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.
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.
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.”
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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,
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.