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The Latest Breaking News from Nikhil Rathi

Car finance scandal could be as big as PPI, City regulator says

FCA lawyer admits scale of compensation could be larger than first thought, and as big as PPI, which cost banks £50bn

The Guardian - UK

Cutting red tape could attract more bad actors in finance sector, says FCA boss

Nikhil Rathi told MPs on the Treasury Select Committee that there will be increased risk-taking as part of proposed changes by Government.

Evening Standard

Head of financial watchdog defends performance after critical report from MPs

Financial Conduct Authority chief executive Nikhil Rathi has defended the organisation after the report by MPs and peers.

The Independent UK

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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

Watchdog warns of ‘uphill battle’ without better financial education in schools

Nikhil Rathi, chief executive of the Financial Conduct Authority, called for action to tackle the ‘root causes of financial exclusion’.

The Independent UK

Digital wallets and Big Tech put under the spotlight by regulators

A call for information has been issued by the Financial Conduct Authority and the Payment Systems Regulator.

The Independent UK

London stock market rules shaken up in attempt to stop firms moving overseas

Changes will allow companies to skip shareholder votes on takeovers, which critics say risk ‘diluting the quality’ of the UK market

The Guardian - UK

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Car finance mis-selling is not the next PPI scandal, says UK watchdog

Financial Conduct Authority says prompt intervention should ensure wrongdoing will be dealt with efficiently

The Guardian - UK

FCA’s pay levels ‘could force its staff to rely on hardship fund’

Members of Unite union reject UK regulator’s offer and say it is failing to deal with salary shortfall

The Guardian - UK

UK financial watchdog ‘will not take any action against’ Odey Asset Management

FCA says investigation continues into sexual misconduct claims against fund founder and political donor Crispin Odey

The Guardian - UK

Scale of bullying and harassment of women in City ‘shocks and alarms’ MPs

Cross-party Treasury committee says its private hearings suggest there has been no improvement in 20 years

The Guardian - UK

City watchdog ex-chair says he faced ‘political pressure’ to let in crypto firms

Charles Randell says some of the exchanges the FCA was pressed to allow to trade in the UK are now being investigated in the US

The Guardian - UK

Jeremy Hunt requests inquiry into ‘debanking’ of politicians

Chancellor wants Financial Conduct Authority to investigate whether practice is ‘widespread’

The Guardian - UK

What are the rules on bank account closures and what rights do people have?

The UK’s banking rules have come under scrutiny after Nigel Farage accused Coutts of closing his account unfairly.

The Independent UK

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The Guardian - UK

Sunak, Braverman and City regulator wade into Farage banking row

FCA chief says banks cannot ‘discriminate’ against political views, but chair argues it’s up to Coutts ‘who they do business with’

The Independent UK

Regulator is ‘ready to go’ to bring buy now, pay later firms under its scope

FCA boss Nikhil Rathi said the regulator will make sure there is proportionate regulation supporting innovation and encouraging responsible lending.

The Guardian - UK

FCA warns it will crack down on banks that fail to pass on savings rates

Nikhil Rathi tells Treasury committee there are ways to assess whether customers are being treated fairly

The Independent UK

Savings providers must keep customers informed about available rates – watchdog

FCA boss Nikhil Rathi said firms will need a strategy to ensure customers are adequately informed of available rates across their product set.

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The Guardian - UK

National Audit Office launches review of financial regulator’s effectiveness

Plans to assess FCA come in light of its growing list of responsibilities including cryptoassets, AI and competitiveness

The Guardian - UK

Financial firms must boost protections against AI scams, UK regulator to warn

Financial Conduct Authority chief to highlight risks of ‘deepfake’ fraud as well as benefits of Artificial Intelligence

The Guardian - UK

FCA investigates Crispin Odey over fitness to work in financial services

Regulator’s investigation of hedge fund manager follows allegations of sexual misconduct, which he denies

Evening Standard

City firms that tolerate harassment are a bad risk says watchdog

A quarter of complaints per quarter to the FCA are about sexual misconduct

The Guardian - UK

MPs accuse banks of ‘blatant profiteering’ as savings rates remain low

Commons Treasury committee writes to four largest banks, saying they risk falling foul of incoming City rules

The Guardian - UK

Mortgage pressures will not tip UK into wave of repossessions, FCA says

After a meeting between Jeremy Hunt and bankers at No 10, Nikhil Rathi says there will be ‘no repeat’ of 2008

Bangkok Post

UK may ditch premium listings to boost LSE's appeal

LONDON: The UK is proposing "significant changes to the listing rulebook" in a bid to make London more attractive as a financial centre as moribund capital markets stoke fears about the city's ability to compete with New York and Asian hubs.

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