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New UK rules to embed bankers’ accountability
Jul07

New UK rules to embed bankers’ accountability

The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) today (7 July 2015) published what they said are “the final rules confirming the approach to improving individual accountability in the banking sector.” The final rules cover the Senior Managers Regime; the Certification Regime; and new Conduct Rules. The publication follows joint FCA-PRA final rules on variable remuneration (eg bonuses) in...

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FCA review reveals general insurance shortcomings in UK
May11

FCA review reveals general insurance shortcomings in UK

A Financial Conduct Authority (FCA) review has revealed that insurers and insurance intermediaries are not always providing customers with clear information about the different payment options available, when buying general insurance products, the UK watchdog body said (11 May 2015). The FCA thematic review of premium finance focused on the online sale of home and car insurance and followed the customer journey up to the point where...

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Payday lenders failing customers in arrears: FCA
Mar10

Payday lenders failing customers in arrears: FCA

The payday industry is beginning to take a more customer-focused approach to its business, but a review of the first twelve months of the Financial Conduct Authority’s (FCA) regulation of the sector has shown that too many firms have been failing to meet the requirements to treat customers in arrears fairly. In March 2014, shortly before it took over responsibility for regulating consumer credit, the FCA announced it would carry out a...

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Consumers struggling to understand structured products: FCA
Mar05

Consumers struggling to understand structured products: FCA

Consumers are struggling to understand structured products which calls for improvements from firms marketing or selling those products, the UK Financial Conduct Authority said. A behavioural economics research paper published by the FCA today (5 March 2015) has found that “many consumers overestimate the expected returns on structured deposits,” FCA said. Consumers were asked to anticipate how the FTSE 100 would grow over...

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FCA and PPI: Is enough being done to make amends?
Jan30

FCA and PPI: Is enough being done to make amends?

The Financial Conduct Authority in the UK says it will gather evidence on how the PPI complaints process is working. The FCA decision has significant implications for all bank customers who were talked into entering payment protection schemes, including numerous former business professionals, students and other individuals and families from the Middle East and North Africa region (part of The Middle East in Europe readership), many of...

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UK banks still in the doghouse as customer confidence falls
Sep15

UK banks still in the doghouse as customer confidence falls

Customer satisfaction with the British banking sector continues to plunge, data from the UK Customer Satisfaction Index shows. Research produced by the Institute of Customer Service for the yearly index looked at 30,000 individual customer experiences. Half of the 14 banking organisations included in UKCSI scored below the all-sector average, the figures showed. The data was revealed on the the second anniversary of the...

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