Category: Finance

FSCS rebate for 4,500 firms

Finance

The Financial Services Compensation Scheme has announced that more than 4,500 companies will not pay its levy in 2019/20, with these each instead receiving a rebate, with the average payout at £139. Analysis shows that 46,000 companies across the financial services industry will pay the levy in 2019/20, with...

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Anger over SME mistreatment is misplaced

Finance

MoneyWeek’s David Prosser says that much of the anger over the Financial Conduct Authority’s investigation into the treatment of small businesses by Royal Bank of Scotland is misplaced. He points out that small business lending is still not within the FCA’s remit. For victims of the RBS affair, the...

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FCA issues fines over unsuitable pension advice

Finance

The Financial Conduct Authority has published Decision Notices against three firms and five individuals for “acting without integrity” in relation to their pension advice business and for misleading the regulator. The three firms include Financial Page Ltd and Henderson Carter Associates – which are now in liquidation – and Bank...

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Free cash machines disappearing fast

Finance

Free-to-use cash machines have been disappearing at a rapid rate across the UK, according to a study by Which? The consumer group found nearly 1,700 machines started charging for withdrawals in the first three months of the year, with the majority starting to charge in March. Cardtronics, which runs...

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Over 20% of SME leaders unaware of key stats

Finance

Over a fifth of SME bosses are unable to recall any key financial statistics about their business, according to research by Nucleus Commercial Finance. The research, which surveyed over 500 senior SME decision makers, also revealed that 50% were able to recall their turnover for the last financial year;...

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Government borrowing falls to 17-year low

Finance, Funding

UK public borrowing fell to £24.7bn between April 2018 and March 2019, according to the Office for National Statistics (ONS), £17.2bn less than the previous financial year and its lowest level for 17 years. Public sector net debt at the end of March grew by £22.1bn year on year...

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FCA faces probe over LCF collapse

Finance

The Financial Conduct Authority is facing a government probe into its oversight of London Capital & Finance (LCF), after customers of the firm lost thousands of pounds in investments. It follows concerns the FCA was too slow to protect consumers before LCF went into administration last month. Some 11,605...

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Co-op Bank report reveals regulatory failures

Finance

A Treasury-commissioned report has found that the Financial Services Authority approved the Co-op Bank’s merger with the Britannia Building Society in 2009 despite identifying “vulnerabilities” in the lender. The City regulator had backed the deal partly out of fear of the knock-on effects had Britannia been allowed to fail....

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