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FCA reveals pension freedoms 'second line of defence' rules

27 February 2015 11:58 am | By Sam Brodbeck

Providers must provide customers with personalised risk warnings under rules published by the regulator today.

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Guidance regulation to cost FCA up to £975k in first year

27 February 2015 11:56 am | By Tessa Norman

FCA has set out the costs of regulating the providers of the Pension Wise guidance service. 

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Experts warn over 'misleading' Rightmove Sipp promotion

27 February 2015 9:30 am | By Tessa Norman

Promotional Sipp email branded ‘misleading’ by experts. 

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Advisers criticise FSCS over 'unfair' Sipp stance

26 February 2015 1:00 pm | By Tessa Norman

FSCS will levy advisers for investment failures as part of claims about Sipp advice. 

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Jail banker

Former Logica manager pleads guilty to insider dealing

26 February 2015 12:48 pm | By Mark Sands

A former IT firm manager has admitted three counts of insider dealing, which raised £30,000.


SFO launches criminal investigation into green investments

26 February 2015 9:09 am | By Devraj Ray

Global Forestry Investments and Global Forex Investments promised returns of 10 per cent from investments in teak plantations.


RBS reports £3.5bn loss as disposal costs and misselling provisions bite

26 February 2015 8:56 am | By Tom Selby

RBS has reported a loss of £3.5bn in 2014 as costs associated with the disposal of its US bank Citizens and misselling provisions weighed on the firm.


Ex-FSA chair Howard Davies to succeed Philip Hampton as RBS chairman

26 February 2015 8:23 am | By Tom Selby

Davies will step down from his roles at Phoenix and Morgan Stanley.


Webb turns screw on providers over legacy charges

25 February 2015 4:29 pm | By Sam Brodbeck

Pensions minister Steve Webb has once again threatened to “name and shame” providers who refuse to tackle legacy issues.

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ABI chairman: Legacy of commission is 'open sore' that undermines consumer trust

25 February 2015 1:41 pm | By Sam Brodbeck

Commission paid to advisers is an “open sore” that continues to undermine confidence in the insurance industry, ABI chair and AXA UK group chief executive Paul Evans says.

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FCA asks for cost benefit analysis on long-stop

25 February 2015 10:15 am | By Tessa Norman

Regulator has committed to making a decision on whether to consult on a long-stop by the summer. 

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ABI warns Govt 'not ready' for pension freedoms

25 February 2015 8:57 am | By Sam Brodbeck

The pensions industry is being hampered in its efforts to be ready for the pension reforms because crucial details remain unanswered by the Government, the ABI says.


Wonga to cut 325 jobs as part of cost cutting drive

24 February 2015 3:13 pm | By Devraj Ray

Payday lender is halving the number of support staff currently serving its UK business.

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Cherry picking and systemic weaknesses: Why Aviva Investors was fined £17.6m

24 February 2015 2:14 pm | By Tessa Norman

Aviva Investors’ systems were open to abuse by traders, regulator finds. 

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FCA fines Aviva Investors £17.6m over conflicts of interest failings

24 February 2015 11:19 am | By Tessa Norman

Firm has been forced to pay £132m in compensation for failing to manage conflicts of interest. 

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Yorkshire Building Society

Yorkshire BS achieves record lending in 2014

24 February 2015 10:50 am | By Devraj Ray

Pre-tax profit fell 6 per cent to £188.2m after the lender was fined twice by the regulator last year.


Regulator unveils payday lending clampdown

24 February 2015 10:47 am | By Devraj Ray

Government body says lack of comparable data and competition has led to higher borrowing costs.


FOS reveals most complained about adviser firms

24 February 2015 10:19 am | By Tessa Norman

Sesame tops list of most complained about advice firms in second half of 2014. 

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FOS upholds 74% of Lloyds complaints

24 February 2015 9:15 am | By Natalie Holt

Bank has emerged once again as the most complained about financial service firm.

