Financial Conduct Authority
The latest news and comment on the Financial Conduct Authority
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Soap opera shows the ECB’s weaknessNils Pratley: Behind the verbal gymnastics, the eurozone economy sinks to its knees. -
Senior FCA official to quit ahead of report on insurance briefing rowClive Adamson is preparing to quit days before regulator publishes report on events which led to £6bn being wiped off insurance companies -
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Neil Woodford invests in online-only internet bank AtomStar fund manager is among investors in new service which aims to launch without branches in second half of 2015 -
FCA senior regulator calls for generational shift in City attitudesTracey McDermott says individuals and firms in the banking sector should consider the impact of their work on society -
Payday loan brokers subject to emergency action as regulator steps inSeven blocked from taking on new business and three of those in line for ‘enforcement action’ over fees charged
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Credit card market faces inquiry into aggressive marketingFinancial Conduct Authority to study fairness and transparency of £150bn-a-year market affecting 30m UK cardholders
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Financial Conduct Authority hopes £1.5bn in fines will change behaviour2014’s running total of fines by the City regulator boosted by the £1.1bn levied on banks for manipulating foreign exchange markets
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RBS fined £56m for IT breakdown6.5 million customers at Royal Bank of Scotland, NatWest and Ulster Bank affected by computer meltdown in June and July 2012
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RBS fined £50m for 2012 computer chaosPenalty comes after bank was fined £400m for failures that allowed foreign exchange market rigging
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Britain’s biggest financial firms told to improve complaints handlingFinancial Conduct Authority reviews practices at 15 companies and says they must ‘do more to deliver fair complaint handling’
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Are banks now gamblers and asset strippers?Letters: Banking has become synonymous with short-term profiteering to line the pockets of hedge fund gamblers and tax avoiders, at the expense of individual and business customers
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Ten things we learned this weekFrom Miliband’s leadership struggle to Ebola drug trials and the Rosetta spacecraft, a roundup of the week’s news
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The Guardian view on the foreign exchange scandal: banks busted, againEditorial: Three countries have caught five institutions with their hands in the till. Banking is rotten to the core, but flattering pre-crisis ideas about its role have proved remarkably hard to shift
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Barclays may face massive new penalty over currency riggingBank puts discount on fines at risk by refusing early settlement as six rivals are ordered to pay £2.6bn for currency rigging
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Treasury gains £1.1bn windfall from record fines on banksGeorge Osborne says proceeds from regulator’s crackdown on currency market rigging will be ‘used for the wider public good’
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Bank of England predicts lower inflation; banks fined for forex rigging – live updates
Guardian business live Bank of England predicts lower inflation; banks fined for forex rigging – live updates
HSBC, Royal Bank of Scotland, UBS, JP Morgan and Citigroup have all been penalised for their role in rigging the global foreign exchange market -
Will banking fines be enough to change banker behaviour?
Five major banks have been fined £2bn for rigging the forex market. This follows banking fines for activities such as sanctions busting, Libor rigging and mortgage bond mis-selling. So will the latest heavy fines change anything?
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‘Nice work gents’: FCA transcripts show forex traders’ back-slapping cultureDocuments show traders congratulating each other in private chat rooms over manipulating foreign exchange price for profit
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Banking regulator’s all-in-one inquiry led to record finesRegulators in the US and the UK have fined banks for crimes ranging from market rigging to sanctions busting
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Foreign exchange fines: banks handed £2.6bn in penalties for market riggingRegulators in US and UK mete out record fines after finding a ‘free for all culture’ on currency trading floors at RBS, HSBC, Citibank, JP Morgan and UBS
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Banks fined record £2bn over foreign exchange riggingRegulators on both sides of Atlantic impose fines totalling £2bn on HSBC, Royal Bank of Scotland, UBS, JP Morgan and Citigroup
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Treasury awaits record bank fines windfall over forex riggingSix banks including Barclays, HSBC and RBS thought to be facing fines of up to £250m each by City regulator
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New payday loan rules to cap fees, total cost and default chargesFinancial Conduct Authority rules will reduce the cost for most borrowers, but debt campaigner Stella Creasy MP says the cap needs to be lower to change behaviour of lenders
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Payday lenders may vanish within year as result of price cap, says economistExpert who worked with FCA on the price cap says the assessment now looks bleak for high street payday lenders
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Ex-Swinton insurance directors fined nearly £1m for mis-sellingFCA bans trio from senior roles in financial services after ‘aggressive selling of often unnecessary insurance products’ to share chunk of £90m bonus pool
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Yorkshire Building Society fined £4m for unfair treatment of borrowersFinancial regulator hands down biggest ever fine for building society as YBS repays 34,000 struggling borrowers a total of £8m
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Payday lender Wonga believed it would be worth £15bn, leaked letter showsValuation would have made company worth twice as much as Marks & Spencer
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Tesco’s accounts: watchdog weighing up whether full investigation neededFinancial Reporting Council says it is carefully considering information relating to supermarket’s profit mis-statement
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Wonga appoints debt management expert as new finance directorPayday lender hires Capquest Group’s Paul Miles, having written off loans of 330,000 borrowers earlier this month
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Investment scam potential victims subject of new campaignFinancial Conduct Authority to use money recovered from financial crime to try to end £1.2bn lost to investment fraud
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Tesco suspends three more senior staff over profits scandalSupermarket asks three senior staff to ‘step aside’ during inquiry into accounting scandal that has knocked 20% off share price
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Payday loans shaken up by competition regulatorCompetition and Markets Authority wants clearer fees and charges and for consumers to be able to compare deals online
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Wonga writes off debts for 330,000 customersPayday lender’s chief executive apologises to customers after discussions with City watchdog
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Steve Bell on Wonga and David Cameron's tax cuts pledge – cartoon
David Cameron pledges sweeping tax cuts for low and middle earners to follow welfare cuts
Cartoon Steve Bell on the forex rigging scandal – cartoon
George Osborne says proceeds from regulator's crackdown on currency market rigging will be 'used for the wider public good'