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Lloyds rejects broker panel removal appeal

22 August 2014 3:30 pm | By Devraj Ray

Brokerage says it has checked every case submitted and wants to work with the bank to find out what has gone wrong.

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Sipp claims pose FSCS interim levy risk for advisers

22 August 2014 8:45 am | By Natalie Holt

FSCS says there is a “medium risk” that life and pensions advisers could be hit with an interim levy due to increased Sipp claims.

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Second bite of the cherry: Loophole means clients can sue advisers after FOS award

22 August 2014 8:30 am | By Tessa Norman

Landmark case leaves advisers open to being pursued for further redress in court after clients have gone to the FOS.

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Bank of America fined record $16.65bn for GFC mortgage fraud

21 August 2014 3:35 pm | By Michael Berry

US authorities hit Bank of America with an almost $17bn raft of fines for selling junk mortgage-backed securities, collateralised debt obligations and fraud in its mortgage activities leading up to the global financial crisis.


FCA issues call for evidence on retrospective regulation

21 August 2014 2:51 pm | By Tessa Norman

Regulator asks firms for examples to help close ‘expectations gap’ between FCA and industry. 

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Tenet granted consumer credit licence

21 August 2014 12:20 pm | By Devraj Ray

Network claims it is the first to become fully licensed for consumer credit services.

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FSCS seeks PR firm for contract worth up to £540k

21 August 2014 10:03 am | By Steve Tolley

FSCS cannot say how much will be paid by advisers.

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ASA bans 'irresponsible' ad from short-term lender Borro

21 August 2014 9:59 am | By Devraj Ray

ASA branded advert irresponsible as it encouraged ”frivolous spending of borrowed money”.

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Puppets on a string: Are FCA and Govt dancing to the lobbyists’ tune?

21 August 2014 8:30 am | By Steve Tolley

Financial services lobbyists met with Government and the FCA more than 600 times in 2013. But is this a problem or democracy in action?

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Land banking fraud case costs FCA £2.5m

21 August 2014 | By Tessa Norman

Case frustrated by legal aid cuts costs £2.5m before reaching trial. 


Customer data loss soars at financial firms

20 August 2014 3:09 pm | By Tessa Norman

Regulator notified of 13 data loss incidents last year, up from three in 2012. 

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Consumer Panel investigates fund management costs

20 August 2014 11:11 am | By Tessa Norman

Review will look at transparency of investment costs and charges. 


StanChart given high-risk client ban in $300m settlement

20 August 2014 9:00 am | By Michael Berry

Standard Chartered has been banned from dealing in US dollars with some clients following its $300m settlement with US regulators for poor action on money laundering.


Six directors disqualified for £13m land banking scam

19 August 2014 2:35 pm | By Tessa Norman

Scheme misled 300 investors into buying worthless plots of land. 

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ONS: House price inflation slows slightly

19 August 2014 1:47 pm | By Devraj Ray

But prices were still up 10.2 per cent on an annual basis in June. 


FCA ban upheld for fraudulent mortgage broker

19 August 2014 11:11 am | By Tessa Norman

Mortgage broker fraudently claimed £10,000 from a bank. 

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Ex-Honister adviser jailed for five years over £85k theft

19 August 2014 11:08 am | By Michael Glenister

Stewart Sermon pleaded guilty to two counts of theft earlier this week.


FOS rejects complaint against HSBC over £9k Sipp commission

19 August 2014 10:15 am | By Tessa Norman

Customer claimed commission covered ongoing advice. 

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StanChart set to pay further $300m over anti-money laundering failings

19 August 2014 8:54 am | By Sam Macdonald

The latest allegations relate to failures to spot potentially illegal payments as a result of failings in its anti-money laundering checks.


FCA concerns trigger past business review at payday lender

19 August 2014 8:48 am | By Tessa Norman

Lender must set up redress scheme after errors were made in calculating customer loan balances. 

