The Financial Conduct Authority (FCA) has published a package of proposals on how firms and individuals will move to the Senior Managers and Certification Regime. The aim of the new regime is to make individuals more accountable for their conduct and competence. Earlier this year, the FCA consulted on extending the new regime to almost…

Water Services Regulation Authority, Ofwat has appointed Rachel Fletcher as its new Chief Executive. Fletcher succeeds Cathryn Ross, who is leaving for an executive position at BT. Fletcher will join Ofwat in January, she currently sits on the Ofgem Board and is the Senior Partner for Consumers and Competition. Fletcher has also been Partner for…

The total value of fines handed out by the FCA has dropped by over a third (36%) this year, according to research carried out by global law firm Clyde & Co. The FCA imposed fines amounting to a total of £898m in 2015/16 compared with a record £1.41bn in 2014/15, a 36% decrease. Although, this…

Economy Energy has finished bottom of the Citizens Advice’s league table of energy suppliers for the second consecutive quarter. The company received a score of 1.8 out of 5 for its customer service for the period from June to September 2017. Spark Energy dropped 11 places in the rankings to join Economy Energy at the…

The UK Government has announced that it has completed its first sale of the English student loan book. The sale raised £1.7 billion with a face value of £3.54 billion The sale included loans issued by English Local Authorities under the previous (pre-2012) system, specifically those that entered repayment between 2002 and 2006. The loan…

Latest figures released by The Public Accounts Committee show that online fraud most is now the most prevalent crime in England and Wales.  The Public Accounts Committee report said the Home Office cannot solve the issue, which has an estimated cost of £10bn, on its own. It is thought that only 20% of online fraud is…

Moneybarn (owned by Provident Financial) has been informed that the Financial Conduct Authority (FCA) has commenced an investigation in relation to the processes applied to customer affordability assessments for vehicle finance and the treatment of customers in financial difficulties. It is thought that Moneybarn has around 50,000 customers. In a statement, Provident Financial Group said “it…

Credit reference agencies (CRAs), Callcredit, Equifax and Experian are launching an industry-wide Credit Reference Agency Information Notice (CRAIN) in readiness for the implementation of the new General Data Protection Regulation (GDPR) on 25 May 2018. The notice will ensure that the financial industry delivers standardised, clear and consistent information to consumers to explain how credit…

The effects of a ‘hard’ Brexit will be decisive for the innovation capacity and competitiveness of the British automotive industry according to new research by Coface. After an exceptional peak in production of vehicles recorded in mid-2016 (1.02 million unit sales, up 8.5% for the January-August period compared to the same period in 2015), 2017…

The Central Bank of Ireland has fined Intesa Sanpaolo  €1,000,000 and reprimanded it for four breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA 2010’).  Intesa admits the four breaches. The Central Bank’s enforcement investigation identified significant failures in Intesa’s controls, policies and procedures in respect of anti-money laundering and…

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