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Barclays fined £42m for lapses in financial crime control

Britain's financial regulator fined Barclays £42m today for failing to evaluate money laundering risks while providing services to its clients Stunt & Co and WealthTek.

Business • 16 Jul

Monzo fined £21m for inadequate financial crime controls

Britain's financial regulator has fined digital bank Monzo £21m for inadequate protection against financial crime, which included taking on customers who had listed landmarks such as Buckingham Palace as their address.

Business • 08 Jul

The FCA's approval marks a significant step forward in Shein's pursuit of a London listing after it confidentially filed papers with the British regulator last June

Shein gains UK approval for London IPO - sources

Online fast-fashion retailer Shein has secured approval from Britain's Financial Conduct Authority (FCA) for its planned initial public offering in London, according to two sources with knowledge of the matter.

Business • 11 Apr

Nickel, used in stainless steel and electric vehicle batteries, spiked in March 2022 to a then-record high of $101,365

UK fines London Metal Exchange over nickel price spike

The UK's financial regulator fined the London Metal Exchange £9.2m today over inadequate systems and controls to deal with a controversial spike in nickel prices in 2022.

Business • 20 Mar

Barclays has been fined £40m for its failure to disclose certain arrangements with Qatari entities in 2008

Barclays fined £40m over disclosures on Qatar dealings

Britain's financial regulator has fined Barclays £40m for its failure to disclose payments made to Qatari entities in 2008, after the bank today said it had dropped its appeal over the case.

Business • 25 Nov 24

Metro Bank failed to have the right systems and controls to adequately monitor more than 60 million transactions, with a value of over £51 billion, for money laundering risks, the FCA said

Metro Bank fined £16m for anti-money laundering failings

Britain's Financial Conduct Authority (FCA) has fined Metro Bank £16m for failings in its anti-money laundering controls, in the latest blow to the struggling mid-sized lender.

Business • 12 Nov 24

Volkswagen Financial Services (UK) Limited has agreed to pay over £21.5m in redress to around 110,000 customers who may have suffered

UK watchdog fines Volkswagen unit for unfair treatment

A British regulator has fined Volkswagen's UK financial services unit £5.4m for unfairly treating financially-stretched customers between 2017 and 2023.

Business • 21 Oct 24

TSB Bank has paid nearly £100m in redress to more than 230,000 mortgage, overdraft, credit card and loan customers found to have been affected

UK financial watchdog fines TSB Bank £10m

TSB Bank has been fined £10.9m by the UK's financial watchdog for failing to treat customers in financial difficulty fairly over a six-year period.

Business • 10 Oct 24

Pure protection products aim to help people manage their finances if policyholders become unable to meet their financial commitments - typically through illness or death

UK watchdog's probe into pure protection insurance sector

Britain's Financial Conduct Authority said today it would launch a market study into so-called pure protection insurance product sales, amid fears that the design of some commission structures could lead to poor outcomes for policyholders.

Business • 28 Aug 24

Reform UK leader and recently elected MP Nigel Farage said he believed he had been targeted because of his status as a politically exposed person (PEP)

UK banks must improve how they treat parliamentarians

The UK's financial watchdog said it wants banks to improve the way they treat political figures, after being urged by the former government to look into whether people were being unfairly debanked.

Business • 18 Jul 24

HSBC had notified the FCA in 2018 after spotting problems with the way it handled customers in arrears or in financial difficulty.

HSBC fined for treatment of cash-strapped customers

Banking giant HSBC has been fined £6.2m for failing to treat financially-stretched customers fairly, Britain's Financial Conduct Authority (FCA) said today.

Business • 23 May 24

The UK regulator began looking into potential overcharging in the motor finance industry in January

UK banks must prepare for car finance claims - watchdog

British lenders have been told by the Financial Conduct Authority (FCA) to ensure they are adequately prepared to meet the potential costs of customer complaints arising from its review into the motor finance industry.

