Watchdog encourages City workers to snitch on financial services wrongdoing March 24, 2021 The City watchdog has today launched a campaign to get people working in financial services to get in touch about potential wrongdoing they see in their day-to-day lives. The Financial Conduct Authority (FCA) said those who whistleblow will have a dedicated case manager, can meet with the FCA to discuss their concerns, and will receive [...]
Gut instinct and social media drives young people to risky investment decisions, warns FCA March 23, 2021 The financial watchdog has warned that young people are increasingly engaging with risky investments like foreign exchange and cryptocurrency, despite not having the capacity for loss if the investment goes wrong. The Financial Conduct Authority’s (FCA) research found nearly two-thirds (59%) of young investors claimed that a significant investment loss would have a fundamental impact [...]
FCA calls formal end to all Libor rates at the end of the year March 5, 2021 The Financial Conduct Authority announced this morning a formal end to nearly all Libor rates at the end of this year, putting pressure on markets to complete their biggest change in decades. The so-called London Interbank Offered Rate, or Libor, will be replaced by rates compiled by central banks. The change comes after financial institutions [...]
Watchdog bans City of London trader for ‘wash trading’ March 4, 2021 The city watchdog has banned ex-City of London trader Adrian Geoffrey Horn after he engaged in ‘wash trading’, a form of market abuse. Horn, who worked as a market making trader at Cheapside-based Stifel Nicolaus Europe, was fined £52,000 by the Financial Conduct Authority (FCA) and banned for carrying out any regulated work in the [...]
Grave concerns prompt watchdog intervention on pre-paid funeral plans March 2, 2021 The City regulator has launched a consultation on how it plans to regulate the pre-paid funeral plans sector, which has faced criticism from the media and consumer groups. Under its remit, the Financial Conduct Authority (FCA) intends to ensure the products meet the individual needs to consumers, the plans are sold fairly and the price [...]
Four women nab top roles at City watchdog the FCA February 25, 2021 Four women have won top jobs at the Financial Conduct Authority (FCA), where they will sit on the executive committee – the regulator’s most senior executive decision-making body. Stephanie Cohen will be the FCA’s new chief operating officer and Jessica Rusu the first chief data, information and intelligence officer at the regulator. Sarah Pritchard will [...]
BoE boss Andrew Bailey denies responsibility for London Capital & Finance collapse February 9, 2021 Bank of England boss Andrew Bailey has hit out at allegations that he was not quick enough to reform the Financial Conduct Authority (FCA) before the collapse of London Capital & Finance (LCF). Bailey, who was chief executive of the FCA when the mini-bond firm collapsed in 2019, said the regulator had been a “broken [...]
Woolard review: FCA cracks down on £2.7bn buy-now-pay-later market February 2, 2021 Interest-free buy-now-pay-later credit agreements will be regulated by the City watchdog after the market swelled to £2.7bn last year. The plans, drawn up by the Financial Conduct Authority (FCA), have been designed to protect consumers, after the use of buy-now-pay-later (BNPL) transactions tripled in 2020, as shoppers looked for ways to spread their money further [...]
Report calls on Government and FCA to ‘consider consequences’ for BoE boss Andrew Bailey over LCF collapse February 1, 2021 The Treasury and Financial Conduct Authority (FCA) must consider what action to take against Bank of England Governor Andrew Bailey and two officials over their handling of LCF, the author of a report about the collapsed fund told MPs today.
City watchdog to crack down on ‘buy now pay later’ firms February 1, 2021 The City watchdog is preparing to move in on so-called buy now pay later firms such as Klarna following a review of the unsecured credit market. The Financial Conduct Authority (FCA) will this morning publish a report by interim chief executive Chris Woolard recommending that the sector be brought under the regulator’s remit, Sky News [...]