Financial Conduct Authority

Labour Promises To Cap Credit Card Fees For Three Million People 'Trapped' By Debt

John McDonnell wants rules for payday loans applied to credit cards.<p>The Labour Party has pledged to cap credit card fees for three million people in …

John McDonnell

Britain's growing debt problem demands a fresh set of eyes

The OBR’s figures haven’t added up for years, it’s time for an in-depth examination of where the economy is going<p>It’s one of the saddest of all economic trade-offs: accept the need for mounting debts just to achieve moderate growth or crack down on borrowing and get no growth at all.<p>When there are …

Economics

Spread betting raises profile before a regulatory clampdown

Spread betting and foreign exchange brokers are chasing endorsements and sponsorships from Europe’s biggest sports names, while regulators prepare to …

Stock Options

Buy-to-let mortgage deals up 30% on last year

<b>The number of buy-to-let mortgages available to landlords has hit a 10-year high this month, increasing by a third in the past year – and rates are</b> …

Mortgages

‘I’ve seen adverts offering 'safe' 15pc returns – should I invest?’

<i>I’ve recently been online trying to figure out which investments offer the highest yield over 10 years, ideally with guaranteed returns. There are websites that state fixed-rate investments will not yield any more than 5pc if you are lucky, but I’ve found investment companies offering as much as</i> …

Investing

New government rules will force UK banks to search bank accounts for illegal immigrants

Banks and building societies will be forced to carry out immigration checks on 70m current accounts from January, according to reports in the …

Banking

Equifax hack points to problems in SEC’s backyard

This week, federal prosecutors launched a criminal investigation into the hack at Equifax that potentially affected more than 143m Americans.<p>The …

Equifax

Mortgage for life: Thousands will have to pay mortgages well into their retirement

Thousands of people face being caught in a "mortgage for life" trap where they must still pay off their home loan after retirement.

Mortgages

Hedge funds and private equity to face fee transparency probe

Alternative asset management fees are to be examined by the regulator’s working group at the same time as those from mainstream fund houses<p>The …

Finance

Gimmicky savings accounts: could bonus offers beat low rates?

<b>As interest rates remain at uninspiring lows, a number of providers have launched eye-catching gimmicks to tempt savers into using their …

FA Cup

Forget millennials: Older people are underserved by financial services, says the City watchdog

Older people risk being shut out of financial services and products, a new report from the Financial Conduct Authority (FCA) has warned today.<p>In its …

FinTech

Pensioners’ mortgage debts to double to £40bn by 2030

Britain’s pensioners are racking up ever-growing levels of debts as higher house prices mean families take longer to get on the property ladder, and people have to borrow more to cover care costs or help their children financially.<p>The mortgage debts of over-65s are set to double over the next 13 …

Mortgages

Ronaldo Touts 500-1 Leverage Derivatives That Regulators Loathe

Last month, Cristiano Ronaldo sent a short message to his 59 million Twitter followers.<p>“Happy with my new partnership with @EXNESS,” the Real Madrid …

Soccer

Pound retreats against the dollar on rejuvenated US interest rate hike hopes as the Fed steps up its tapering plans

• Pound retreats against a rallying dollar, trading 0.7pc down at below $1.35; sterling holding up against other currencies, rising 0.3pc against the euro to €1.1349<br>• US Federal Reserve announces that it will begin to wind down its huge balance sheet; more hawkish stance on interest rates propels the …

Economy

UK debt crisis and the onward march of neoliberalism

Quantitative easing allowed the wealthy to get out of cash and into assets, writes Martin London; the provisionally passed Ceta deal is TTIP by the back door, says John Airs. Plus letters by David Dodd and Paul Nicolson<p>The debt crisis Larry Elliott predicts (Borrowed time: Threadneedle Street is …

Economy

No more big lunches: Pension advisers face grilling over 'conflicts of interest'

Britain's competition watchdog is to grill the £1.6 trillion UK pension adviser industry on its relationships with asset managers to work out if there are any conflicts of interest when giving advice.<p>The Competition and Markets Authority has published a 40-page report detailing the areas it will …

Conflicts of Interest

Libor Phaseout Puts Adjustable-Rate Mortgages in Limbo

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to …

Mortgages

Power of attorney could be granted online under FCA proposals

Power of attorney should be granted online, City watchdogs have suggested, as lawyers warn the move would put the elderly at risk of fraud.<p>The Financial Conduct Authority has said the requirement for a paper and pen signature when applying for Power of Attorney should be scrapped, making it easier …

Banking

Competition authorities put transparency at the core of their probe into pension advisers

Firms which advise pension funds on their investment decisions will be put under the microscope by the competition authorities, after the UK's …

Business (UK)

Carney's 200 Billion Reasons to Fret About Consumer Debt

Bank of England Governor Mark Carney has 200 billion reasons to keep an eye on consumer borrowing and he’s about to find out just how concerned he …

Economy

UK Financial Conduct Authority Releases Guidance on Initial Coin Offerings

On September 12, 2017 the UK Financial Conduct Authority (“FCA”) released brief guidance (“FCA Guidance”) on initial coin offerings (“ICOs”). This…

FCA moves to calm concerns about new accountability regime

The UK financial watchdog has sought to assuage fears among 47,000 companies that will soon come under a tough new accountability regime, telling …

The City

Britain's finance watchdog cuts firms some slack on EU reforms

LONDON (Reuters) - Britain's financial watchdog will not take action against firms that have not complied fully with new European Union trading rules …

Olympic development in London’s Stratford wins gold medal

Five years after the London Olympic Games, the hum of construction on the 560-acre site in Stratford, in the east end of the capital, continues.<p>On a …

Cities

Tradorax: Binary trading website ceases operations after encouraging people to 'fraudulently' bet on markets

A website accused of scamming savers out of thousands of pounds by tempting them into “fraudulent” online trading schemes appears to have ceased …

Stock Options

DAILY BRIEFING: Insurer Hiscox hires former GCHQ boss

Hiscox has recruited the former boss of GCHQ as it looks to keep pace with the world’s biggest cyber threats. Robert Hannigan, will be a special …

Personal Finance (UK)

Loan sharks are circling, says one of UK's biggest doorstep lenders

Illegal lenders are targeting vulnerable people such as mothers at school gates, says Morses Club chief executive<p>Illegal loan sharks are still chasing down some of the most vulnerable families in Britain, according to the UK’s second-biggest doorstep lender.<p>The warning came as the Financial Conduct …

Money

HBOS blame game fails to find a victim in KPMG

The UK accounting watchdog’s decision to clear KPMG of wrongdoing in its audit of HBOS closes another door in the protracted investigation into the …

Banking

Are we facing a car loan credit crunch? Here are the facts

Sales of new cars in the UK fell for the fifth month in row during August, with demand for diesel cars falling more than a fifth, according to data …

Bank of England

FCA demands transparency from asset managers on pension costs

Uniform methodology and disclosure will be required for all firms managing DC assets<p>The UK financial regulator has demanded that companies managing …

Finance