Treasury Select Committee chair hits back at chancellor over rules which could have blocked HBOS review

Treasury Select Committee chair hits back at chancellor over rules which could have blocked HBOS review

More From Our Partners Why people are finding dryer sheets in their mailboxesnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Hayley Kirton whatsapp The chair of the influential Treasury Select Committee has written to the chancellor, slamming powers which could have been used to block reviews into recent high-profile scandals like HBOS.In a letter dated last Tuesday, but not published until today, Andrew Tyrie warned Philip Hammond that powers granted to the Treasury to push the stop button on financial reviews by regulators, even when they had been advised by the Committee or were of public importance, were excessive. whatsapp Monday 30 January 2017 12:01 am Treasury Select Committee chair hits back at chancellor over rules which could have blocked HBOS review Share “Given the Treasury’s central role in crisis management and financial regulation, this power represents a clear conflict of interest,” said Tyrie of his letter. “It could be used by the government to protect itself, its actions and other public bodies from legitimate scrutiny.”Far from opening up this area to much needed sunlight of public scrutiny the [Financial Services Act 2012], in some circumstances, curbs it. That won’t do.”Read more: FCA confirms it will investigate former HBOS bossesTyrie also pointed out the powers could have been used to shut down reviews into the 2008 collapse of HBOS. A report by the Financial Conduct Authority and Prudential Regulation Authority into the issue was published in late 2015. In July last year, Tyrie published a letter slamming the way the watchdogs involved had handled the HBOS scandal, in particular highlighting the length of time between the collapse of the lender and the date the report was finally published. A Treasury spokesman said: “The government has an ongoing commitment to maintaining financial stability. We’ll consider the issues raised in the letter and reply in due course.” read more

Brexit will benefit the City if transitional periods are kept to a minimum, finds new report authored by Brexiteer academic

Brexit will benefit the City if transitional periods are kept to a minimum, finds new report authored by Brexiteer academic

“It is in everybody’s interests that any transitional arrangements are kept as short term as possible, no longer than is needed to bridge the gap between the UK’s exit from the EU and the conclusion of any formal long-term trading agreement with the EU.”If, as seems possible, the EU is not interested in such an agreement, then the UK should exit from the EU immediately this becomes apparent.”Read more: City jobs are disappearing as employers leave London before BrexitMany across the City have called for some sort of transition deal, warning that, if such an arrangement could not be secured, it would leave many businesses’ facing the dreaded “cliff edge” scenario.It is likely super short transition periods will suit the other EU member states. Back in December, Michel Barnier, who will be responsible for heading Brexit talks on behalf of the European Commission, said a “very limited transition” deal could be possible, but only after British officials have indicated what type of relationship they wish to establish with the EU going forward. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeCleverstCat Breeds That Are Too Expensive For A ReasonCleverstDid U KnowHiring A Lawyer in Scottsdale May Be Surprisingly AffordableDid U KnowMyDailyMagazine20+ Viral Photos Of MMA FIghter Gina CaranoMyDailyMagazineFEEDBUZZYour fingers can tell you a lot about your personality. What kind of fingers do you have?FEEDBUZZRest WowThe Most Influential Female News Presenter On Fox NewsRest WowLung Cancer | Search AdsLung Cancer Signals May Surprise YouLung Cancer | Search AdsMiaw StoreSome acts from your cat may be a sign for alarm. Get to know it nowMiaw StoreDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinitionyourhelthcare.comWhat Can the Color of An Egg Tell You About the Hen?yourhelthcare.com Brexit will benefit the City if transitional periods are kept to a minimum, finds new report authored by Brexiteer academic Brexit might be the City of London’s golden ticket, provided transition periods are kept as short as possible, according to a new report penned by a Brexiteer academic.”Transitional arrangements will also depend on the degree of co-operation from the EU27,” read the report from Professor David Blake of Cass Business School, who is also a member of Economists for Free Trade, which used to be known as Economists for Brexit. Blake’s study also argues that, for London to continue flourishing once the UK has left the EU, issues such as regulatory regimes and global standards of financial red tape, permits for skilled workers and encouraging UK financial firms to expand overseas will also need to be addressed.Read more: The City lose its status post-Brexit? It’s a completely potty idea”Brexit is a golden opportunity for the City of London to become a world financial centre which takes the lead in the new digital revolution of blockchain and fintech,” said Blake.According to figures cited in the research, the UK is the biggest net exporter of financial services worldwide, and around 40 per cent of these net exports go to the EU. Meanwhile, London is home to 250 international banks. The report has been published just days before Prime Minister Theresa May is expected to trigger Article 50, marking the start of the UK’s formal withdrawal from the EU. The legislation giving her the power to do so received royal assent this morning.  Hayley Kirton whatsapp Thursday 16 March 2017 11:53 am whatsapp Share read more

