30 January 2015

Latest articles for Financial Conduct Authority (FCA)


UK watchdog agrees compensation package for consumer's mis-sold card security packages

27 January 2015  |  1308 views  |  0 Company announcement

The Financial Conduct Authority (FCA) has reached an agreement with Affinion International Limited (“Affinion”) and 11 high street banks and credit card issuers, following voluntary negotiations, that will pave the way for customers to claim compensation if they have concerns about the way that card security products with the following product names were sold to them:


FCA bids to boost transparency in cash savings market

20 January 2015  |  1559 views  |  0 News

The Financial Conduct Authority is proposing a shake up of the £700 billion cash savings market after research showed that UK consumers are getting a raw deal from financial services firms.


Payment Systems Regulator appoints three departmental heads

14 January 2015  |  1423 views  |  0 Company announcement

The Payment Systems Regulator, the economic regulator for the UK's £75 trillion payments industry, has appointed three heads of department to help lead the new organisation. The Payment Systems Regulator becomes operational on 1 April 2015.


FCA restructures to deal with new regulatory challenges

08 December 2014  |  1524 views  |  0 Company announcement

The Financial Conduct Authority today set out details of how it intends to meet the regulatory challenges ahead following a detailed review of its strategy, priorities and ways of working.


FCA publishes terms of reference for credit card market study

25 November 2014  |  1743 views  |  0 Company announcement

The Financial Conduct Authority (FCA) has today published the terms of reference for a credit card market study. The FCA announced the market study in April 2014 after its own research showed that the credit card market was not working well for some consumers.


RBS and Ulster Bank hit with £56 million fine over IT meltdown

20 November 2014  |  6211 views  |  0 News

The Royal Bank of Scotland and its subsidiary Ulster Bank have been hit with a £56 million fine by regulatory authorities over a computer malfunction in 2012 that locked customers out of accounts and knocked out payments processing systems.


FCA review finds small banks and insurance intermediaries fail to manage financial crime risk

14 November 2014  |  1722 views  |  0 Company announcement

The Financial Conduct Authority (FCA) has found that many small banks and commercial insurance intermediaries fail to effectively manage financial crime risk. The two reviews published today follow related work by the FCA's predecessor on banks in 2011 and intermediaries in 2010.


FCA fines five banks £1.1 billion for FX failings and announces industry-wide remediation programme

12 November 2014  |  1423 views  |  0 Company announcement

The Financial Conduct Authority (FCA) has imposed fines totalling £1,114,918,000 ($1.7 billion) on five banks for failing to control business practices in their G10 spot foreign exchange (FX) trading operations: Citibank N.A. £225,575,000 ($358 million), HSBC Bank Plc £216,363,000 ($343 million), JPMorgan Chase Bank N.A. £222,166,000 ($352 million), The Royal Bank of Scotland Plc £217,000,000 ($344 million) and UBS AG £233,814,000 ($371 million) (‘the Banks’).


FCA confirms price cap rules for payday lenders

11 November 2014  |  926 views  |  0 Company announcement

People using payday lenders and other providers of high-cost short-term credit will see the cost of borrowing fall and will never have to pay back more than double what they originally borrowed, the Financial Conduct Authority (FCA) confirmed today.


UK watchdog to investigate blockchain potential

29 October 2014  |  5749 views  |  3 News

The Financial Conduct Authority is to investigate ways in which the technology underpinning bitcoin can be used elsewhere in the formal financial services industry.

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