Katie Marriner

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Brexit not opportunity to join regulatory race to the bottom: FCA

The UK will need to “redouble” its engagement with European regulatory and policymakers following Brexit, recently appointed FCA chair Charles Randall says. In a speech today in London, Randall acknowledges the impending withdrawal date reiterating that a Brexit agreement will have important implications for how the FCA works in the future. Randall says: “The FCA […]

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Protection challenger Guardian opens for business

New protection provider Guardian Financial Services has opened to advisers following a pilot with four intermediary firms. The business has backing from the Gryphon Group, which bought the Guardian insurance brand in December last year. Guardian has been launched with £180m of investment. It is initially offering critical illness and life insurance with income protection […]

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Clydesdale and Yorkshire parent buys Virgin Money

The parent of Yorkshire Bank and Clydesdale Bank has agreed to buy Virgin Money for £1.7bn. The businesses say the deal will create the UK’s first “true national banking competitor to the status quo”. The new group will serve around six million customers. A notice to investors from CYBG says: “The combined group will have […]

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Govt loses more than £2bn on RBS share sale

The government has lost more than £2bn through the latest RBS share sale. More than £2.5bn of government-owned RBS shares have been sold as part of returning the bank to private ownership. The government’s shareholding has been reduced by 7.7 per cent to 62.4 per cent. Through the deal 925 million shares were sold at […]

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MPs to grill TSB over IT disaster

TSB and owner Sabadell will face the Treasury select committee this week to explain the recent failures of its online banking system. TSB attempted to move customers to its new IT platform more than a week ago but the shift resulted in hundreds of thousands of customers being locked out of their accounts, with some […]

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Boss of new financial guidance body to get £175k salary

The new chief executive of the single financial guidance body can expect a salary of £175,000 a year, according to a job advert posted online. The advert, posted on the Cabinet Office website, says applications will close in mid-May with final interviews held in early July. The date for announcing the successful candidate has not […]

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FCA to absorb Brexit costs ‘where possible’

The FCA plans to absorb Brexit-related costs “where possible”, according to its latest board minutes. Minutes from the regulator’s 21 and 22 February board meetings say the impact of Brexit will be included in its forthcoming business plan for the year ahead, due to be released soon. The minutes say: “It was noted that as further clarity […]

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FOS launches independent review following Channel 4 exposé

The Financial Ombudsman Service will be reviewed by an independent person following claims of poor staff training and alleged biases in its decisions that were exposed in a recent Channel 4 investigation. Treasury Committee chair Nicky Morgan wrote to FOS chief executive Caroline Wayman (pictured) on 13 March asking for more information about the findings of […]

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RBS accused of ‘misleading’ MPs over treatment of small businesses

A Labour MP says Royal Bank of Scotland bosses misled an influential Government committee over how it treated small companies. According to the BBC, Labour’s Treasury spokesman Clive Lewis says he has a full, unredacted copy of a FCA report, which examines the conduct of RBS’s Global Restructuring Group. Lewis says the report states RBS’s behaviour […]

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FCA expects passporting to continue post-Brexit

Firms and funds solely regulated in the UK by the FCA will need to give the regulator notice the day before the UK officially exits the EU if they want to benefit from a temporary permissions regime, proposed by the Government today. While an implementation period is still yet to be agreed, a statement from the […]