Investment banking giant Goldman Sachs has been fined £20 million ($31 million) by the UK’s Financial Services Authority (FSA). The fine comes after Goldman failed to inform the FSA it was under investigation for fraud by its US counterpart. The FSA and Goldman Sachs have declined to comment but according to the BBC, the multi-million [...]
Following an announcement by Chancellor George Osborne last month, the Government has today confirmed that the Financial Policy Committee (FPC) should be operational by autumn. In his Mansion House speech last month, Mr Osborne said the Government was launching the FPC in order to regulate financial services and markets. The proposals came after the coalition [...]
Proposed new rules on mortgage lending from the Financial Services Authority (FSA) have received broad comment. The regulator claims that almost half of new mortgages approved between 2007 and the first quarter of 2010 were provided without verification of income. It therefore wants to impose affordability tests for all mortgages, making lenders ultimately responsible for [...]
Three-quarters of mortgage holders don’t know how an interest rate rise of 1% would affect their monthly outgoings, according to new research from the Consumer Financial Education Body (CFEB). The study also found that over half of home owners questioned expect rates to change in the next nine months, although one in seven had no [...]
The Financial Services Authority (FSA) has published new rules aimed at protecting vulnerable customers in arrears on their mortgages. From 30th June, homeowners in arrears must be treated fairly by lenders and the following key areas have been confirmed: Firms must not apply a monthly arrears charge where an agreement is already in place to [...]
The number of homeowners who saw their properties repossessed by lenders fell to a two-year low in the first three months of 2010. New data from the Financial Services Authority put the total the number of repossessions at 10,500, down 11% on the final quarter of 2009. In addition, new mortgage arrears declined by 2%, [...]
The news that the Financial Services Authority (FSA) is to be broken up could have an impact on the availability of high loan-to-vale mortgages, already scarce in the market. Chancellor of the Exchequer, George Osborne, has announced that the key role of regulating the UK financial sector is to pass to the Bank of England. [...]
In his first Mansion House speech last night, Chancellor George Osborne confirmed that the Bank of England will hold the main role in regulating the UK financial sector. The move was widely expected and comes as City Watchdog, the Financial Services Authority (FSA), will “cease to exist in its current form”, said the Chancellor. The [...]
Chancellor George Osborne is today expected to hand over more responsibility to the Bank of England. The move comes just a few days after the BBC reported that City Watchdog, the Financial Services Authority (FSA), will be retained – as a subsidiary of the Bank of England. It was expected that the watchdog would be [...]
The BBC reported over the weekend that City Watchdog, the Financial Services Authority (FSA), will be retained – as a subsidiary of the Bank of England. It was expected that the watchdog would be axed under initial proposals from the Conservative Party. However, according to the BBC, Chancellor George Osborne will unveil plans later this [...]
City law firm Reynolds Porter Chamberlain LLP (RPC) is urging the Financial Services Authority (FSA) to explain why financial services firms are having to wait to receive authorisation. According to RPC, the average number of weeks it takes the FSA to decide whether to authorise a company to provide financial services soared 71% in the [...]
A record fine for JP Morgan Securities has been imposed by the Financial Services Authority (FSA) for failing to protect client money over a period that spanned almost seven years. The largest ever fine of £33.32 million ($48.2 million) would have actually been £47.6 million but the firm agreed to co-operate during the investigation, thereby [...]
Johnny Cameron, the former chairman of Royal Bank of Scotland’s (RBS) investment banking business, has been banned from holding an executive position within the financial services industry. The ban, imposed by the Financial Services Authority (FSA), follows an investigation into systems and controls in the global markets division at the bank. Fifty-five-year-old Cameron, who was [...]
Prudential, which is Britain’s second largest insurer, has today outlined details of its £14.5 billion ($21 billion) rights issue, which will be used to help fund its acquisition of AIA, the Asian arm of US company American International Group (AIG). Earlier this month, fears were raised over the acquisition after the Financial Services Authority (FSA) [...]
The Competition Commission is pressing ahead with its proposal to ban the sale of the controversial payment protection insurance (PPI). Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of the payment due on your mortgage or loan if you are unable to [...]
Prudential, which is Britain’s second largest insurer, has announced today its $21 billion (£13.8 billion) cash call will be delayed due to intervention by the Financial Services Authority (FSA). The insurance giant was due to embark on the rights issue in order to fund its acquisition of AIA, the Asian arm of US company American [...]
Edinburgh-based insurer, Standard Life, has today posted a 30% rise in sales for the first quarter of 2010 – far exceeding analysts expectations. The insurer said global sales grew to £4.6 billion in the first three months of the year compared with £3.56 billion in the same period a year ago. Long-term UK savings sales [...]
City Watchdog, the Financial Services Authority (FSA), has criticised the UK’s largest High Street banks for the poor way they handled their customers’ complaints. Five of the banks, who have not been identified, have agreed to make “significant” changes to the way it handles complaints. However, two of the banks are being investigated further and [...]
The financial world was in shock over the weekend following the decision of the US Securities and Exchange Commission (SEC) to charge Goldman Sachs and one of its vice presidents with fraud. The Wall Street bank allegedly sold investors down the river by “misstating and omitting key facts” about a financial product tied to US [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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