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EXPLAINED: 20 | Vintage Vibes

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

Claims management companies circle after UK court ruling on mis-sold car finance

Specialist law firms and CMCs could be in line for massive payday with their cuts from consumer compensation

The Guardian - UK

Cutting finance red tape in pursuit of growth poses ‘top risk’ to consumers

Consumer groups warned MPs that a push for regulators to prioritise economic growth could do more harm than good for ordinary people.

Evening Standard

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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

UK finance watchdog softens ‘name and shame’ plans after City pressure

The Financial Conduct Authority said it is making changes, having ‘heard the strength of feedback’ about its original plans.

The Independent UK

City regulator offers to water down ‘name and shame’ rules after pressure

FCA proposes giving 10 days’ notice before revealing identities of firms under investigation and will consider market impact

The Guardian - UK

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

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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

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

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

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The Guardian - UK

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

Evening Standard

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.

The Guardian - UK

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

Evening Standard

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.

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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.

The Guardian - UK

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

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.

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.

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