We do not know who is to blame for GRG debacle or if FCA could stop a repeat | Nils Pratley | Business

The suspense is over. A full six years after Royal Bank of Scotland was accused of gouging thousands of distressed small-business customers, we can finally read the Financial Conduct Authority’s definitive account of a shameful chapter for UK banking. Or, since we all already knew the FCA’s independent investigator had found “systematic and widespread” misconduct […]

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Thames Water boss sacked by board over failure to reduce leaks | Business

The boss of Thames Water, who was in line for £3.75m bonus for fixing leaks, has been sacked with immediate effect after a row over his failure to reduce leakage, it is understood. Steve Robertson, who has led the UK’s biggest water company serving 15 million people since 2016, was fired after a board meeting […]

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LC&F collapse calls the regulator’s competence into question Nils Pratley | Business

The official investigation into the collapse of London Capital & Finance, the investment firm that went bust owing £236m to 11,500 ordinary savers, is the most important financial inquiry since the banking crisis. As with the broken banks, the central questions aren’t simply about how to fix the regulatory system. The basic competence of the […]

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Standard Chartered fined $1.1bn for money-laundering and sanctions breaches | Business

Standard Chartered has been ordered to pay $1.1bn (£842m) by US and UK authorities to settle allegations of poor money-laundering controls and breaching sanctions against countries including Iran. The British bank has agreed to pay $947m to American agencies, including the US Department of Justice, over allegations that it violated sanctions against a string of […]

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Yes, hold tech giant bosses to account, but this is just the easy bit | Nils Pratley | Business

The home secretary, Sajid Javid, as he pushes the idea that senior executives at technology firms should be held personally responsible for distributing harmful material, has clearly been reading up on banking regulation. Page 60 of Monday’s white paper to reform the tech giants applauded the senior manager’s regime in financial services, introduced in 2016 […]

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Tesla CEO Elon Musk in ‘clear violation’ of SEC restraint, court hears | Technology

The Tesla billionaire Elon Musk is in “clear violation” of a restraint issued by the US’s top financial watchdog after Musk inaccurately claimed last year he had a buyer for the company, a court heard on Thursday. A federal judge in New York heard oral arguments in a lawsuit brought by the Securities and Exchange […]

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The FCA’s supervision of LC&F is finally being investigated. About time too | Business

The London Capital & Finance scandal, in which the now infamous investment firm collapsed owing £236m to 11,000 people, may be one of the worst regulatory failures on the watch of the Financial Conduct Authority, the body established in 2013 to do better than its derided predecessor. Now an independent investigation will be launched. About […]

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MPs call for Viagogo boycott and shake-up of ticket touting laws | Money

A committee of MPs has taken the highly unusual step of urging consumers to boycott the ticket resale firm Viagogo, criticising Google for promoting the website and calling for a review of laws against ticket touting. In a report on the live music industry, the Digital, Culture, Media and Sport select committee criticised Viagogo for […]

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FCA plans to ban or cap investment platform exit fees | Money

Britain’s financial watchdog plans to ban or cap exit fees charged by investment platforms such as Hargreaves Lansdown and AJ Bell, as part of sweeping changes to the £500bn industry. The Financial Conduct Authority has been looking into investment platforms that offer a range of funds online and found that 7% of all consumers wanted […]

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Audit watchdog leaders quit in overhaul after scandals | Business

British accountancy firms are to get a new regulator with more power over collapsing companies after a wave of scandals prompted calls for action to fix the sector. The leadership of the audit watchdog, the Financial Reporting Council, will resign and the body will be rebranded as the Audit, Reporting and Governance Authority (Arga). The […]

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