Lloyd’s exits continue as chief commercial officer departs

Lloyd’s exits continue as chief commercial officer departs

Lloyd’s exits continue as chief commercial officer departs Read more: Private equity firm Apollo takes Aspen Insurance private in $2.6bn dealVandendael joined Lloyd’s in 2012. His responsibilities include business development and leading Lloyd’s global network which extends to 31 offices that support Lloyd’s licences to operate in over 200 countries.Beale said: “Vincent has energetically and enthusiastically flown the flag for Lloyd’s in every corner of the globe over the past six years. He will be greatly missed by the market and by everyone here at Lloyd’s. I have very much enjoyed working with Vincent and wish him every success in his new role.”Read more: We all make mistakes, so cover your back and get insuranceLloyd’s said Vandendael’s leaving date will be confirmed in due course. It has not named a replacement.Lloyd’s was hit by a £2bn loss for the last financial year after hurricanes and earthquakes caused claims to spike from £2.1bn to £4.5bn. Read This NextFox News’ Laura Ingraham Suggests Defunding the US Military Over CriticalThe WrapSmoking and Hair Loss: Are They Connected?VegamourTeammates, NFL execs expect Aaron Rodgers to do this in 2021SportsnautMore People Now Use YouTube Than Facebook or Instagram – What Happened?The WrapIf You’re Losing Hair in This Specific Spot, It Might Be a Thyroid IssueVegamour’The Harder They Fall’ Trailer: Jonathan Majors Seeks Revenge on Idris ElbaThe WrapWhat Causes Hair Loss? Every Trigger ExplainedVegamourTop 5 Tips If You’re Losing Your EyebrowsVegamour’The Blacklist’ Fans Are Not Happy They Didn’t Find Out What Was in ThatThe Wrap Exits from the C-suite at Lloyd’s of London are set to continue with the insurance market today announcing that its chief commercial officer Vincent Vandendael is leaving to join Everest Insurance as chief executive of international insurance.Vandendael’s resignation follows that of chief executive Inga Beale who is leaving Lloyd’s early next year and chief financial officer John Parry who is also set to leave the corporation after 17 years. James Booth whatsapp Share whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoTotal PastThis Woman’s Obituary Was So Harsh, Her Son Was Left ReelingTotal PastUndoBetterBe20 Stunning Female AthletesBetterBeUndoPensAndPatronTori Roloff Confirms Sad Family NewsPensAndPatronUndo Friday 31 August 2018 1:45 pm read more

Potential bomb sent to Robert de Niro a day after explosives found in Obama and Clinton’s mail

Potential bomb sent to Robert de Niro a day after explosives found in Obama and Clinton’s mail

first_img New York Police are investigating a suspicious package at a restaurant owned by actor Robert De Niro. Potential bomb sent to Robert de Niro a day after explosives found in Obama and Clinton’s mail Share whatsapp August Graham whatsapp A very big part of the Anger we see today in our society is caused by the purposely false and inaccurate reporting of the Mainstream Media that I refer to as Fake News. It has gotten so bad and hateful that it is beyond description. Mainstream Media must clean up its act, FAST!— Donald J. Trump (@realDonaldTrump) October 25, 2018In June, de Niro was given a standing ovation for a profanity laden attack on Trump at the Tony awards.The Secret Service said yesterday it had intercepted two bombs addressed to the homes of Hillary Clinton and Barack Obama.Later in the day the offices of CNN and congresswoman Debbie Wasserman Schultz were evacuated when explosives were found in the post.Officials told the New York Times that the devices were similar to the one sent to billionaire philanthropist George Soros on Monday. A spokesperson for the police told CNN the package had been sent to 375 Greenwich Street, in the Tribeca neighbourhood of Lower Manhattan.Police sent a bomb squad to the scene after the package was reported at around 4am local time.It is unclear if this is related to the pipe bombs sent to several prominent critics of President Donald Trump in recent days.Meanwhile, Trump addressed the spate of suspicious packages, which included one sent to the studios of CNN, by tweeting: “A very big part of the Anger we see today in our society is caused by the purposely false and inaccurate reporting of the Mainstream Media that I refer to as Fake News. It has gotten so bad and hateful that it is beyond description. Mainstream Media must clean up its act, FAST!” Thursday 25 October 2018 11:58 am Tags: Trading Archivelast_img read more

