The U.K.’s key financial regulators have pared down the compliance requirements that hold senior managers accountable as part of the government’s drive to reduce undue regulation by half and boost investment.
Financial Conduct Authority
Posted inFinance
Lloyds IT glitch: Key lessons for compliance
IT outages seem to be increasingly prevalent in the financial services sector, despite a firmer focus on technical resilience by regulators both in the United Kingdom (U.K.) and the European Union (EU). A recent tech glitch that hit a major U.K. bank should compel compliance teams in the sector to review their IT security and incident reporting at the very least, say experts.
Posted inFinance
U.K. Targeted Support narrows advice-guidance gap, raises compliance stakes
The U.K.’s Targeted Support Scheme, intended to provide millions of people with a newly created category of affordable regulated financial advice, went live on April 1. The U.K. government billed the scheme as a “once in a generation” change that will help millions to navigate their financial lives more effectively.
Posted inCryptocurrency and Digital Assets
FCA joins police, HMRC to carry out first crackdown on illegal crypto trading
The U.K.’s financial services regulator has raided eight addresses in London as part of an operation working with police and tax authorities to disrupt illicit crypto activity and prevent possible financial crime risks.
Posted inBanking
FCA sets out plans for industry to compensate 12.1 million for car finance scandal
Over 12 million customers are eligible for compensation after being ripped off by car finance firms that racked up fees by arranging inflated interest rates for loan repayments and denied people the chance to seek better deals.
Posted inUnited Kingdom
U.K. financial regulator and Ombudsman set out modernization plan for consumer redress
Changes to the U.K.’s Financial Ombudsman Service, which enables consumers to pursue financial services firms for compensation for unfair treatment, will place greater weight on firms’ compliance. The changes have been prompted in part by the scandal surrounding poor-value car loans provided via dealers.
