The U.K.’s financial watchdog is giving auto financing companies more time to deal with customer complaints. The Financial Conduct Authority (FCA) announced this decision Wednesday (Nov. 13) in the wake of a recent court ruling that forbids dealers from getting a commission from auto lenders without the customer’s consent....
The United Kingdom’s finance regulator fined Metro Bank for failing to monitor money laundering risks. The Financial Conduct Authority said Metro must pay 16.7 million pounds (about $21 million) for a lack of proper money laundering protections on 60 million transactions between 2016 and 2020,...
The U.K. government said Thursday (Oct. 17) that it aims to provide buy now, pay later (BNPL) users with many of the protections provided by other consumer credit products. It has launched a consultation on proposals to bring BNPL companies under the supervision of the...
Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against the neobank Wednesday (Oct. 2), noting that it stemmed from problems first identified in 2021. The fine comes amid a...
June 05, 2024
The respective online “walls of shame” that U.S. and U.K. regulators have proposed to erect — spotlighting companies under various investigations — may have a chilling effect on competition and innovation. As has been reported in recent days, the Consumer Financial Protection Bureau (CFPB) issued a final rule to establish a registry of nonbank financial companies […]
February 15, 2023
The U.K. has launched a long-awaited consultation aimed at regulating the BNPL sector. The eight-week consultation, which started Tuesday (Feb. 14) and was announced by the HM Treasury, comes two...
December 24, 2021
This Christmas, the U.K.’s Financial Conduct Authority (FCA) is taking the fight against fraud to a whole new musical level. Earlier this month, the financial watchdog announced in a statement...
June 29, 2020
The pandemic has drastically affected how consumers are shopping and paying for even routine purchases, and this in turn has altered how businesses are accepting their payments. The rise of...
November 18, 2024
Global FinTech Revolut plans to offer its customers in the United Kingdom new trading products and features after receiving a U.K. trading license from the Financial Conduct Authority (FCA). The receipt of this license makes Revolut Trading an authorized investment firm, allowing it to improve the user experience and introduce U.K. and European Union stocks […]
November 13, 2024
The U.K.’s financial watchdog is giving auto financing companies more time to deal with customer complaints. The Financial Conduct Authority (FCA) announced this decision Wednesday (Nov. 13) in the wake of a recent court...
November 12, 2024
The United Kingdom’s finance regulator fined Metro Bank for failing to monitor money laundering risks. The Financial Conduct Authority said Metro must pay 16.7 million pounds (about $21 million) for...
October 17, 2024
The U.K. government said Thursday (Oct. 17) that it aims to provide buy now, pay later (BNPL) users with many of the protections provided by other consumer credit products. It...
