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FCA to regulate seven new benchmarks in manipulation clampdown

22 December 2014 12:15 pm | By Devraj Ray

Regulator is consulting on expanding its approach to regulating Libor to seven new UK-based financial benchmarks.

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Adviser firm launches mass market online service

22 December 2014 11:27 am | By Sam Brodbeck

Simplified online reports aim to fill gap left by banks and RDR.

Comments (3)

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Accounting watchdog launches Tesco probe

22 December 2014 10:34 am | By Michael Berry

The Financial Reporting Council has launched an investigation into Tesco that may see the company sanctioned and force the restatement of its last three financial reports.

City

City employees expect 20% bonus hike

22 December 2014 9:40 am | By Sam Brodbeck

Senior staff confident of increases despite EU bonus cap.

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Ex-adviser jailed for five years over fraud

19 December 2014 5:05 pm | By Sam Brodbeck

Alok Dhanda found guilty of 37 counts of fraud.

Comments (2)

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Former Arck partner pleads guilty to £50m fraud

19 December 2014 4:09 pm | By Sam Brodbeck

Richard Clay pleads guilty to three fraud charges.

Comments (2)

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Advisers say draft MAS reforms don't go far enough

19 December 2014 11:00 am | By Tessa Norman

Advisers say £30m cut to MAS budget would still not provide value for money. 

Comments (3)

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Guernsey cells win £22m legal battle against Arch Financial

19 December 2014 10:29 am | By Tessa Norman

High Court rules fund manager behind Arch cru failed to exercise reasonable skill and care. 

Comments (3)

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Ex-complaints commissioner hits out at FCA over closed book costs

19 December 2014 9:30 am | By Tessa Norman

Inquiry could have been carried out by complaints commissioner for free, claims Holland. 

Comments (9)

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Govt plans FCA enforcement shake-up

19 December 2014 8:47 am | By Natalie Holt

Treasury calls for quicker route to appeal and for the regulator to scrap late settlement discounts on fines.

Comments (2)

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Stay of execution: Have providers dodged a bullet on annuity misselling?

19 December 2014 8:30 am | By Sam Brodbeck

Why is the FCA only now addressing a problem which it has been warned about for years?

Comments (26)

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Debt management firm to pay £185k in redress after FCA action

18 December 2014 10:18 am | By Tessa Norman

Delays in communications with creditors meant some customers owed more in charges. 

Comments (1)

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FCA: We are open-minded on changing indy/restricted labels

18 December 2014 9:30 am | By Tessa Norman

Regulator could potentially move to less stringent definition of independence. 

Comments (14)

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The good, the bad and the ugly: Has the RDR measured up to the hype?

18 December 2014 8:30 am | By Tessa Norman

Two years on from implementation, the FCA still has concerns about clarity of advice charges and services.

Comments (7)

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EU policymakers reach deal over controversial trusts plans

17 December 2014 3:46 pm | By Tessa Norman

Trusts to be made exempt from public registers in victory for UK. 

Comments (1)

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Complaints commissioner finds 'serious failings' in FCA enforcement case

17 December 2014 3:45 pm | By Tessa Norman

Commissioner orders FCA to apologise to firm and pay £1,000 in compensation. 

Comments (13)

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Landmark ruling orders transfer out of liberation scheme

17 December 2014 1:30 pm | By Sam Brodbeck

But Pensions Ombudsman warns member’s entire savings could have already “disappeared”.

Comments (2)

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Wealth managers 'singled out' in FCA review

17 December 2014 11:31 am | By Michael Berry

Wealth managers are risking the regulator’s stick with their opaque disclosure of costs, Bovill says.

Wonga

Wonga sets payday loans cap at maximum rate

17 December 2014 8:46 am | By Natalie Holt

Payday lender has capped costs at highest rate of interest allowed by the FCA.

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Clive Adamson: Closed book probe is 'most serious' event in FCA's history

16 December 2014 1:52 pm | By Sam Brodbeck

FCA comms director says she “would have gone anyway” over plans to demote her department

Comments (18)

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FCA asks for help in explaining indy/restricted advice

16 December 2014 12:14 pm | By Natalie Holt

Regulator admits advice labels are not resulting in better consumer understanding.

