LONDON (Reuters) – Britain’s financial watchdog has fined Stonebridge International Insurance 8.3 million pounds for failing to treat up to half a million customers across Europe fairly over sales of accident insurance.
Stonebridge, part of international insurer Aegon Group (AEGN.AS: Quote, Profile, Research), tried to maximise sales by using tactics such as making it hard for customers to cancel policies despite attempts over several years by some, the Financial Conduct Authority (FCA) said on Thursday.
LONDON, Aug 7 (Reuters) – Britain’s financial watchdog has
fined Stonebridge International Insurance 8.3 million pounds
($14 million) for failing to treat up to half a million
customers across Europe fairly over sales of accident insurance.
Stonebridge, part of international insurer Aegon Group
, tried to maximise sales by using tactics such as
making it hard for customers to cancel policies despite attempts
over several years by some, the Financial Conduct Authority
(FCA) said on Thursday.
LONDON, Aug 6 (Reuters) – Interdealer broker ICAP
and fixed income electronic trading platform MTS have introduced
a daily benchmark index to track borrowing costs in the euro
zone repo market, a major source of secured short-term funding
in the region.
The move is part of ICAP’s broader push into benchmarks by
tapping its pool of market data as the world’s biggest broker of
transactions between banks.
LONDON, Aug 6 (Reuters) – Companies are failing to include
risk warnings in financial promotions sent to millions of
customers on social media like Twitter, Britain’s markets
watchdog said as it proposed rules to clamp down on this
The Financial Conduct Authority (FCA) on Wednesday launched
a public consultation on its approach to supervising financial
promotions on social media, which it said was in response to
calls for guidance from the industry.
LONDON, Aug 5 (Reuters) – Britain’s banks are banned from
offering risky and complex hybrid debt known as contingent
convertible bonds or CoCos to the mass market from October, the
country’s Financial Conduct Authority (FCA) said on Tuesday.
Faced with pressure from regulators to bolster their capital
cushions, banks are set to issue CoCo bonds in ever larger
amounts to shield taxpayers from having to rescue failing
lenders like in the 2007-09 financial crisis.
LONDON, July 31 (Reuters) – Banks and brokers are failing to
give the best trading deals to customers and could face
enforcement action, Britain’s Financial Conduct Authority (FCA)
said in a review on Thursday.
The FCA checked whether 32 banks, brokers, wealth managers
and interdealer brokers had complied with a European Union law
that requires them to take all reasonable steps to get the best
possible deal when executing orders on behalf of customers.
LONDON, July 31 (Reuters) – London-listed oil explorer Afren
Plc said its board had temporarily suspended Chief
Executive Osman Shahenshah and Chief Operating Officer Shahid
Ullah pending an investigation into payments, sending its shares
to their lowest level in more than two years.
The Nigeria-focused company said in a statement on the
London Stock Exchange’s company news service that a review for
the board found evidence of “the receipt of unauthorised
payments potentially for the benefit of the CEO and COO”.
LONDON, July 30 (Reuters) – Bankers who break rules on their
conduct may have to hand back bonuses up to seven years after
being awarded them, the Bank of England said on Wednesday as it
unveiled some of the world’s toughest curbs on the sector.
The measures are the latest response to multi-billion pound
taxpayer bailouts of lenders such as Royal Bank of Scotland
and Lloyds in the financial crisis of 2008 and
2009, with few individual bankers subsequently punished for
LONDON, July 29 (Reuters) – Top bankers in Britain will
become directly accountable for their actions under proposals
from regulators on Wednesday, with those behaving recklessly
facing a spell in jail.
The Bank of England will also publish final rules on clawing
back bonuses paid to bankers caught up in misconduct, and
consult on closer scrutiny of how awards are made.
LONDON (Reuters) – Lloyds Banking Group could face further punishment after agreeing to pay fines totalling $370 million (217.80 million pounds) for its part in a global interest rate rigging scandal and for attempting to manipulate fees for a government lending scheme to help banks.
The settlement is the seventh joint penalty handed out by American and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks used to price around $450 trillion of financial products worldwide.