Regulation

Govt to face questions if cold-call ban not in place by June

The government has given reassurances a ban on cold calling will be in place by June. Yesterday, economic secretary to the treasury John Glen repeated the government’s intention to introduce a cold-call ban as soon as possible. During the third reading of the Financial Guidance and Claims Bill, Glen said Clause 9, introduced by the […]

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FCA bans former Co-op Bank chair Flowers from industry

The FCA has banned former chair of the Co-op Bank Paul Flowers from the financial services industry for inappropriate behaviour. The ban comes as Economic Secretary to the Treasury John Glenn approved the Prudential Regulation Authority’s appointment of Mark Zelmer to carry out an independent review of the firm. The independent review will look into […]

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Govt: Millions will benefit from greater transparency on fees

The Government has published guidance compelling occupational defined contribution pension schemes to publish information about the fees they charge more than 10 million savers across Britain. The document for trustees and managers relates to the Occupational Pension Schemes (Administration and Disclosure) (Amendment) Regulations 2018. The DWP says the plans, initially announced in the autumn last year, […]

FCA urged to take action on pensions governance committees

Independent governance committees at big-name pension providers are failing to safeguard the interests of savers and the FCA must take action, fresh research finds. In 2015, the FCA required contract-based pension providers to appoint IGCs to act as champions of savers’ interests. IGCs are required to publish annual reports to increase transparency and encourage comparison […]

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Aldermore management probed ahead of float

The Prudential Regulation Authority investigated the management and governance at Aldermore ahead of the challenger bank’s plans to float the on the stockmarket. The Financial Times reports the regulator launched a review of the bank’s governance last year after chairman Sir David Arculus left the company in 2013. Sources have told the newspaper the regulator […]

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High Court winds up £880k property scam offering 51% returns

The High Court has wound up a scam property fund which took £880,000 from investors and promised returns of up to 51 per cent a year. The FCA says the fund was wound up earlier this month at its request and a liquidator appointed to investigate Hermay’s activities. The regulator says the firm had been […]

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Wonga records pre-tax loss following £35m customer redress hit

Controversial payday lender Wonga has reported a pre-tax loss of £37.3m for 2014 after taking a £35m customer remediation hit following an intervention by the FCA. The firm’s full-year results for the 12 months to 31 December 2014, published today, reveal revenues plummeted 31 per cent year-on-year, from £314.7m to £217.2m, driven by a “significant […]

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Lenders warned over TCF after FOS maximum mortgage age ruling

Mortgage lenders could fall foul of treating customers fairly rules if they apply generic lending criteria following a Financial Ombudsman Service ruling against HSBC, experts warn. The FOS has upheld a complaint against the bank for unfairly rejecting a mortgage application on the grounds of age in the first case of its kind. A couple in […]

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Tribunal upholds FCA ban for PI broker

The Upper Tribunal has upheld a decision by the FCA to ban a former professional indemnity insurance broker. Stephen Allen was issued with a decision notice by the FSA in July 2012, which intended to ban him because he was not a fit and proper person. The regulator said Allen had secretly added a fee […]

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FCA fines Clydesdale Bank £20.6m over PPI complaint handling

The FCA has fined Clydesdale Bank £20.6m over serious failings in the way it handled payment protection insurance complaints. This is the largest ever fine imposed by the FCA for PPI-related failings. The FCA says in mid-2011 Clydesdale implemented inappropriate policies which meant that its PPI complaint handlers were not taking into account all relevant […]