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The Latest Breaking News from FCA

City watchdog branded ‘incompetent’ and ‘toxic’ by its own staff

The FCA has been subject to increased scrutiny after a number of high-profile incidents, including the collapse of a number of controversial investments

The Independent UK

Senior UK bankers will get bonuses years earlier under plan to relax rules

PRA and FCA propose changes to bonus deferrals in bid to drive growth and improve UK competitiveness

The Guardian - UK

Top bankers to access bonuses quicker under plans to relax City rules

Proposed changes will see the period that bonus payments can be deferred for the most senior bankers reduced from eight years to five years.

The Independent UK

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FCA fines Macquarie Bank £13m for fictitious trades amid ‘serious failings’

Trader was able to record more than 400 fictitious trades over a period of 20 months, says watchdog

The Guardian - UK

Macquarie fined £13m by City watchdog after fake trades

Fake trades were not detected earlier because of ‘significant weaknesses’ in the bank’s systems and controls, the regulator said.

Evening Standard

UK’s financial watchdog is ‘incompetent’ and ‘dishonest’, MPs and peers claim

A cross-party parliamentary group, comprising 30 MPs and 14 peers, produced the damning report after examining the Financial Conduct Authority.

Evening Standard

FCA is ‘incompetent at best, dishonest at worst’, claim MPs and peers

Financial watchdog needs a radical shake-up after scandals and failures, says all-party group’s report

The Guardian - UK

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Estimated 7m UK adults own cryptoassets, says FCA

Some 12% of UK adults own crypto, up from 10% in 2022, according to research for the Financial Conduct Authority.

Evening Standard

Barclays’ retreat over regulator’s Qatari finding is a cop-out

Bank still does not accept FCA finding that payments of £322m to Qatari entities should have been disclosed

The Guardian - UK

Barclays drops court battle over 2008 Qatari deals to ‘draw line under’ issue

The bank had been due to challenge the Financial Conduct Authority’s (FCA) decision in the Upper Tribunal court in London this week.

Evening Standard

Barclays fined £40m for ‘reckless’ failures in 2008 Qatari fundraising

Bank’s shares rise as it disputes FCA finding it should have disclosed more about deal during financial crisis

The Guardian - UK

Barclays fined £40m for ‘reckless’ Qatari deals during 2008 financial crash

The bank had been due to challenge the case brought by the Financial Conduct Authority in court this week.

Evening Standard

Life insurers must avoid unnecessary delays with claims, says City regulator

The Financial Conduct Authority said many firms have further to go to meet its expectations.

Evening Standard

FCA plans to allow lenders longer to respond to car finance complaints

Firms could get up to a year to respond to mis-selling complaints after shock court ruling last month

The Guardian - UK

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The Guardian - UK

Santander puts aside £295m for car loan mis-selling

Lower third-quarter profits reported alongside first estimate of financial fallout from loan mis-selling scandal

Evening Standard

Many will be vulnerable to ‘loan sharks’ without regulations, Labour MP says

Stella Creasy criticised the Government’s plan to implement the regulations in 2026, claiming they should be put in place sooner.

The Guardian - UK

Reeves tells City regulator to encourage more risk-taking in financial sector

New remit given to FCA by chancellor raises fears of a weakening of rules brought in to avert another financial crisis

Evening Standard

One in 10 cash machines in UK closed since 2021, figures show

Rutland has fared the worst of any area in the country, losing half of the 18 cash machines it had in June 2021.

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Evening Standard

Issues with mass financial complaints to be put under spotlight

Sudden and significant increases in complaints can cause firms to struggle to effectively respond, delaying any customer redress, the ombudsman said.

Evening Standard

Martin Lewis issues update to drivers who bought cars before 2021

Business automobiles and static caravans are not covered by the potential compensation

Evening Standard

UK watchdog to urge Supreme Court to act quickly in car finance mis-selling case

The Financial Conduct Authority also said it was preparing to give lenders more time to deal with an expected flurry of customer complaints.

The Independent UK

New probe launched after car dealers got busted charging secret commission – here’s what it could mean for you

Finance companies had been charging secret commissions, called discretionary agreements

Evening Standard

NatWest blocks apps including WhatsApp from work devices

The British bank said it wants its employees to stick to ‘approved channels’ for work-related communication.

The Guardian - UK

Metro Bank fined nearly £17m for failure to monitor potential money laundering

Problems were raised by junior staff three years before they were completely resolved, says FCA

Evening Standard

Metro Bank fined £16.6m for failings over money laundering checks

The lender, which has about three million UK customers, failed to check for money laundering on millions of transactions up to 2020.

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