessa Norman

Review of ETV pension transfers found poor advice in a third of cases

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Revealed: Where Financial Ltd went wrong on adviser recruitment

23 July 2014 3:28 pm | By Tessa Norman

FCA final notice for Financial Ltd reveals catalogue of failings on recruitment and supervision of advisers. 

Comments (5)

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FOS names new chief executive

23 July 2014 3:12 pm | By Natalie Holt

Principal ombudsman Caroline Wayman will head up the FOS with immediate effect.

Comments (4)

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FCA: 80% of Financial Ltd Ucis sales could be unsuitable

23 July 2014 12:32 pm | By Tessa Norman

Redress may be due to customers over Ucis and pension-switching recommendations. 

Comments (5)

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FCA imposes recruitment ban on Financial Limited

23 July 2014 10:53 am | By Tessa Norman

Regulator would have imposed £12.6m fine if it were not for firm’s financial position. 

Comments (9)

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FCA brings criminal case over unauthorised investment scheme

23 July 2014 10:01 am | By Tessa Norman

Individual faces 13 charges, including fraud. 

Comments (4)

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Govt questioned over Budget guidance qualifications

23 July 2014 9:57 am | By Steve Tolley

Labour peer Lord Kennedy has pressed the Government over what qualifications guides will need.

Comments (7)

City

Banks' bill for missold PPI hits over £20bn

23 July 2014 8:46 am | By Steve Tolley

Barclays, Lloyds and RBS are to announce to a further £1.5bn in PPI redress, Sky News reports.

Comments (1)

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Nationwide slaps LTI cap on residential lending and tightens stress tests

22 July 2014 1:54 pm | By Devraj Ray

The lender has placed an income multiple cap of 4.75 times income on all residential applications.

Comments (9)

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FCA fines ex-JPM Cazenove chairman £450k for market abuse

22 July 2014 10:24 am | By Tessa Norman

Regulator confirms fine after Upper Tribunal decision in May. 

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FOS reports drop in complaints but Sipp cases surge

22 July 2014 9:07 am | By Tom Selby

The Financial Ombudsman Service has reported a 46 per cent drop in year-on-year complaints between April and June.

Comments (2)

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SFO launches criminal investigation into forex rigging

22 July 2014 8:58 am | By Steve Tolley

Serious Fraud Office launches inquiry into allegations Carney says could be bigger scandal than Libor.

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FCA: What Budget guidance will look like

21 July 2014 1:55 pm | By Steve Tolley

FCA reveals there will be no limit to how many times savers can use the service in retirement.

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Advisers could pay 30% of guidance costs

21 July 2014 1:23 pm | By Tessa Norman

FCA proposes advisers paying largest proportion of guidance levy. 

Comments (26)

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FCA warns on ‘widespread’ failings in third Sipp thematic review

21 July 2014 9:54 am | By Tessa Norman

Regulator urges Sipp operators to take action in ‘Dear CEO’ letter. 

Comments (1)

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FCA review finds poor advice in third of ETV pension transfers

21 July 2014 9:21 am | By Tessa Norman

Advice firms will be told to provide redress after review identified poor practice. 

Comments (1)

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