Financial Conduct Authority

Wonga to Announce Huge Losses ... Could Credit Unions Fill the Gap?

Michael J MacMahon | Posted 23.04.2015 | UK
Michael J MacMahon

Everyone in the UK who reads a newspaper (or catches TV or radio news) has heard of payday lender Wonga. That company has had its fair share of negative publicity in recent years for astronomic interest rates and dubious business practices.

Could You Review a Movie From Just the Opening Credits?

Russell Hamblin Boone | Posted 24.03.2015 | UK
Russell Hamblin Boone

However, the thematic review should have been much clearer about when non-compliance was identified and whether the firms responsible are still trading. Until we tackle the institutional misrepresentation of the industry it will be difficult for consumers to break free of out of date financial services and embrace new technology and new attitudes to financial management.

Last Chance for Businesses to get Compensation for Loan Mis-selling from Banks

Fiona Hotston Moore | Posted 14.04.2015 | UK
Fiona Hotston Moore

What is surprising, as the 31 March deadline to make a claim looms, is that 6,000 customers needlessly sold these so-called Interest Rate Hedging Products have yet to complain out of 7,000 deemed eligible by the FCA.

Payday Loan Price Cap is Part of New Lending Landscape

Russell Hamblin Boone | Posted 17.03.2015 | UK
Russell Hamblin Boone

Into 2015 and beyond we can expect to see fewer lenders granting fewer loans, resulting in a greater dependence on state support and rise of the grey and black markets.

Another $4.3Billion in Fines and Banks Are Still Paralysed

Nigel Cannings | Posted 14.01.2015 | UK Politics
Nigel Cannings

There will be another Forex-style scandal within the next three years. It is probably brewing even as you read this. And it will probably all be conducted on the telephone, now that the regulators have worked out IM chatrooms...

The Demise of the Payday Loan?

Sarah Willingham | Posted 12.01.2015 | UK
Sarah Willingham

So many vulnerable people have fallen victim to payday loan companies and if these proposals stop that happening in the future, then I for one will be very happy. Payday loan companies need to be more careful about who they lend to so that those most in need are not punished.

Banks Have To Pay BIllions Over Yet Another Massive Scandal

The Huffington Post/PA | Posted 12.11.2014 | UK

Five of the world's biggest banks are to pay fines totalling £2 billion after regulators today lifted the lid on what looks to be the biggest scandal...

Top LibDem Wants More Bankers Thrown In Jail

The Huffington Post UK | Asa Bennett | Posted 16.10.2014 | UK Politics

Authorities need to throw "perhaps a few more" bankers in jail as many of those who have broken the rules are still getting away with it, a senior Lib...

Payday Loans Leave Thousands More Struggling With Debts

The Huffington Post/PA | Posted 02.09.2014 | UK

Payday loans are leaving thousands more people struggling with their debts in the past year, figures show. Debt charity StepChange said they dealt...

Ex-City Watchdog Boss Wants To Pay More Council Tax But Can't

The Huffington Post UK | Asa Bennett | Posted 03.06.2014 | UK Politics

Former City watchdog boss Lord Turner has admitted that he is "amazed" by "how little" he has to pay in council tax on his Kensington home and called ...

Justice Armageddon as Court of Appeal Destroys Accuseds' Right to a Proper Defence and a Fair Trial

Philip S Smith | Posted 23.07.2014 | UK
Philip S Smith

It is impossible to overstate the serious implications of a Court of Appeal decision this week which spell disaster for the administration of British justice.

Why Won't City Watchdog Probe The Royal Mail Privatisation?

The Huffington Post UK | Asa Bennett | Posted 28.04.2014 | UK Politics

Royal Mail's controversial privatisation will not be probed by the Financial Conduct Authority, despite its cheap valuation meaning that the taxpayer ...

6 Shocking Things You Wouldn't Believe Payday Lenders Have Done

The Huffington Post UK | Asa Bennett | Posted 13.03.2014 | UK Politics

Payday lenders have spread so far across Britain's high streets that there is now one lender for every seven banks and building societies. The shoc...

MPs Tell Bankers To Stop Using 'Nuremberg Defence'

The Huffington Post UK | Asa Bennett | Posted 04.02.2014 | UK Politics

Bankers caught mis-selling financial products to consumers should not be able to justify their actions by saying "they were only following orders", MP...

Banks Up Their Game in Interest Swap Compensation Saga

Andrew Brown | Posted 29.03.2014 | UK
Andrew Brown

Following on from my most recent two blog posts (here and here) on the subject of the ongoing interest rate swap mis selling compensation scheme, the ...

Lloyds Hit With Record £28 Million Fine

The Huffington Post UK | Asa Bennett | Posted 25.01.2014 | UK

Lloyds Banking Group has been hit with a record £28 million fine for "serious failings" in their bonus schemes for sales staff by the Financial Condu...

Interest Rate Swaps: Is There Enough in the Pot to Cover Consequential Losses?

Andrew Brown | Posted 25.01.2014 | UK
Andrew Brown

Despite setting aside almost £3 billion to compensate businesses affected by the interest rate swap mis-selling scandal, the full bill Britain's banks must pay for mis-selling swap products won't be known for some time.

British Banks Told They Are Deceiving Themselves Over Interest Rate Swap Compensation

Andrew Brown | Posted 23.01.2014 | UK
Andrew Brown

British banks have paid out only a fraction of the £3 billion designated to compensate SMEs mis-sold interest rate swaps products, drawing criticism from the business world and the financial watchdog.

Payday Critics Are Snobs, Says Industry Chief

The Huffington Post UK | Asa Bennett | Posted 07.11.2013 | UK Politics

Ed Miliband's proposed 'Wonga tax' on lenders to help their rival credit unions has come under fire from a payday industry chief, who accused critics ...

'Our Customers Love Us'

The Huffington Post UK | Tom Moseley | Posted 03.10.2013 | UK

The man representing the payday loans industry has boasted: Our customers love us. Russell Hamblin-Boone, chief executive of trade body the Consume...

The Great Interest Rate Swap Saga: Are You Eligible for Consequential Losses

Andrew Brown | Posted 23.01.2014 | UK
Andrew Brown

According to the FCA, more than 25,000 sales are in the process of being assessed by the banks and the first letters offering compensation have been sent out. The FCA expects most customers will be informed of the result of their review and of any possible basic redress (the repayment of the sums paid by the customer under the 'swap') by the end of the year.

'Lily-Livered' Bank Regulator Under Fire

The Huffington Post UK | Asa Bennett | Posted 10.09.2013 | UK Politics

Martin Wheatley, chief executive of the Financial Conduct Authority, the UK's new banking regulator, has dismissed suggestions that his organisation h...

'£1.3bn For Mis-Selling Compensation Is B*llocks'

The Huffington Post UK | Asa Bennett | Posted 23.08.2013 | UK

A £1.3 billion compensation package for seven million people missold card insurance policies by card insurer CPP group was dismissed as "b*llocks" an...

Banks Could Be Forced To Set Female Quotas

The Huffington Post UK | Asa Bennett | Posted 12.08.2013 | UK

Banks, building societies and insurance companies will be forced to set quotas for the number of women in their senior management and release their di...

The Value and Cost of Financial Products

Roland Cross | Posted 09.07.2013 | UK
Roland Cross

So everything is crystal clear, the Retail Distribution Review (RDR) has been introduced, the Financial Conduct Authority (FCA) has banned rebates and transparency reigns in the financial industry; consumers are rejoicing - well not quite.