Tag: fca
On 11 February 2022, a special administration order was made by the Court in relation to Xpress Money Services Limited (Xpress) under the Payment and Electronic Money Institution Insolvency Regulations 2021. David Hudson and Philip Reynolds of FRP Advisory have been appointed as joint special administrators. Special administration is intended to facilitate the return of […]
The Financial Conduct Authority (FCA) has stopped AJH Financial Services Limited, a firm that advised on transfers from the British Steel Pension Scheme (BSPS), disposing of assets without FCA permission. The FCA expects to consult on a redress scheme for former members of the British Steel Pension Scheme in March 2022. In December 2021, we […]
The Bank of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) have a Memorandum of Understanding (MoU) that sets out the high-level framework the Authorities use to cooperate with one another, in relation to payment systems in the UK. The Financial Services (Banking Reform Act) […]
This statement summarises the changes made by four BNPL firms to their contract terms and contains guidance for firms in this sector more generally. BNPL is a broad term and covers a variety of credit agreements, typically used to spread the cost of purchases. Not all BNPL products are regulated by the FCA under consumer […]
The Financial Conduct Authority (FCA) secures changes to potentially unfair and unclear terms in the contracts of Clearpay, Klarna, Laybuy and Openpay. The FCA was concerned there was a potential risk of harm to consumers as a result of the way some of the firm’s terms were drafted. The Woolard Review into change and innovation […]
Following a prosecution brought by the FCA against 3 former employees of Redcentric Plc, Timothy Coleman, former Chief Financial Officer, has been found guilty today of 4 charges concerning the making of false and misleading statements to the market. At an earlier stage in proceedings, a second defendant, Estelle Croft, a former Finance Director at […]
The Financial Conduct Authority (FCA) has today set out the critical role regulated pension providers must play in helping to launch the Government’s Pensions Dashboards initiative, which aims to empower savers to engage with their pensions. Pensions Dashboards will enable consumers to find and view all their pension savings, including State, workplace and personal, in […]
On 8 February 2022 TFS Loans Limited was placed into administration. Allister Manson and Trevor Binyon of Opus Restructuring LLP were appointed as Joint Administrators. TFS Loans Limited is a high cost and guarantor lender, which lends money to customers for up to 60 months. The Joint Administrators will update customers as soon as possible. […]
A critical step in the necessary shift in global interest rate markets towards more robust foundations was reached on 31 December 2021, as most LIBOR settings were published for the final time. Sterling markets navigated this transition on time and with minimal disruption, supporting global transition efforts towards alternative risk-free reference rates (RFRs). The Bank […]
Speech by Sarah Pritchard, Executive Director, Markets, to City & Financial Global – The Future of UK Financial Regulation Summit. Speaker: Sarah Pritchard, Executive Director, MarketsEvent: The Future of UK Financial Regulation SummitDelivered: 8 February 2022Note: This is a drafted speech and may differ from the delivered version Highlights Her Majesty’s Treasury is consulting on giving […]
