Financial Conduct Authority (FCA) News

UK Insurers, Banks Told to Do More to Help Customers Struggling With Cost of Living

Britain’s Financial Conduct Authority (FCA) told banks and insurers on Thursday to do more to help customers struggling with a cost of living crisis as it investigates 40 banks for dragging their feet. Interest rates are increasing to quell decades …

Bank of England Won’t Take ‘Risky Bets’ to Boost City of London’s Competitiveness

The Bank of England’s new objective of helping the financial sector remain globally competitive should not encourage risky bets on regulatory standards to win business, BoE executive director Victoria Saporta said on Tuesday. Britain wants a “Big Bang 2.0” – …

Britain Proposes Reforms for Insuring Apartment Blocks After Deadly Grenfell Tower Fire

Britain’s financial watchdog has proposed reforming how apartment blocks are insured after the deaths of 72 people in the Grenfell Tower fire in London led to rocketing premiums on policies. The Financial Conduct Authority said on Wednesday that since the …

London’s Financial Services Firms See Potential in Liz Truss’ ‘Radical’ Policies

After an international career in finance, a rapid political rise and high profile as chancellor of the exchequer during the pandemic, Rishi Sunak must have expected the full-throated backing of the financial sector when he made a bid to lead …

Front Runner to Be Next UK PM Wants to Review Financial Watchdogs’ Roles: Source

Liz Truss, the front-runner to become Britain’s next prime minister, wants to examine the roles of the country’s three financial regulators as part of a review, a source close to her leadership campaign said on Thursday. Provided she wins the …

UK Insurers, Banks Risk Fines Under New Reforms Unless They Put Customers First

Financial firms may be fined and stripped of their regulatory authorization unless they put their customers’ needs first under far-reaching reforms from the UK City regulator. Banks, insurers and other companies will have to ensure their services are actually good …

UK Regulator Pushes Insurers to Cut Premiums for Fire-Risk Apartments

Thousands of people living in high-rise apartments in Britain are set to get better deals on their property insurance following years of spiraling costs in the wake of the Grenfell Tower tragedy. The Financial Conduct Authority is expected to push …

Nearly Half of UK Black Professionals Plan to Leave Their Jobs

Almost half of Black employees are planning to leave their jobs in the near future, resenting the lack of fairness in their company’s management, according to new research. A total of 46% of Black employees at UK firms intend to …

Hong Kong Securities Chief Alder Named Chair of Financial Conduct Authority

The UK Treasury has announced the appointment of Ashley Alder as the new chair of the Financial Conduct Authority (FCA). Alder is currently chief executive officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has …

Financial Conduct Authority Fines JLT Specialty £7.8 million

The Financial Conduct Authority (FCA) has levied a fine of £7,881,700 against insurance broker JLT Specialty Ltd. for financial crime control failings, which in one instance CFA said allowed bribery of more than $3million to take place. JLT Specialty, which …