Initiative to reduce renewal premiums successful, British trade groups say

A two-year-old effort to increase parity between new customer premiums and renewal premiums in the British insurance industry has thus far been successful, two trade groups said Friday, nine months after a financial regulator expressed concerns about insurance pricing.

Kraken scores regulatory approval for crypto futures exchange in UK

Cryptocurrency trading platform Kraken will become the first licensed crypto futures exchange in the U.K. after securing local regulatory approval, cementing its position as the continent’s largest marketplace for digital assets by trading volumes.

UK regulator punts on investigation into overdraft fees

A United Kingdom financial watchdog on Wednesday declined for now to investigate how banks decide to charge overdraft fees, but said it would keep a close eye on the issue, “particularly during and after the coronavirus pandemic.”

Wirecard North America seeks buyer as scandal roils German parent

The fallout from a major accounting scandal continues for Wirecard, trickling down to its foreign operations as the German payment processor’s North American unit said it is looking for a buyer, while local regulators in the U.K. and Singapore have put restrictions on the company’s subsidiaries.

UK sees major uptick in consumers holding cryptoassets

Around 2.6 million consumers in the United Kingdom have bought cryptocurrency “at some point,” which represents a 1.1 million uptick from last year, the U.K. Financial Conduct Authority said in a research note Tuesday.

JPMorgan says ‘technical issue’ caused customer balance errors

JPMorgan Chase said Sunday a “technical issue” caused some customers over the weekend to see incorrect balances for their checking accounts and that the lender has since fixed the glitch.

UK must step up climate finance efforts, financial regulators say

If the U.K. wants to tackle climate change and meet its target of achieving net-zero carbon emissions by 2050, financial institutions have a big role to play, and the government can help them out by, for example, offering regulatory capital relief to banks to encourage them to lend and invest in ways that help the transition, a group that includes regulators and major financial institutions said in a report published on Monday.

Wirecard collapse freezes accounts in UK, prompts investigations in Singapore, Philippines

The tremors resulting from Wirecard’s collapse are still being felt globally — from the U.K., where thousands are unable to access their Wirecard-affiliated accounts, to Singapore, where a criminal investigation into the German payment processor is ongoing, and the Philippines, where authorities are scrutinizing the company’s local partners.

Hiscox, QBE, Aviva policyholders to join UK business-interruption test case

A U.K. High Court judge ruled Friday that policyholders of Hiscox, QBE and Aviva will be allowed to join regulators’ test case to determine whether business-interruption policies should require insurers to pay out claims stemming from the coronavirus pandemic.

UK regulator orders Wirecard unit to suspend operations

The U.K.’s financial watchdog on Friday ordered Wirecard’s British subsidiary to freeze customer funds amid a €1.9 billion accounting scandal at the company, forcing the fintechs relying on the German payment processor’s technology to temporarily suspend their services.

London Stock Exchange parent names new CFO

The parent company of the London Stock Exchange said Thursday that it has selected Anna Manz, an executive at specialty chemicals company Johnson Matthey, as its next chief financial officer, with a starting date of Nov. 21.

Hiscox policyholders seek to intervene in UK business-interruption test case

Unsatisfied with the current track of U.K. regulators’ High Court test case to determine whether business-interruption insurance policies should cover claims stemming from the coronavirus pandemic, a group of nearly 400 struggling and shuttered businesses moved to intervene Wednesday in another legal effort to see Hiscox Ltd. pay out their claims worth tens of millions of dollars.

Italy agrees to back Intesa Sanpaolo €6.3 billion loan to Fiat Chrysler

A €6.3 billion ($7.1 billion) loan to Fiat Chrysler from Italy’s largest bank Intesa Sanpaolo received approval for a state guarantee on Wednesday, providing support for the automaker as it struggles during the COVID-19 pandemic.

UK to give financial regulator more power for smoother LIBOR transition

U.K. officials plan to empower a financial regulatory body to ease the retirement of the London Interbank Offered Rate, allowing for some contracts to continue to be pegged to the rate if they can’t be changed before a cutoff date in 2021.

FCA unveils ‘bespoke’ rules for UK investment firms post-Brexit

The Financial Conduct Authority in the U.K. is preparing to implement new rules for the country's investment firms now that the U.K. no longer abides by European Union regulations, the agency said in a report Tuesday.

UK's FCA picks London Stock Exchange CEO Nikhil Rathi as new chief

One of the U.K.’s financial regulators, the Financial Conduct Authority, said Monday that it has chosen London Stock Exchange plc CEO Nikhil Rathi to serve as its next chief executive.

Ad fraud, data handling pose problems for UK life insurers, report says

U.K. life insurers may face investigations by regulators over advertising fraud and online data handling in their supply chains due to risks posed by intermediaries, according to a paper released Thursday by Contact State and LifeSearch.

UK regulator to implement permanent ban on mini-bond marketing

The U.K. Financial Conduct Authority plans to permanently ban the mass-marketing of speculative illiquid securities, including speculative mini-bonds, to retail investors, the British regulator said Thursday, an extension of temporary rules that went into effect in January.

Bank of England warns insurers of insolvency risk from COVID-19 claims

The U.K.’s top insurers remain vulnerable to increasing numbers of business interruption claims stemming from the COVID-19 pandemic, and should take steps to mitigate any insolvency risks, the Bank of England told insurers Wednesday,

UK’s FCA hits Commerzbank unit with £37.8M fine over lax money laundering oversight

The Financial Conduct Authority hit Commerzbank’s London branch with a roughly £37.8 million fine (about $47.4 million) because it did not have sufficient anti-money laundering controls and systems in place, the British financial regulator said Wednesday.

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