Financial Conduct Authority (FCA) News

UK Watchdog Fines London Metal Exchange Over Handling of 2022 Nickel Crisis

Britain’s financial regulator fined the London Metal Exchange on Thursday for allowing nickel prices to surge out of control three years ago in the first ever enforcement action against a UK exchange. The Financial Conduct Authority imposed a penalty of …

Odey Banned From UK Financial Services Industry for ‘Lack of Integrity’

Crispin Odey was fined £1.8 million ($2.3 million) and banned by the UK’s financial regulator for showing a “reckless disregard” for governance at his former investment fund. The Financial Conduct Authority said in a statement Odey’s conduct demonstrated that he …

UK Financial Watchdogs Drop Diversity and ‘Name and Shame’ Reforms

Britain’s top financial regulators have scrapped proposed new rules to boost diversity and inclusion in the industry, and mothballed a fresh crackdown on non-financial misconduct, citing fears of imposing unnecessary regulatory burdens on firms. The Prudential Regulation Authority and Financial …

Accused of Going Too Far, UK Finance Regulator Plots Where to Go Next

The UK’s top financial regulator has spent much of its eleven-year history in combat with the industry it oversees, a tone set by its first chief executive Martin Wheatley, whose zeal for fining banks got him ousted in 2015. Now, …

FCA Says Ex-Barclays CEO Staley Misled it Over Epstein Contacts During Probe

Ex-Barclays CEO Jes Staley gave misleading answers to Britain’s Financial Conduct Authority about his dealings with Jeffrey Epstein when it was investigating his relationship with the disgraced financier, the FCA’s lawyers alleged on Monday. The FCA said in October 2023 …

Harassment Claims Soar at City Firms in Wake of Odey Scandal

City firms reported a 72% surge in non-financial misconduct complaints over the last three years following a string of high-profile scandals including sexual harassment allegations leveled at hedge fund chief Crispin Odey. In the biggest review of discrimination and bullying …

Boozy Work Parties May Be Over With New UK Harassment Law

Alcohol-fueled company events could become a thing of the past, as UK employers consider new rules that place an onus on firms to protect workers from sexual harassment or risk hefty damages claims. Under a new law, companies will have …

Fresh Appetite for Risk Can Help Arrest Britain’s Downward Spiral, Think Tank Says

Britain’s decade-long economic downward spiral could be reversed with a fresh appetite for risk that might help boost annual investment by a required 100 billion pounds ($131 billion) over the next decade, a leading think tank said on Friday. In …

Who Is to Blame for Deadly 2017 Grenfell Tower Fire?

A public inquiry into the devastating 2017 London Grenfell Tower blaze concluded on Wednesday that a “culmination of decades of failure” by the government and the construction industry ultimately led to the disaster that killed 72 people. The report detailed …

UK Grenfell Tower Fire Inquiry Blames All Deaths on Incompetence and Greed

A public inquiry into the devastating 2017 London Grenfell Tower blaze that killed 72 people blamed the disaster on failings by the government, construction industry and, most of all, the firms involved in fitting the exterior with flammable cladding. The …