Breaking news
A fintech start-up which paid more than 3,000 influencers including Premier League footballers and Love Island stars to promote a debit card it claimed would be ‘one of the world’s most secure’ has been accused by the financial regulator of peddling its products without authorisation. The Financial Conduct Authority issued a warning about Lanistar, which … Read more
City watchdog bans sale of risky cryptocurrency-linked products to protect retail investors against shock losses FCA bans sale of derivatives and tracking cryptocurrencies from 6 January It said these financial products are ‘ill-suited’ for retail investors They can put small investors at risk of ‘sudden and unexpected’ losses By Camilla Canocchi for Thisismoney.co.uk Published: 16:18 BST, … Read more
FCA launches crackdown on rogue advisers: Two-year campaign aims to stop investment scams and excessive fees By Matt Oliver For The Daily Mail Published: 21:51 BST, 10 August 2020 | Updated: 21:51 BST, 10 August 2020 More than 100 financial advice firms are being investigated by the City watchdog as part of a sector-wide crackdown, … Read more
Regulators are pressing workplace pension schemes to scrutinise costs more closely to ensure staff are not over-charged. They propose tightening up rules on assessing value for money, including laying down standardised tests on charges and costs, investment performance and quality of service. Some independent governance committees, which are meant to represent the interests of people … Read more
Outsider chosen to run City watchdog – with interim boss Chris Woolard shunned by the Treasury By Lucy White For The Daily Mail Published: 21:56 BST, 22 June 2020 | Updated: 22:05 BST, 22 June 2020 An outsider has been chosen to run the City watchdog – with interim boss Chris Woolard shunned by the … Read more
City watchdog the FCA names London Stock Exchange boss Nikhil Rathi as its new chief executive Nikhil Rathi, 40, takes over from interim chief Christopher Woolard Woolard had been appointed when Andrew Bailey left for the Bank of England Rathi said he will work towards creating ‘an even more diverse organisation’ By Camilla Canocchi for … Read more
City watchdog bans promotion of speculative mini-bonds for good, amid fears investors don’t grasp the risks Mass-marketing of mini-bonds first banned in January, ahead of Isa season They involve buying company debt for a set period in exchange for interest Watchdogs fear investors don’t understand the risks and can’t afford the potential losses they face … Read more
Equity release advice may be causing ‘significant harm’: Regulator warns some customers are rushed through without the proper checks The results of an FCA review of equity release advice firms found ‘significant areas of concern’ in the way some were selling equity release Many advisers were told they are not doing enough to ensure customers … Read more
Siân Williams-Jones initially thought her business was covered as her policy included a ‘notifiable disease’ clause Multiple insurers have began to pay out to businesses on policies they previously claimed didn’t cover coronavirus-forced closures, as the financial watchdog revealed those it will test them in court. There has been a series of disputes in recent months … Read more
Britain’s largest guarantor lender Amigo Loans is being investigated by regulators over its lending practices. In an announcement to the London Stock Exchange, Amigo said the Financial Conduct Authority launched an investigation on 29 May into ‘whether or not Amigo’s creditworthiness assessment process, and the governance and oversight of this, was compliant with regulatory requirements.’ … Read more