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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.

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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. 

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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. 

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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.

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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. 

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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.

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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.

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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.

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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.

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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.

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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”.

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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.

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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.

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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.

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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.

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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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