Category: Press Releases

The FCA has published a series of recommendations for asset managers designed to increase resilience of Liability Driven Investment (LDI) funds. Following the recommendations set out recently by the Bank of England’s Financial Policy committee, the FCA has set out guidance around risk management and operational arrangements for LDI managers so that they can address...

A series of measures designed to reduce the risk of money laundering via the Post Office have today been set out by the FCA. The regulator brought together partners including the National Economic Crime Centre (NECC), industry and government to strengthen controls while seeking to ensure that legitimate customers can continue to use the Post...

The FCA is proposing new rights and protections for leaseholders to improve the transparency of the multi-occupancy leasehold buildings insurance market. Under the proposals, leaseholders would be defined as customers of buildings insurance. The rule changes would explicitly require insurance firms to act in leaseholders’ best interests, and bar firms from recommending a policy based...

ASIC is calling for all financial institutions to improve their approaches to handling scams after new ASIC analysis revealed that scam losses for major bank customers exceeded $550m last financial year and impacted more than 31,700 customers. The figures come from ASIC’s new Report 761 Scam prevention, detection and response by the four major banks,...

Highlights Green mortgages have a growing role to play in decarbonising the UK’s housing stock by helping borrowers to improve the energy efficiency of their homes. This is a systemic issue, and every part of the housing value chain has a role to play – including mortgage lenders and brokers. Lenders risk missing their decarbonisation...

Following an investigation by the FCA, Link Fund Solutions (LFS) has agreed to provide, with a material contribution from its ultimate parent, Link Administration Holdings (Link Group), a significant redress payment to investors in the LF Woodford Equity Income Fund (the WEIF) of up to approximately £235 million. The redress is to cover losses to...

Improved overdraft rules brought in by the FCA have reduced high fees for unarranged borrowing, removed complex charging structures and introduced help for those who were repeatedly using their overdraft. The £1 billion in savings for customers is from two separate measures the FCA introduced. This includes: More than £500 million saved due to pricing...

Cairns pawnbroker, Cash Lenders Pty Ltd (Cash Lenders) and former director Colin Hulbert have been charged in relation to engaging in credit activity without a licence. Mr Hulbert has also been charged with engaging in conduct that contravened an order banning him from engaging in any credit activities. ASIC alleges between July 2015 and May...

Today, the Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the Payment Systems Regulator (PSR), has published its recommendations for the next phase of open banking in the UK. The JROC is playing a leading role in taking the next steps to realise the full potential of open banking, which currently has over...

ASIC has banned Gold Coast director Darren Thomas Edden-Brown (also known as Darren Brown, Darren Edden Brown and Darren Thomas Brown), from providing financial services and engaging in credit activity for eight years. He is also banned from controlling, or performing any functions as an officer of, an entity that carries on a financial services...