All articles tagged with #fca
UK shadow chancellor Rachel Reeves and the Treasury are under investigation by the FCA for potential market abuse related to the Budget build-up, amid accusations of misleading the public about the country's finances and political spin affecting market stability.
Lloyds Banking Group is reserving nearly £2bn to cover potential compensation claims related to a car finance scandal involving hidden commissions, with the FCA proposing a scheme that could cost lenders up to £8.2bn. The bank expects more claims than initially thought, and the scheme aims to compensate millions of drivers for unfair deals made between 2007 and 2024. Industry and consumer reactions vary, with some lenders increasing provisions and campaigners urging swift action.
The UK's financial regulator's proposed compensation scheme for car finance mis-selling faces criticism for being impractical due to the difficulty in retrieving old records and defining unfair agreements, with industry bodies warning of high costs and potential impacts on borrowing costs, though recent court rulings have limited the scope of potential payouts.
The UK's Financial Conduct Authority proposed a redress scheme costing between 9 billion and 18 billion pounds to compensate consumers for motor finance claims related to undisclosed commissions, following a Supreme Court ruling. The scheme aims to address unfair practices dating back to 2007, with consultations starting in October and payments expected in 2026.
The FCA announced a consultation on a compensation scheme for motor finance customers affected by non-compliance with disclosure rules regarding dealer commissions, following a Supreme Court ruling that certain undisclosed commissions could be unlawful. The scheme aims to fairly compensate affected customers, with payments possibly starting in 2026 and an estimated total cost between £9 billion and £18 billion.
The UK's Financial Conduct Authority (FCA) plans to consult on a redress scheme for missold car loans, estimating potential costs for lenders at at least £9 billion, possibly up to £18 billion, though recent court rulings have reduced the worst-case payouts. Major banks like Lloyds and Santander have already accounted for about £2 billion in potential losses, and the scheme aims to compensate affected customers, mostly with payouts under £950. The final costs and scheme details will be clarified after the consultation, expected early next year.
Victims of car finance mis-selling are expected to receive less than £950 per deal through a proposed compensation scheme by the FCA, with the first payouts anticipated next year. The Supreme Court ruled that hidden commissions from lenders to dealers were not unlawful, but left open the possibility for claims related to large commissions deemed unfair. The FCA plans to consult on eligibility and payout amounts, covering agreements from 2007 onwards, with the industry expected to bear the costs.
The London Stock Exchange has been given approval by the FCA to accept applications for Bitcoin and Ethereum exchange-traded notes (ETNs) for professional investors, marking a new market segment in the UK. Unlike spot Bitcoin exchange-traded funds in the US, ETNs are classified as debt securities and provide exposure to the assets. This move comes amid slow crypto adoption in the UK, despite Prime Minister Rishi Sunak's desire to make the country a "crypto hub." The FCA's openness to crypto investment products signals a potential shift in regulatory stance.
The London Stock Exchange (LSE) has announced its decision to accept applications for the admission of Bitcoin and Ethereum Exchange Traded Notes (ETNs) starting in the second quarter of 2024, following the UK’s Financial Conduct Authority (FCA) decision to allow crypto asset-backed exchange-traded notes. The LSE has outlined stringent requirements for the admission of these crypto ETNs, emphasizing physical backing, non-leveraged structures, and the necessity for reliable and publicly available market prices for the underlying crypto assets. The initiative is designed exclusively for professional investors and represents a controlled expansion into the Bitcoin and crypto sector within a strict regulatory framework.
The London Stock Exchange (LSE) will start accepting applications for Bitcoin and Ethereum exchange-traded notes (ETNs) in the second quarter of this year, marking a significant step towards integrating cryptocurrency into the mainstream financial market. ETNs, similar to ETFs, offer a bond-like investment avenue and are crucial for tracking underlying assets or indexes. The move aligns with the regulatory framework set by the Financial Conduct Authority (FCA) and emphasizes the importance of robust controls to protect professional investors. The FCA remains cautious about retail consumers and enforces a ban on selling crypto ETNs and derivatives to this group. This initiative opens new avenues for professional investors to explore the crypto sector, while the FCA's regulatory oversight ensures market stability and security.
The UK's Financial Conduct Authority (FCA) has announced that it will not object to the creation of a crypto asset-backed exchange-traded notes (ETNs) market for professional investors, signaling the increasing institutionalization of cryptocurrency markets. These products will be available to professional investors, but retail investors remain banned from trading them. The London Stock Exchange is set to accept applications for bitcoin and ether-backed ETNs in Q2 2024. The FCA continues to emphasize the high risks associated with cryptocurrencies and the potential for investors to lose all their money.
The UK's Financial Conduct Authority (FCA) has imposed restrictions on the movement of assets by Odey Asset Management's hedge fund following an investigation into its compliance with regulations. The FCA has not disclosed the nature of the investigation, but the restrictions will remain in place until the regulator is satisfied that the hedge fund has complied with its obligations.