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FCA investigates HBOS impaired assets team

The FCA is investigating potential misconduct at Halifax Bank of Scotland’s impaired assets team.

The regulator put its enquiries on hold in 2013 as Thames Valley Police pursued criminal prosecutions over allegations that HBOS bank employees and private business advisers had exploited struggling business by recommending they bought services from high priced external consultants with links to the bank in order to get loans.

The six-year investigation resulted in six jail sentences in January encompassing corruption, fraudulent trading and money laundering offences, which the police said resulted in the offenders “profiting from hundreds of millions of pounds at the expense of businesses and a high street bank and its customers”

The FCA will now relaunch its inquiry into the Reading-based HBOS team.

The regulator said in a statement this morning: “The FCA’s investigation is focusing on the extent and nature of the knowledge of these matters within HBOS and its communications with the Financial Services Authority after the initial discovery of the misconduct.

“This statement is made given the public interest in these matters.”

No further detail was provided by the regulator.


FCA to change logo as part of ‘brand refresh’

The Financial Conduct Authority will change its logo over the Summer, Mortgage Strategy has found. The regulator has registered two versions of the new logo, according to Intellectual Property Office filings. An FCA spokesman says: “We need a logo that needs to work well for digital use, takes into account accessibility considerations and meets our […]

FCA logo new 3 620x430

Regulator in talks to scrap FCA register

Industry talks are being held between professional bodies and the regulator about scrapping the FCA register and replacing it with an alternative, Mortgage Strategy sister title Money Marketing can reveal. The discussions have been prompted by the senior managers regime, which came into force for banks, building societies and insurers in March 2016. It aims […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.

Navigating volatility

The making of any fund can be seen in how it responds to crises and opportunities. In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham outlines how the Royal London Global Multi Asset Portfolios or GMAPs navigated through Brexit and the US election cycle. He also highlights the importance […]


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