FCA investigates Wise co-founder after tax default – The Guardian

‘The UK’s financial regulator is investigating the co-founder of payments company Wise after he failed to pay his taxes.

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The Guardian, 27th June 2022

Source: www.theguardian.com

Treasury plans crackdown on ‘misleading’ cryptocurrency ads – The Guardian

‘The government has unveiled plans to crack down on misleading cryptocurrency ads by making them subject to the same regulations as marketing for other financial products such as shares and insurance.’

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The Guardian, 18th January 2022

Source: www.theguardian.com

FCA wins appeal over action on Carillion collapse – Law Society’s Gazette

Posted November 1st, 2021 in appeals, company law, financial services ombudsman, insolvency, news by tracey

‘The Financial Conduct Authority does not need the permission of the insolvency court to take regulatory action against a company in liquidation, the High Court has ruled in a case concerning the “spectacular collapse” of construction giant Carillion.’

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Law Society's Gazette, 29th October 2021

Source: www.lawgazette.co.uk

Court refuses to block potential claim against solicitors over fees – Legal Futures

‘The High Court has refused to issue an order to prevent a high-profile collapsed company’s investors from trying in the future to reclaim the legal fees paid by its boss in defending him from a civil claim.’

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Legal Futures, 6th July 2021

Source: www.legalfutures.co.uk

Financial watchdog bans crypto exchange Binance from UK – The Independent

‘Britain’s Financial Conduct Authority (FCA) has stated that Binance, one of the world’s largest cryptocurrency exchanges, is not permitted to undertake any regulated activity in the UK.’

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The Independent, 27th June 2021

Source: www.independent.co.uk

Insurers must not penalise loyal customers, says FCA – BBC News

‘People renewing their home or motor insurance will pay no more than they would as a new customer from January. The new rules have been confirmed by the City regulator, the Financial Conduct Authority (FCA), following years of complaints.’

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BBC News, 28th May 2021

Source: www.bbc.co.uk

Social media sites warned over risky investment offers – The Guardian

‘The City regulator has warned social media sites that it may take action if they continue to promote risky and sometimes fraudulent investments to often inexperienced consumers.’

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The Guardian, 20th April 2021

Source: www.theguardian.com

City watchdog halts new business at Buy2LetCars – The Guardian

Posted February 22nd, 2021 in financial regulation, financial services ombudsman, news by tracey

‘The City regulator has halted new business at a company that promises bumper returns from a car hire scheme aimed at people with poor credit ratings, prompting a backlash from the firm at the “bizarre” decision.’

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The Guardian, 21st February 2021

Source: www.theguardian.com

FCA warning over ‘risky’ TikTok trading tips – BBC News

Posted February 8th, 2021 in financial services ombudsman, internet, news, shareholders by tracey

‘TikTok creators have been offering “risky” trading tips in the wake of the GameStop shares frenzy, a UK regulator has warned. The Financial Conduct Authority (FCA) said people should be wary of users “promising high-return investments”.’

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BBC News, 7th February 2021

Source: www.bbc.co.uk

FCA v Arch Insurance (UK) Ltd and others – St John’s Chambers

‘This short note summarises the key parts of the Supreme Court’s decision in this important test case, by which it allowed most of the FCA’s appeals against the decision of the Divisional Court and found largely in favour of policyholders.’

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St John's Chambers, 21st January 2021

Source: www.stjohnschambers.co.uk

New Judgment: Financial Conduct Authority v Arch Insurance (UK) Ltd and Ors [2021] UKSC 1 – UKSC Blog

‘In March 2020, the UK Government began to take a series of measures to combat the transmission of COVID-19. The present appeals considered the impact of these actions and measures on 28 clauses in the 21 lead policies written by the Appellant Insurers.’

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UKSC Blog, 15th January 2021

Source: ukscblog.com

City watchdog failed to regulate firm that lost investors’ £236m – The Guardian

Posted December 18th, 2020 in banking, financial regulation, financial services ombudsman, inquiries, news by sally

‘The UK’s financial watchdog failed to properly supervise and regulate London Capital & Finance, a mini-bond provider, before the firm collapsed and wiped out the savings of thousands of people, an independent inquiry has concluded.’

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The Guardian, 17th December 2020

Source: www.theguardian.com

No business interruption decision from Supreme Court until next year – Law Society’s Gazette

‘Judgment in an urgent test case to determine whether businesses hit by Covid-19 will receive insurance pay-outs will not be handed down by the Supreme Court until January at the earliest. Five Supreme Court justices heard a case between the Financial Conduct Authority and six insurance companies in November. The dispute concerned business interruption insurance (BII) and the court was asked to rule on provisions in insurance policies relating to disease clauses, prevention of access clauses and hybrid clauses.’

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Law Society's Gazette, 15th December 2020

Source: www.lawgazette.co.uk

Collective Actions in the Supreme Court – Competition Bulletin from Blackstone Chambers

‘The big news from today’s UK Supreme Court collective action decision in Mastercard v Merricks [2020] UKSC 51 is not only that Mr Merricks won and defeated the appeal, but that the Supreme Court approached the issues in a far more claimant-friendly way than even the Court of Appeal had done.’

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Competition Bulletin from Blackstone Chambers, 11th December 2020

Source: competitionbulletin.com

Mastercard judgment ‘lowers bar’ for collective action – Law Society’s Gazette

‘The Supreme Court’s ruling against Mastercard will make it easier for group damages claims to proceed to trial, commentators have said. However, the card issuer’s solicitors have stressed the “very unusual circumstances” of the judgment, in which justices were divided on key issues.’

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Law Society's Gazette, 11th December 2020

Source: www.lawgazette.co.uk

Supreme court case looms as insurers battle firms over Covid cover – The Guardian

‘Eight months since the UK coronavirus lockdown forced the temporary closures of restaurants, bars, shops, hairdressers and other small businesses, thousands who are still awaiting payouts from their insurers to cover lost income will hope a supreme court hearing will result in a ruling that favours about 200,000 policyholders.’

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The Guardian, 16th November 2020

Source: www.theguardian.com

FCA pursues Gavin Woodhouse’s ex-business partner in high court – The Guardian

‘The former business partner of the disgraced entrepreneur Gavin Woodhouse is being pursued by the Financial Conduct Authority in the high court over alleged links to care home investments in which investors appear to “have lost at least £30m”.’

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The Guardian, 12th November 2020

Source: www.theguardian.com

SONIA and the ‘Tough Legacy’ of LIBOR – Henderson Chambers

‘At the end of 2021 the London Interbank Offered Rate (LIBOR) will be discontinued. In its place the Financial Conduct Authority is proposing a different rate to become the market standard, the Sterling Overnight Index Average (SONIA). What is the impact of LIBOR’s discontinuance on regulated credit agreements? How might regulated lenders approach a transfer to SONIA? Will the Government legislate to assist with the change?’

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Henderson Chambers, 7th October 2020

Source: www.hendersonchambers.co.uk

FCA begins case over insurers’ refusal to pay firms’ Covid-19 claims – The Guardian

‘The City regulator will on Monday begin a test case on behalf of thousands of businesses that claim they should have been paid by insurers to cover closures during the coronavirus pandemic.’

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The Guardian, 20th July 2020

Source: www.theguardian.com

Lloyds fined £64m for unfair treatment of mortgage customers – The Guardian

Posted June 12th, 2020 in banking, financial services ombudsman, fines, housing, mortgages, news by sally

‘Lloyds Banking Group has been fined £64m by the City watchdog for failing to treat mortgage customers fairly after they fell into financial difficulty.’

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The Guardian, 11th June 2020

Source: www.theguardian.com