Comments (38)

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RDR has pushed up cost of advice

16 December 2014 11:37 am | By Natalie Holt

Research says some advisers are recommending low-cost passive funds rather than reducing charges.

Comments (19)

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FCA refers advice firm to enforcement in final RDR review

16 December 2014 10:14 am | By Tessa Norman

Concerns remain over cost disclosure despite improvements. 

Comments (6)

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Co-op Bank fails BoE stress testing

16 December 2014 8:42 am | By Michael Berry

The Co-operative Bank failed the Bank of England’s stress testing exercise, while Lloyds Banking Group and Royal Bank of Scotland have shored up their balance sheets after initial failures.

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Sir Hector Sants joins consultant Oliver Wyman

16 December 2014 8:15 am | By Tom Selby

Former FSA chief executive Sir Hector Sants is to become a partner at management consultancy firm Oliver Wyman.

Comments (10)

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HMRC recoups £29m in tax avoidance crackdown

15 December 2014 11:36 am | By Devraj Ray

Finance Bill 2014 gives HMRC powers to demand disputed tax repayments within 90 days from tax avoidance scheme users.

Comments (2)

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FCA bans former BlackRock MD for dodging £43k in train fares

15 December 2014 10:16 am | By Tessa Norman

Regulator rules Jonathan Burrows is not fit and proper. 

Comments (17)

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MoJ reveals max fines for claims firms under new rules

15 December 2014 10:04 am | By Tessa Norman

New enforcement powers take effect from end of the month. 

Comments (3)

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MAS told to slash costs and cut staff by almost two-thirds

15 December 2014 8:46 am | By Sam Brodbeck

Damning Treasury-commissioned report recommends 60 per cent cut in staff numbers and budget cuts of £30m.

Comments (15)

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Lenders face tougher checks on capital

15 December 2014 8:39 am | By Natalie Holt

Banks will see their capital calculations checked by auditors for the first time under new proposals.

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FCA to ban premium rate phone lines

12 December 2014 1:53 pm | By Tessa Norman

Regulator says it is unfair for consumers to have to use expensive phone lines to complain. 

Comments (9)

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FCA to force firms to report all complaints

12 December 2014 12:29 pm | By Tom Selby

The FCA has proposed forcing firms to report all complaints they receive as the regulator looks to raise transparency requirements.

Comments (3)

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FCA: EU rules no longer a barrier to long-stop

12 December 2014 12:21 pm | By Tessa Norman

FCA had previously argued EU directive could stand in the way of a long-stop. 

Comments (3)

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Govt urged to ban 'rollover' pension sales

12 December 2014 10:19 am | By Sam Brodbeck

Just Retirement says customers should be forced on to the open market at retirement.

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EU policymakers lock horns over controversial trusts plans

12 December 2014 9:30 am | By Tessa Norman

Proposals could see details of those using simple trust structures made public. 

Comments (1)

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Boiler room fraudsters ordered to pay £843k compensation

12 December 2014 8:53 am | By Tessa Norman

Two men convicted last year for their part in £70m investment fraud. 

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US regulator investigates Barclays over forex algorithms

12 December 2014 8:31 am | By Tessa Norman

Regulator investigating whether Barclays and Deutsche Bank used algorithms to manipulate forex. 

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FCA to ditch ABI retirement shopping around code; reviews post-2008 annuity sales

11 December 2014 9:01 am | By Sam Brodbeck

Providers found actively ignoring ‘shopping around’ principles.

Comments (1)

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FCA recommends Dutch-style 'Pensions Dashboard' for UK

11 December 2014 8:34 am | By Tom Selby

Regulator acknowledges cost could be barrier to development but argues digital tool would boost consumer engagement.

Comments (3)

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High Court rejects advisers' appeal against Keydata FOS complaints

11 December 2014 | By Tessa Norman

Court rejected advisers’ argument that complaints should be stayed. 

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