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Missed profits and regulatory pressures wipe £5bn off HSBC market value

24 February 2015 9:10 am | By Devraj Ray

The bank yesterday announced a 17 per cent fall in pre-tax profits for 2014.


Ex-FSA chair Howard Davies set to become RBS chairman

23 February 2015 1:49 pm | By Tessa Norman

FT reports Howard Davies is expected to take up the role over the summer. 

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FCA to force banks and insurers to protect whistleblowers

23 February 2015 12:07 pm | By Tessa Norman

Regulator sets out proposals for whistleblowing arrangements for banks and insurers. 

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HSBC sets aside £910m for redress as chief exec takes £1.3m bonus

23 February 2015 10:24 am | By Tessa Norman

HSBC chief executive receives £7.6m pay packet despite pressure over tax avoidance claims. 

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FCA investigations rise 20% in a year

23 February 2015 8:45 am | By Natalie Holt

Number of company inquiries concluded in secret has doubled.

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FCA backs EU dealing commission clampdown

19 February 2015 2:16 pm | By Mark Sands

The regulator has lent its support to new rules barring investment firms from using dealing commission to pay for research.

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Calls for FCA to be more open on compliance guarantees

19 February 2015 1:00 pm | By Tessa Norman

Regulator has published data on its use of attestations for the first time. 

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FCA under pressure to water down 'second line of defence' rules

19 February 2015 9:30 am | By Sam Brodbeck

Exclude small pots and Pension Wise users from additional protection requirement, says The People’s Pension.

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FCA launches investment banking competition probe

19 February 2015 8:44 am | By Mark Sands

The City regulator will probe investment and corporate banks over fears clients may be losing out.

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Fourth time lucky: Will FCA finally resolve cap-ad confusion?

19 February 2015 8:30 am | By Tessa Norman

FCA set to consult on changes to capital adequacy rules just months ahead of implementation. 

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Only 10 active cases left as Keydata battle hangs in the balance

18 February 2015 12:55 pm | By Tessa Norman

FSCS has spent £15.8m on Keydata battle with advisers. 

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FCA warns fund houses over insider trading controls

18 February 2015 12:08 pm | By Michael Berry

Many fund houses are not stringent enough in ensuring that managers do not benefit from insider trading.


FSCS to pay out for failed investments on Sipp advice claims

18 February 2015 10:16 am | By Tessa Norman

Lifeboat scheme will now pay compensation for investment losses as well as lost growth and charges. 

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FSCS recoups £52m through Keydata legal battle

18 February 2015 8:38 am | By Natalie Holt

Compensation scheme says it did not pursue claims against advisers “simply to force them to go bust”.

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HMRC yet to contact police over HSBC tax evasion

18 February 2015 8:17 am | By Mark Sands

Revenue promised to meet “relevant authorities” over HSBC last week.

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Creative Auto Enrolment links with ScotWids on new compliance offering

17 February 2015 2:39 pm | By Sam Brodbeck

Employee benefits firm Creative Auto Enrolment has launched an end-to-end online auto-enrolment service that promises to cut preparation time down to just 103 seconds.

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Neptune's Geffen calls out FCA over active share debate

16 February 2015 2:45 pm | By Michael Berry

Neptune chief executive Robin Geffen has called on the regulator to force managers to disclose their active share to weed out index huggers because otherwise it is unlikely to happen.

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FCA joins HSBC tax avoidance row

16 February 2015 12:50 pm | By Tessa Norman

Regulator says it is ‘working closely’ with the bank and other agencies. 

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500 EEA investors join £60m legal claim against FCA

16 February 2015 11:54 am | By Tessa Norman

Group prepare to take the claim to the European Court of Human Rights. 

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'Deflationary spiral' fears blocked BoE interest rate hike

16 February 2015 9:16 am | By Mark Sands

The Bank of England’s MPC voted against hiking interest rates in January in order to stave off fears of a “deflationary spiral”.

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Cyber security

Banks and financial firms hit by $1bn cyber attack

16 February 2015 8:50 am | By Natalie Holt

Large amounts of cash were transferred in attack that is “still very much active”.

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