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FOS warns on payday loan brokers

19 August 2014 8:34 am | By Devraj Ray

Almost 11,000 consumers have contacted the FOS this year to complain about credit broking sites.


Land banking fraud case costs FCA £2.5m

18 August 2014 2:25 pm | By Tessa Norman

Case which is yet to proceed to trial after cuts to legal aid has cost the regulator £2.5m. 

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US banks prepare for UK exit from EU

18 August 2014 9:29 am | By Tessa Norman

American banks are drawing up plans to move some London-based activites to Ireland over concerns UK is drifting from EU.


Govt steps up enforcement actions against CMCs

15 August 2014 10:33 am | By Devraj Ray

Number of enforcement actions taken in Q2 2014 close to total for the previous 12 months.

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Banks seek PRA concessions on ringfencing rules

15 August 2014 8:32 am | By Sam Macdonald

Lenders are in talks around the details of the John Vickers-proposed regime which requires banks to separate retail business and investment banking arm.


FSCS declares 28 firms in default

14 August 2014 12:25 pm | By Michael Glenister

Latest FSCS list shows new firms unable to pay compensation.

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High Court disqualifies ex-SJP adviser for 13 years

14 August 2014 12:21 pm | By Devraj Ray

Former SJP partner Peter Thomas Carron submitted false accounts for two companies to the FCA and allowed a third to trade “to the detriment of HMRC”.


BoE: MMR has hit approvals and could have 'persistent' effects

13 August 2014 12:35 pm | By Devraj Ray

Bank’s inflation report shows weaker than expected volume of approvals in Q2.

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BoE increases UK growth forecast as unemployment falls

13 August 2014 12:19 pm | By Devraj Ray

Bank of England’s inflation report shows unemployment fell to 6.5 per cent in Q2.

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FCA sounds warning over financial promotions failings

13 August 2014 10:17 am | By Sam Macdonald

FCA rules state that all financial promotions must be clear, fair and not misleading for consumers.

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RBS pays bosses £3.4m in share allowances

13 August 2014 8:43 am | By Natalie Holt

10 executives have been awarded just under one million in shares, with payments worth up to £533,000.

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Brokers: MMR teething problems are finally easing off

12 August 2014 9:24 am | By Devraj Ray

CML data shows approvals up 2.8 per cent year-on-year, despite tougher rules post-MMR.


Former ABI director handed senior FCA savings and distribution role

11 August 2014 10:29 am | By Tom Selby

Former Association of British Insurers director Maggie Craig has been named interim head of department for savings, investments and distribution at the FCA.


Advisers slam plans to allow banks to approve own staff

8 August 2014 12:30 pm | By Steve Tolley

Advisers attack plans to allow banks to approve their own sales forces, saying they cannot be trusted.

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FCA issues four warning notices over rate fixing

8 August 2014 10:53 am | By Tessa Norman

Regulator says bankers committed “serious failings”. 

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FCA throws lifeline to small Sipp firms

8 August 2014 9:30 am | By Tom Selby

But new research from Suffolk Life suggests the regulator’s apparent U-turn on UK commercial property may not be all it seems.

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FCA adviser investigations increase by 44 per cent

7 August 2014 12:00 pm | By Tessa Norman

Investigations include those relating to fraud and misselling.

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BoE votes to keep base rate at 0.5%

7 August 2014 12:00 pm | By Devraj Ray

MPC minutes from July revealed some members were close to voting for an increase in the benchmark rate.


FCA fines Aegon-owned Stonebridge £8.3m for sales and marketing failings

7 August 2014 10:38 am | By Michael Glenister

Fine relates to failures in insurance sales.

Comments (1)


Brokers hit out at Lloyds’ cap on Help to Buy 1 equity loan scheme

7 August 2014 | By Devraj Ray

None of the UK’s major lenders currently have plans to follow Lloyds’ move to cap Help to Buy 1 to £150,000.

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