All financial conduct authority articles

  • UBScrop

    FCA fines UBS £27.6M for transaction reporting failures


    The U.K. Financial Conduct Authority has fined UBS £27.6 million (U.S. $36.6 million) for failings relating to 135.8 million transaction reports.

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    Blog post

    U.K.-U.S. authorities reach post-Brexit derivatives trading deal


    The U.S. Commodity Futures Trading Commission and the Bank of England—including the Prudential Regulation Authority and the U.K. Financial Conduct Authority—on Monday issued a joint statement finalizing a post-Brexit derivatives trading deal.

  • Article

    FCA’s limited powers give Royal Bank of Scotland a pass


    The Royal Bank of Scotland has escaped penalties for its alleged abuse of small businesses, due to the Financial Conduct Authority’s admitted lack of sway.

  • Blog post

    U.K., EU must work together to ensure post-Brexit stability


    Now is the time, FCA chief Andrew Bailey said, for the U.K. and EU authorities to jointly work on solutions to reduce the risks to financial stability that Brexit could pose.

  • Blog post

    PPI complaints against financial services firms on the rise


    Complaints about payment protection insurance (PPI) created a significant spike in the number of complaints made to financial services firms in the second half of 2017, according to recent figures published by the U.K. Financial Conduct Authority, serving as a warning to the broader financial services industry about the future ...

  • Blog post

    Financial Conduct Authority 2018/19 business plan focuses on Brexit


    The Financial Conduct Authority published its Business Plan for 2018/19, setting out its key priorities for the coming year, much of which reflects the resources needed to prepare for withdrawal from the European Union.

  • Blog post

    The importance of a transitional period in financial services


    Financial Conduct Authority Chief Executive Andrew Bailey in a recent speech spoke about the importance of a transitional period for the financial services industry concerning Brexit. A key issue, he said, is the need for continuing authorisation for firms that are undertaking cross-border business between the United Kingdom.

  • Blog post

    FCA publishes discussion paper on transforming culture in financial services


    The U.K. Financial Conduct Authority has published a discussion paper on transforming culture in financial services, presenting views from academics and industry thought leaders. The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector.

  • Blog post

    FCA publishes new credit card rules


    The Financial Conduct Authority has published its final policy statement on new rules for the credit card market, which will come into force on 1 March 2018. Firms have until 1 September to comply.

  • Blog post

    Financial Conduct Authority fines Vanquis £2 million


    The U.K. Financial Conduct Authority has imposed a fine of £2 million on credit card lender, Vanquis, for failing to disclose the full price of an add-on product, called Repayment Option Plan. It must also pay nearly £170 million in compensation to customers.

  • Blog post

    U.K. and U.S. to collaborate on FinTech initiatives


    The U.K. Financial Conduct Authority and the U.S. Commodity Futures Trading Commission have signed a first-of-its-kind arrangement with one another to collaborate and support innovative firms through each other’s FinTech initiatives.

  • Blog post

    FCA fines and bans former RBS trader


    The Financial Conduct Authority imposed a financial penalty of £250,000 on a former Royal Bank of Scotland interest rate derivatives trader, Neil Danziger, and prohibited him from performing any function in relation to any regulated financial activity.

  • Blog post

    Financial Conduct Authority fines Bluefin £4m for misleading customers


    The Financial Conduct Authority today fined Bluefin Insurance Services Limited £4 million for having inadequate systems and controls and failing to provide information to its customers about Bluefin’s independence in a way that was clear, fair, and not misleading.

  • Blog post

    U.K. probes KPMG for Rolls-Royce audits


    The United Kingdom’s independent accounting regulator said it has commenced an investigation into the conduct of KPMG for audits it performed on Rolls-Royce.

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    Blog post

    FRC announces investigations into KPMG and PwC


    The U.K. Financial Reporting Council, an independent investigative body that monitors and enforces accounting standards, is looking into audits made of financial services companies in the days preceding the global financial crisis of 2008-2009, starting with a delve into the work of two key accountancy firms—KPMG and PwC. Paul Hodgson ...

  • Blog post

    FCA advises on new EU Market Abuse Regulation


    The Financial Conduct Authority has published changes to its handbook, “Disclosure Guidance and Transparency Rules,” to help U.K.-listed companies comply with new EU Market Abuse Regulation (MAR) from 3 July this year. The handbook and MAR cover a very wide range of “market abuse” issues, such as insider dealing, improper ...

  • Blog post

    FCA must not drop the ball on banking culture reforms


    The U.K. Parliament’s Public Accounts Committee has issued a report that is not only deeply critical of the FCA’s decision to suspend its culture review of banks but also warns of “serious risks” of future mis-selling scandals. Paul Hodgson examines the report’s impact on U.K. bank culture.

  • Blog post

    Financial Conduct Authority Names New Chief Executive


    Image: HM Treasury this week announced the appointment of Andrew Bailey as the new permanent chief executive of the U.K. Financial Conduct Authority for a five-year term. He is expected to take up the role in July 2016. Bailey is currently the deputy governor for Prudential Regulation at the Bank ...

  • Blog post

    U.K. FCA Scrutinizes Use of Big Data by Insurers


    Image: The Financial Conduct Authority is requesting more information from general insurers about big data, which may lead into a market study or further policy or guidance. Big data has the “potential to transform practices and products across financial services,” Christopher Woolard, director of strategy and competition at the FCA, ...

  • Blog post

    FCA’s ‘Regulatory Sandbox’ to Drive Innovation and Competition


    Image: The U.K. Financial Conduct Authority is planning to unveil a “regulatory sandbox” for companies to test new products, services, or business models without facing enforcement actions. “To promote competition it is vital that we support firms—both regulated and unregulated, whether large incumbent or small start-ups—that want to bring new ...