Parliament will vote down May’s Brexit deal, predicts former minister

Parliament will vote down May’s Brexit deal, predicts former minister

first_imgMonday 12 November 2018 8:01 am Tags: Brexit whatsapp Parliament will vote down May’s Brexit deal, predicts former minister Parliament will reject the Prime Minister’s Brexit deal in order to trigger a fresh referendum, a former minister said today.Justine Greening said there was no chance that May’s proposed Brexit deal could win a parliamentary vote, calling it the “worst of all worlds”. “It leaves us with less influence, less controls over the rules we have to follow and … if we were to accept it as a parliament … less credibility as a country in the rest of the world as they would see that we would be prepared to go for a bad deal and we shouldn’t have to do that,” the former education minister told the BBC.But by also voting against the prospect of a no-deal Brexit, parliament would open up the possibility of a new referendum based on three choices, Greening said – voting for May’s deal, exiting without a deal or staying in the EU.“We should be planning as to how we can put this final say in the hands of the British people,” she said.“It’s up to parliament to make sure that it takes the decisions that enable the British people to have a meaningful vote of their own on the route forward on Brexit.”Greening’s comments come after transport minister Jo Johnson quit the Cabinet on Friday, citing his disillusionment with May’s Brexit plans, and backing a second referendum. Share whatsapp May faces a crunch Cabinet meeting tomorrow after one of her proposals to avoid a hard border in Ireland was rejected by Brussels.The Prime Minister had hoped that the whole of the UK could be kept in a temporary customs union with the EU, with a mechanism allowing the UK to leave at a time of its own choosing.However, EU officials have reportedly rejected this suggestion.It comes as reports emerge that Cabinet ministers voiced doubts about May’s Chequers plan when it was first aired in July.Both David Davis and Boris Johnson have since resigned from the Cabinet over May’s strategy. Joe Curtis last_img read more

Judge Theresa May on her policies, not on her gender

Judge Theresa May on her policies, not on her gender

first_img Tags: Brexit People Theresa May Friday 14 December 2018 9:32 am Kate AndrewsKate Andrews is associate director at the Institute of Economic Affairs. City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. Judge Theresa May on her policies, not on her gender I for one am grateful that, on the whole, May’s femaleness has not been a major focus on her premiership. Please, let’s not make it one. Judge us on our actions, our achievements, and our failures – not on our gender.£ Kate Andrews is a columnist for City A.M. It’s not exactly a kind write-up for the Prime Minister – but more importantly, it’s a hopeless message for anyone who ticks the “working woman” box.The WEP is not alone in its perspective on the past few weeks of political shenanigans with the implication that eurosceptic MPs are attacking the Prime Minister for more than just her Brexit agenda.The act of male politicians – who hold one opinion – pushing back against a female politician – with another opinion – apparently has undertones of sexism. But the only “evidence” I have seen to back up such claims is literally the PM’s gender – which is to say, no evidence at all.The eurosceptic movement has not been accused of language that is particularly loaded, gendered, or belittling. May’s backbenchers are not making references to her outfits, her hair, her tone of voice, or her body.Indeed, the majority of criticisms about the Prime Minister have been linked to profound disagreements on policy – mainly the withdrawal agreement which she has negotiated with Brussels, and what it means for trade, tax, and regulatory opportunities post-Brexit. Opinioncenter_img But in reality, it is making the radical pronouncement that you cannot disagree with a woman in a position of power, without making yourself vulnerable to accusations of sexism.If you must be able to criticise the Prime Minister, but you cannot criticise female leaders, where does that leave women? Jobless, and powerless.This kind of messaging is insulting to a Prime Minister who, regardless of what you think of her politics, has proven herself to be extremely stoic and strong in the face of backlash.But it also reinforces problems that women in everyday jobs face when trying to climb the work ladder. A report from Lean In and McKinsey found that, while women were just as likely to ask for feedback from their managers at work, they were 20 per cent less likely to get it, as managers “are more likely to hesitate… due to the risk of sounding mean or hurtful”.We must continue to fight for women’s equality in areas of society that haven’t caught up to today’s standards – but treating women as delicate wallflowers who can’t take the swipes of men is moving us further away from this goal. And denying women critical but useful feedback to protect their feelings advantages men in the long run. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFinancial 10NHL Player’s Wife Is Hands Down The Most Beautiful Woman In The WorldFinancial 10Total PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyPaws ZillaLily From The AT&T Ads Is Causing A Stir For One ReasonPaws Zilla whatsapp Share whatsapp “Having failed at an impossible task no one else wanted, the men in grey suits are lining up to push… their female leader off the glass cliff.”So tweeted the Women’s Equality Party (WEP) on Wednesday afternoon, before the confidence vote in Theresa May’s leadership took place. But if fiercely disagreeing with a woman is equated to sexism, we’re going to have some very serious problems on our hands.This definition essentially rules women out of top jobs, and indeed any job that requires some element of decision-making that another colleague could object to.Prime Minister is – thankfully – no longer a gendered position. It is the leader of the United Kingdom, the most important decision-maker in Westminster, and any person of any gender or association can do the job.It is also a position that must be constantly scrutinised and criticised. To label journalists, MPs, or members of the public as “sexist” for playing their role in a free and liberal society is dangerous – for the safety of society, and also for the rights of women to hold positions of power.I’m sure that the WEP thinks, in some roundabout way, that it has come to the aid of the PM – and women everywhere – by attacking the “men in grey suits”.last_img read more

