City watchdog to regulate ‘addictive’ binary trading after scammers net £60m – Daily Telegraph

Posted November 15th, 2017 in consumer protection, financial regulation, gambling, news by tracey

‘The Financial Conduct Authority is to police firms offering “binary options” following complaints of large losses by consumers and the prevalence of scams.’

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Daily Telegraph, 14th November 2017


City watchdog swoops on £68bn insurance broking market – Daily Telegraph

Posted November 9th, 2017 in competition, financial regulation, insurance, news by tracey

‘The City watchdog has turned its attention towards London’s £68bn insurance broking market following “significant changes” to the lucrative sector since its last probe a decade ago.’

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Daily Telegraph, 8th November 2017


Compensation for customers of failed investment firms to rise from £50,000 to £85,000 – Daily Telegraph

Posted October 31st, 2017 in compensation, consumer protection, financial regulation, news by sally

‘Investors who lose out when their firms go bust could now receive up to £35,000 more compensation under plans unveiled by the City watchdog.’

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Daily Telegraph, 31st October 2017


Suspicious transaction reports to FCA soar to record high –

‘The number of reports notifying the UK’s Financial Conduct Authority (FCA) of suspicious transactions have risen to their highest ever level, more than doubling in the last two years.’

Full Story, 23rd October 2017


FCA fines Merrill Lynch £34.5m for reporting failure –

Posted October 24th, 2017 in banking, financial regulation, fines, news by sally

‘The UK’s Financial Conduct Authority (FCA) has fined Merrill Lynch International £34.5 million for failing to report 68.5 million exchange traded derivative (ETD) transactions over a two-year period.’

Full Story, 23rd October 2017


FCA chief calls for continued cooperation in financial sector post-Brexit –

Posted October 3rd, 2017 in EC law, financial regulation, news, treaties by sally

‘The chief executive of the UK’s Financial Conduct Authority (FCA), Andrew Bailey, has called for close cooperation between regulatory bodies to ensure continuity of service for financial institutions after Brexit.’

Full Story, 2nd October 2017


UK pensions scheme calls on FCA to limit pensions freedoms –

Posted September 21st, 2017 in consumer protection, financial regulation, news, pensions by sally

‘The UK’s state-backed pensions scheme, the National Employment Savings Trust (NEST), has asked for limits to be put on pensions freedoms to protect its members from losing retirement savings.’

Full Story, 20th September 2017


FCA moves to clarify scope of regulation of account information services under PSD2 –

‘Service providers that help other businesses to pool information from different payment accounts on behalf of customers will not be subject to regulation under new UK payment services laws if they do not deliver the aggregated data to the customer themselves, the Financial Conduct Authority (FCA) has confirmed.’

Full Story, 19th September 2017


FCA refuses to publish leaked RBS report into disgraced unit that squeezed small businesses – The Independent

Posted September 15th, 2017 in banking, disclosure, financial regulation, news, reports by tracey

‘Britain’s financial watchdog has refused to publish a leaked report into the scandal at Royal Bank of Scotland’s controversial restructuring unit, despite demands for its release by an influential committee of MPs.’

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The Independent, 15th September 2017


Clearing houses to be subject to formal cybersecurity reporting duties in the UK –

‘Clearing houses in the UK will be subject to new formal cybersecurity incident reporting duties under changes likely to be implemented by 9 May next year.’

Full Story, 24th August 2017


Financial ombudsman gearing up for more complaints ahead of PPI deadline –

Posted August 21st, 2017 in complaints, financial regulation, insurance, news, ombudsmen, time limits by sally

‘The Financial Ombudsman Service (FOS) is anticipating a “significant increase in demand” for its services in the run-up to the August 2019 deadline for complaints about potentially mis-sold payment protection insurance (PPI)’

Full Story, 17th August 2017


Regulations broaden financial sanctions reporting obligation –

‘New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. Previously only banks, financial institutions, certain EEA credit institutions, and currency exchange businesses were obliged to report, but the duty now applies to a far broader range of professions and sectors.’

Full Story, 14th August 2017


Lawyers face prosecution threat over financial sanctions compliance – Legal Futures

Posted August 11th, 2017 in disclosure, financial regulation, legal profession, news, privilege, sanctions by tracey

‘Lawyers are among those who could face prosecution if they fail to report information that could undermine UK financial sanctions, after a change to the law that came into force this week.’

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Legal Futures, 10th August 2017


New law will tighten regulation of claims companies, move regulation to FCA –

Posted August 3rd, 2017 in claims management, financial regulation, news by tracey

‘Claims management companies (CMCs) will face stricter regulation when responsibility for regulation moves from the Ministry of Justice (MOJ) to the Financial Conduct Authority (FCA), though new rules stop short of a ban on cold calling and cold texting.’

Full Story, 3rd August 2017


FCA keeps payday loan cap after review –

Posted August 1st, 2017 in fees, financial regulation, interest, loans, news by sally

‘The UK’s Financial Conduct Authority (FCA) is to maintain a cap set on the interest and fees charged on high-cost short-term loans after a review concluded it had benefited consumers.’

Full Story, 31st July 2017


City regulator plans rule change to allow Saudi oil giant’s $2tn float in London – The Guardian

Posted July 14th, 2017 in financial regulation, London, news, Saudi Arabia, shareholders by tracey

‘The City regulator is proposing to water down stock market rules in a move regarded as an attempt to attract the world’s biggest ever flotation – of Saudi Aramco, the Gulf kingdom’s state oil company – to London.’

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The Guardian, 13th July 2017


Clearer rules needed in the UK to support customer authentication by video, says expert –

‘New rules are needed in the UK to make it clearer that it is acceptable for banks to verify the identity of new customers using video technology.’

Full Story, 4th July 2017


CMA plans to be ‘single port of call’ for regulated businesses seeking leniency from cartel prosecutions and fines –

‘Businesses operating in the financial services, energy or telecoms sectors are to be encouraged to report their involvement in cartels directly to the Competition and Markets Authority (CMA) under proposals put forward by the regulator.’

Full Story, 3rd July 2017


Local government pension scheme investment guidance was unlawful, High Court rules –

Posted June 29th, 2017 in EC law, financial regulation, local government, news, pensions by sally

‘Government guidance preventing the local government pension scheme (LGPS) from pursuing boycotts as part of their investment strategies has been found unlawful by the High Court.’

Full Story, 28th June 2017


Rise of the car hire cowboy: Ombudsman sees 73pc increase in driver grievances – Daily Telegraph

Posted June 13th, 2017 in complaints, consumer credit, financial regulation, news, ombudsmen, reports by sally

‘Car hire purchase deals are now among most complained about policies in Britain, Ombudsman figures show.’

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Daily Telegraph, 12th June 2017