Financial advisors challenge FCA chairman’s £30k expenses

Expenses challenge

A group of British financial advisors have challenged the expense account of the chairman of the Financial Conduct Authority (FCA) after figures show he has already racked up £29,738.69 in the first nine months of the year.

According to the advisors, the figures show that John Griffith-Jones expense bill is on track ‘for the largest total since the regulator was created.’Read More

Former HBOS executives under the microscope

VFormer HBOS execs under the miscroscope

Both of the UK’s financial regulators are to put former HBOS executives under intense scrutiny for their parts in the collapse of the bank at the start of the financial crisis.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will both investigate the roles that top executives played in the failure of the bank.Read More

“Toothless” FCA escapes no confidence vote

FCA dodges no confidence vote

Britain’s financial regulator has escaped a House Of Commons vote of no confidence, but has come under severe criticism from MPs who accused them of being ‘weak, toothless and anaemic.’

The scathing criticism of the Financial Conduct Authority (FCA) came in a two and a half hour debate sparked by a vote of no confidence motion from back-bench MP, Conservative Guto Bebb.  The motion said: “This House believes that the FCA, in its current form, is not fit for purpose and we have no confidence in its existing structure and procedures.”Read More

Tyrie calls for investigation of HBOS sale to Lloyds

Top MP wants HBOS sale inquiry

An influential MP has called for an inquiry into the role played by auditors KPMG in the sale of Halifax/Bank Of Scotland (HBOS) to Lloyds Banking Group (LBG) just before the financial crash of 2008.

Andrew Tyrie, chairman of the Treasury committee, wants a fresh look at the circumstances of the sale, following claims that the accounting company signed off figures showing the financial status of HBOS to be stronger than their own figures suggested.Read More

HBOS collapse – the result of management failure while FSA was ‘deficient’

HBOS collapse

The collapse of Halifax/Bank of Scotland (HBOS) in 2008 was the result of management failure and the City regulator – the Financial Services Authority (FSA) – was ‘deficient’ in its handling of the crisis.

These are the findings of two damning reports into the catastrophic collapse of HBOS which was rescued from collapse by Lloyds TSB – an action which later resulted in Lloyds being bailed out by £20.5 billion of taxpayers’ money.Read More

FCA can’t fine HBOS execs over bank collapse

FCA can't fine bankers

A report to be published later this week is expected to reveal that the UK’s financial regulator cannot fine former executives of HBOS because the bank collapse happened so long ago it is now outside the six year statute of limitations on fines.

The report is also expected to make the explosive allegation that HBOS executives ‘leant on’ auditors KPMG to approve their own analysis of impairment charges, despite the auditors taking a more pessimistic view of the bank’s balance sheet.Read More

FCA to consult on PPI deadline by the end of the year

FCA to consult on PPI deadline by the end of the year

The Financial Conduct Authority (FCA) has announced it is to consult on a deadline for future PPI complaints by the end of the year.

The regulator says it does not expect the new rule to come into force until the spring of next year and the proposed cut off date will be two years from the day the rule comes into effect.Read More

FCA delays decision on PPI deadline

FCA delays decision on PPI deadline

A decision on whether or not to impose a deadline on future PPI claims has been delayed by the Financial Conduct Authority (FCA).

The City watchdog met last week to decide on the possible imposition of a time bar on new PPI claims.  They were also discussing a Supreme Court ruling from November last year which experts have predicted will unleash a new tidal wave of claims.Read More

FCA considering imposing PPI deadline

FCA considering imposing PPI deadline

Directors of Britain’s financial regulator are meeting to decide whether or not to set a deadline for future PPI claims.

It is understood the possible time bar will be discussed at a scheduled board meeting of the Financial Conduct Authority (FCA).Read More

Banks pay out another £327.9 million for mis-sold PPI

Banks pay out another £327.9 million for mis-sold PPI

New figures from the Financial Conduct Authority (FCA) show that Britain’s banks paid out another £327.9 million for mis-sold PPI in July.

That maintains the average £⅓ billion increase each month over the last year and brings the overall total paid out since January 2011 to £20.8 billionRead More