UK banks could be tested for climate change resilience from next year, according to Bank of England governor Mark Carney

UK banks could be tested for climate change resilience from next year, according to Bank of England governor Mark Carney

first_img UK banks could be tested for climate change resilience from next year, according to Bank of England governor Mark Carney Monday 17 December 2018 11:31 am whatsapp UK bank stress tests could include resilience to the impact of climate change from next year, Bank of England governor Mark Carney said.Carney said he was weighing up whether the risks and opportunities of climate change should included in the test, which is known as the exploratory scenario, the Financial Times reported. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.com whatsapp Share Banking stress tests explore the potential impact of a hypothetical scenario to ensure they are resilient and have enough capital to withstand shocks.The exploratory scenario test was introduced in 2017 and takes place every two years, with the next one due in 2019. It has no pass mark, unlike the main, annual health check which all lenders passed this year.The first exploratory scenario in 2017 examined the impact of fintech on the banking system.“From the first one we learnt a lot about how the banks managed or didn’t manage these types of issues. And it was quite instructive,” Carney said in an interview with the Financial Times.“And so the question is whether [climate change is] the next one, or the one after.” Jessica Clark Tags: Bank of England Climate change Mark Carney Peoplelast_img read more

City Moves for 21 January – who’s switching jobs at Superunion, Opengamma and Aviva?

City Moves for 21 January – who’s switching jobs at Superunion, Opengamma and Aviva?

first_imgMonday 21 January 2019 12:29 am Former MD head of Credit Suisse’s EMEA derivatives business Stephen Plestis has been snapped up by Opengamma to spearhead their sales team. The appointment follows a successful year of growth for Opengamma at a rate of 300 per cent year-on-year. Based out of the business’ UK headquarters, Stephen will be responsible for maintaining and driving growth. Stephen, who joins this month, brings with him a wealth of knowledge acquired throughout a career spanning two decades. At Credit Suisse, Stephen spent the last 14 years building up the EMEA sales team for the derivatives division. Additionally, he covered a number of positions throughout his previous 10 years at Merrill Lynch including client service and sales trading for both fixed income and equities.AvivaAviva Investors, the global asset management business of Aviva, has announced three senior hires in newly-created roles to its direct real estate team as part of the expansion of its real assets platform. James Stevens has been appointed head of development of global real estate. James joins Aviva Investors following eight years at Aberdeen Standard Investments. Stuart Cranna has been appointed head of real estate services, with responsibility for property services and client experience, developing relationships with occupiers and other key stakeholders. Stuart joins after six years at Blackrock, where he was head of enterprise services. Tania Green has been appointed Yardi system owner, with responsibility for enhancing data quality and performance metrics to facilitate smarter and faster decisions across the portfolio. Tania spent five years at BRE Europe, most recently as vice president of IT applications. Tags: Argos Aviva Company Credit Suisse Google Tesco Unilever WPP by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal Pastmoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute Workout City Moves for 21 January – who’s switching jobs at Superunion, Opengamma and Aviva? whatsapp whatsapp Share Louis Ashworth Who’s changing jobs today?SuperunionWPP global brand agency Superunion announced the appointment of Holly Maguire as UK managing director to drive the growth of its UK business. Holly will be responsible for managing key client relationships with the likes of Coca-Cola, IAG, Nestle, Tesco and Vodafone, and building the success of Superunion since its launch in January 2018. Holly Maguire joins Superunion from BBH where she was managing partner. Prior to that she held regional business development roles at Anomaly and Isobar, where she was also head of account management with responsibility for clients including Google and Three. Holly held further client leadership roles at CHI&Partners and McCann London working with News International, Argos, Unilever, Nestle and Bacardi-Martini.Opengammalast_img read more

DEBATE: Should Theresa May push for a compromise with Labour to get her Brexit deal passed?

