City watchdog vows Big Tech crackdown over scam adverts June 15, 2021 The City watchdog has pledged to use post-Brexit powers to crack down on tech giants such as Google over online fraud. The Financial Conduct Authority (FCA) has warned platforms they must do more to block scam adverts following a surge in cases during the pandemic. The regulator added it would not hesitate to take tough [...]
Sub-prime lender Amigo warns of insolvency after court defeat June 1, 2021 Amigo Loans has said it faces insolvency after it suffered a major blow last week when a High Court judge refused to approve a compensation scheme that capped payments for historic complaints. In an update this morning, the sub-prime lender said it would not be pursuing an appeal following the High Court judgment. As a [...]
Over half of financial services professionals claim ‘greenwashing’ is rife in the industry, study says May 25, 2021 More than half of financial services professionals believe ‘greenwashing’ is rife within the industry, according to a study released today, as employees fear competitors intentionally inflate their sustainable practices. The study by data agency iResearch Services, which polled 550 decision-makers at financial institutions, also found that 38 per cent believe every business is operating ‘unethically’ [...]
FCA charges Ian Hudson with fraudulent trading and defrauding creditors May 20, 2021 City watchdog The Financial Conduct Authority (FCA) just announced it has launched criminal proceedings against Ian James Hudson, following an investigation. The FCA said that Hudson appeared at Westminster Magistrates’ Court in relation to three charges. This includes carrying on a business, namely Richmond Associates, with the intention to defraud creditors and carrying on regulated [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 19, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex Co-op CEO joins Boomin’s board Property site Boomin has bagged itself a retail veteran this week, who is set to join the board as a non-executive director at its next [...]
City regulator aims to shut down scam sites in first 24 hours online May 18, 2021 The Financial Conduct Authority (FCA) is beefing up its monitoring of financial scams on the internet by making use of a “dragnet” approach to capture suspicious advertising in the first 24 hours it is online. The watchdog is also now updating its ‘warning list’ on a daily basis, which is designed to persuade consumers not [...]
Financial watchdog proposes stiffer ‘duty’ to beef up consumer protection May 14, 2021 The UK’s financial watchdog has tabled a proposal today for a stiffer “duty” on companies to protect consumers from scams and mis-selling. Mis-sold financial products, including endowment mortgages, pensions and payment protection insurance have plagued retail investors for decades. The Financial Conduct Authority (FCA) said the firms it regulates would need to follow the new [...]
City lobby pays off: New finserv compensation pot for consumers slashed by more than £200m May 13, 2021 The amount of money banks and other financial institutions will have to pay into an insurance pot to protect customers should one of them fail has been slashed from an earlier estimate, after they protested about the high levels. The Financial Services Compensation Scheme (FSCS) reduced the total levy by £206m from its January forecast. [...]
FCA proposes structure shake-up to tackle illiquid fund flaws May 7, 2021 Britain today put forward a new long-term asset fund structure to invest in illiquid assets, such as real estate and infrastructure, following a series of high-profile suspensions. Illiquid assets typically offer better long-term returns but come with higher risk. They can be difficult to value or sell in a crisis, making it hard to meet [...]
FCA CEO: ‘We will not target EU equivalence deal at any cost’ May 6, 2021 The City regulator’s new CEO has said it will not target an EU equivalence deal for the City of London “at any cost”, although he admitted not securing a deal could see consumers offered reduced choice in some financial markets. In a speech delivered to the Association of Foreign Banks today, CEO Nikhil Rathi said [...]