Business • 12 Apr 24

The second phase of NatWest's review into whether its private bank Coutts closed accounts over people's political views has found no evidence of discrimination on that basis

NatWest review finds no evidence of discrimination

The second phase of a review by NatWest into whether its private bank Coutts closed customer accounts over people's political views has found no evidence of discrimination on that basis, the bank said today.

Business • 15 Dec 23

Amigo is in an 'orderly solvent wind-down' after the cost of compensating customers for loans mis-sold in the past pushed it to the brink of collapse

Amigo says 'reverse takeover' deal terminated

A reverse takeover deal involving Amigo Holdings, Craven House Capital and various individuals signed last month has been terminated, the British subprime lender said today as if faces voluntary liquidation.

Business • 16 Nov 23

Staley faces UK fine for Epstein statements

Ex-Barclays CEO Jes Staley faces a ban from senior roles in financial services and a £1.8m Financial Conduct Authority (FCA) fine for allegedly misleading it over his relationship with Jeffrey Epstein.

Business • 12 Oct 23

Direct Line is to review overcharging of existing home and motor customers totalling about £30m for policy renewals

Direct Line faces £30m bill for overcharging customers

British insurer Direct Line has agreed to review overcharging of existing home and motor customers totalling about £30m for policy renewals, the Financial Conduct Authority (FCA) said today.

Business • 01 Sep 23

Chancellor Jeremy Hunt told the Financial Times he had been denied a bank account with Monzo

UK financial watchdog to ask MPs about 'debanking'

British politicians are to be asked to reveal whether they have encountered any problems accessing bank accounts or faced being "debanked", as part of an inquiry by the UK's financial watchdog.

Business • 15 Aug 23

Amigo shares fell 32% in trading in London today

Amigo falls short of cash call target, explores options

British subprime lender Amigo said today it was struggling to secure the additional £45m of capital from investors it had targeted as part of a court-approved rescue plan, and was exploring its options.

Business • 10 Mar 23

The Payment Systems Regulator fined Barclays £8.4m for not giving retailers full information about payment card costs last year

Barclays probed over anti-money laundering systems - FT

Britain's financial regulator is investigating Barclays for suspected failings in its compliance and anti-money laundering systems, the Financial Times reported today.

Business • 10 Feb 23

TSB was fined £29.75m by the FCA and £18.9m by the PRA

UK bank TSB fined £48.7m over botched IT migration

British lender TSB has been fined £48.65m over a botched IT platform migration in 2018, UK regulators said today.

Business • 20 Dec 22

Metro Bank said in January 2019 it had corrected risk weightings of some of its commercial loan portfolios

UK financial regulator fines Metro Bank £10m

British challenger bank Metro and two of its former executives have been slapped with fines by regulator the Financial Conduct Authority, over reporting errors that wiped hundreds of millions of pounds off its share value in 2019.

Business • 12 Dec 22

The FCA fines Santander £107.7m for 'serious and persistent' gaps in the Spanish bank's anti-money laundering controls

UK financial watchdog fines Santander £107m

Britain's Financial Conduct Authority said it had fined Santander £107.7m for "serious and persistent" gaps in the Spanish bank's anti-money laundering controls for more than 560,000 business customers.

Business • 09 Dec 22

The closures are the latest in a series of such moves by NatWest

NatWest closes a further 43 branches as banks cut costs

NatWest said today it is closing a further 43 branches in the UK, as lenders reduce their physical presence to cut costs and to adapt to more customers taking up online banking.

Business • 13 Oct 22

The FCA said the Citigroup arm "could not effectively monitor its trading activities" for certain types of illegal activity

Citigroup fined £12.5m by UK financial watchdog

Citigroup's international broking business has been fined £12.5m by the UK financial watchdog over past failures to properly apply rules designed to halt suspicious trading activity.

Business • 19 Aug 22

The Financial Conduct Authority said it does not intend to go against the company's new business rescue plan in a UK court hearing

Amigo shares up as watchdog says it may resume lending

Shares in British sub-prime lender Amigo soared as much as 81% today after a financial regulator said the firm could resume lending subject to conditions and if its new business rescue plan was approved by the London High Court.

Business • 07 Mar 22