FCA to investigate Wasps rugby club over financial statements April 12, 2019 Wasps Rugby Club is reportedly under investigation by the Financial Conduct Authority (FCA) over whether it misled the market about its financial position. Read more: City watchdog strengthens post-Brexit ties with Australian regulator The UK's financial regulator is looking into the Premiership side's financial results from 2017 after it was revealed that the club had [...]
City watchdog accused of using legal red tape to delay report into RBS GRG unit April 11, 2019 The City watchdog has been accused of abusing legal red tape to delay a report into its controversial decision not to take action against senior individuals within RBS’s rogue unit GRG. Former business secretary Sir Vince Cable said the Financial Conduct Authority (FCA) is using Maxwellisation – a process whereby individuals criticised in an investigation [...]
Home insurers make 100 per cent of profits from loyal customers April 10, 2019 Home insurance companies make 100 per cent of their profits from penalising loyal customers, new research shows. A study published today by Citizens Advice found home insurers make all their profits – amounting to over £1bn a year – from loyal customers holding policies for six years or more. The research showed that loyal customers [...]
City watchdog FCA strengthens post-Brexit ties with Australian regulator April 8, 2019 The City watchdog has strengthened ties with its Australian counterpart to secure cooperation post-Brexit. The Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have agreed two Memoranda of Understanding (MoU) covering trade repositories and alternative investment funds, to ensure continuity after the UK leaves the EU. Read more: FCA tells Morgan [...]
FCA tells Nicky Morgan London Capital & Finance probe ‘in the public interest’ April 2, 2019 Britain’s financial watchdog has rebuffed claims it was forced to investigate its own regulation of collapsed mini-bond firm London Capital & Finance (LC&F). Chairman of the Financial Conduct Authority (FCA) Charles Randell said this afternoon the regulator chose investigate itself after LC&F’s collapse because of “the broader public interest questions which arise in relation to [...]
City watchdog calls for review of its regulation of collapsed mini-bond firm London Capital & Finance April 1, 2019 The Financial Conduct Authority (FCA) said today there should be an independent investigation into its regulation of mini-bond firm London Capital & Finance (LC&F). The company collapsed in January owing investors more than £230m. The watchdog also called for an investigation to look at whether the existing regulatory system adequately protects retail purchasers of mini-bonds from [...]
Financial Conduct Authority confirms ban on sale of binary options to retail consumers March 29, 2019 City watchdog the Financial Conduct Authority (FCA) said today it was banning the sale, marketing or distribution of binary options to retail customers. Binary options are financial instruments that allow traders to speculate on which way a market will move. Read more: The FCA has to show it really means business The FCA said the [...]
Millions from London Capital & Finance flowed through accounts of four men, say administrators March 26, 2019 Millions of pounds of money invested in collapsed mini-bond company London Capital & Finance flowed through the accounts of four men, the administrators report said today. The report said Andy Thomson – LC&F’s chief executive, Simon Hume-Kendall – the chairman of one its biggest borrower London Oil & Gas, Elten Barker – who was a [...]
City watchdog says it could amend rules to rescue ‘mortgage prisoners’ March 26, 2019 City watchdog the Financial Conduct Authority (FCA) said today it could change its lending rules to help so-called mortgage prisoners switch to more affordable deals. Mortgage prisoners are homeowners, often paying expensive rates, who are unable to switch deals despite being up-to-date with their mortgage payments. The regulator is proposing to amend its responsible lending [...]
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