Michael Klimes

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FCA launches anti-phoenixing group

The FCA has launched a working group in collaboration with other key bodies to tackle the ongoing issue of phoenixing in financial services. Phoenixing is where firms and individuals deliberately try to avoid their liabilities to consumers or poor conduct history by closing down firms – or resigning senior positions – only to re-emerge in […]

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Society must confront ‘financial shame’ says SFGB chief

Single Financial Guidance Body chairman Hector Sants says “society must confront financial shame” in a keynote address to delegates at a conference today. He explained how the guidance body will look to boost financial awareness across the country at a Pensions Management Institute conference in London. He said it will launch a consultation next Monday […]

FCA confirms FOS compensation limit hike

The Financial Ombudsman Service compensation limit will increase from the current £150,000 to £350,000 from 1 April, it has been confirmed today. In a policy statement, the FCA says the development will allow the ombudsman to require financial services firms to pay significantly more compensation to consumers and businesses. From 1 April, the current £150,000 […]

FCA fines asset managers for breaching competition law

The FCA has fined two asset managers for breaching competition law in the first use of its new enforcement powers. The watchdog has fined Hargreave Hale £306,300 and River and Mercantile Asset Management £108,600. The FCA would have also fined Newton Investment Management Limited,  but the firm was given immunity under the competition leniency programme, […]

FCA outlines no deal Brexit battle plan

The FCA has today set out how it would use the temporary transitional power in the event the UK leaves the EU without a withdrawal agreement. The Treasury has put forward draft legislation that would make transitional provisions if the UK leaves the EU without a withdrawal agreement. This is intended to minimise the disruption […]

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UK can revoke Brexit, EU court rules

The UK is free to unilaterally revoke the notification of its intention to withdraw from the EU the European Court of Justice has ruled today.   An emergency judgment given a day before a critical vote in parliament on prime minister Theresa May’s Brexit deal says the UK can stop Brexit without consulting any other member state. It […]

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High Court shuts down £20m property scam

The High Court has shut down a property investment company for defrauding close to £20m of investors’ money. Essex and London Properties was incorporated on 15 April 2005, with a registered office in Sidcup, Kent. It claimed to purchase properties with the intention of selling them on at a profit or getting rental income for […]

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FCA tells payday lenders to review complaints handling

The FCA has written to payday lenders and urged them to review their lending activity to see if their creditworthiness assessments are compliant. In a letter addressed to chief executives, it sets out how the watchdog expects payday lenders to handle issues linked to the increase in complaints about unaffordable lending. If deficiencies are found, […]

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Carney to remain as BoE governor until 2020

Chancellor Philip Hammond has asked Mark Carney to stay on as Bank of England governor until 31 January 2020 to ensure a smooth exit from the EU. The extension was agreed in an exchange of letters between the governor and the chancellor published this morning. Bank of England deputy governor with responsibility for financial stability Jon Cunliffe has […]