DEBATE: Should Theresa May push for a compromise with Labour to get her Brexit deal passed?

first_img Should Theresa May push for a compromise with Labour to get her Brexit deal passed?Jasmine Whitbread, chief executive of London First, says YES.Theresa May’s primary goal must be to avoid leaving the EU with no deal. That means that the government must stop behaving as if it has a rock-solid parliamentary majority, and start to compromise. DEBATE: Should Theresa May push for a compromise with Labour to get her Brexit deal passed? Share whatsapp Opinion Wednesday 13 February 2019 8:19 am Tags: Brexit NHS People Theresa May Jasmine WhitbreadJasmine Whitbread is chief executive of London First and Lucy HarrisLucy Harris is a Brexit Party MEP and former director of Leavers of London. The consequences of a no-deal reality are stark. Retailers are warning of higher prices and empty shelves. There are reports of people stockpiling medication. The NHS is braced for staff shortages. Any major disruption at Calais will hit freight trade.And London’s economic output could be two per cent lower by 2030 if we crash out of the EU without a deal. This would hurt the very people who can least afford it.May must adopt a more inclusive strategy and come up with a plan that can command parliamentary support. With the UK set to leave the EU in a matter of weeks, the government must stop the clock, extend Article 50, and start to compromise.And if May still can’t find a way forward, the decision must go back to the people.Lucy Harris, director of Leavers of Britain, says NO.With a deal that already has too many concessions and an inescapable backstop, Theresa May could not possibly dilute this concoction further with Labour’s suggestion of a customs union and Single Market alignment and still call it Brexit. A compromise on these terms means no Brexit at all, as it would render Britain’s ability to trade with the entire world non-existent. Such a “Brexit in name only” outcome would deepen existing splits in the Conservative party, not to mention weaken May’s support with the 70 per cent of grassroots Tories who do the leaflet-pushing and want a clean Brexit on WTO terms.The country voted to leave the EU and all of its institutions. By selling out to Labour, May would be failing to deliver on our democratic demands while damaging her own party.A Labour “compromise” would be a huge disappointment for those with the optimism to see Brexit as a rare opportunity. whatsapp City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M.last_img read more

FCA tells Nicky Morgan London Capital & Finance probe ‘in the public interest’

FCA tells Nicky Morgan London Capital & Finance probe ‘in the public interest’

first_imgTuesday 2 April 2019 8:19 pm The FCA board “recognised the risk that additional regulation directed only to authorised firms that issue unregulated mini-bonds may cause this activity to migrate further to purely unregulated entities,” he said.“The board noted that there was a significant risk of harm to consumers from these unregulated activities and considered that any investigation should examine the LCF case in the context of these broader questions.”LC&F offered investors mini-bonds, marketing them as a “fixed rate ISA” to customers, many of them first time investors.Both the FCA and Serious Fraud Office are investigating the collapse and four arrests have been made. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Tags: FCA The mini-bond company collapsed in January owing £236m to thousands of investors.LC&F was regulated by the FCA and featured this fact prominently in its marketing, but mini-bond products are not. The company collapsed in December after the FCA told it to withdraw this marketing material, which it said was “misleading, not fair and unclear”.But the watchdog has since faced complaints it was slow to react to concerns about LC&F being misleading. The probe will focus on any mistakes the FCA may have made, but also whether rules need to change around consumer protection relating to mini-bonds.The Treasury may order such investigations for wider public-interest reasons, but they may also be done under post-crisis rules that force the FCA to investigate itself if it appears it has failed to protect customers.Randall this afternoon argued in a letter to Nicky Morgan, the chair of the Treasury select committee, that the former was more appropriate, in which the Treasury must give the watchdog its blessing to investigate itself, because of the mix of regulated and unregulated business with LC&F. Alex Daniel center_img FCA tells Nicky Morgan London Capital & Finance probe ‘in the public interest’ Share whatsapp whatsapp Britain’s financial watchdog has rebuffed claims it was forced to investigate its own regulation of collapsed mini-bond firm London Capital & Finance (LC&F).Chairman of the Financial Conduct Authority (FCA) Charles Randell said this afternoon the regulator chose investigate itself after LC&F’s collapse because of “the broader public interest questions which arise in relation to the issue and sale of mini-bonds by unregulated firms”.last_img read more