FinTech Futures: Top five news stories of the week – 24 May 2024
Our pick of the top fintech news stories this week includes JP Morgan Chase, Citi, BBVA, OpenAI and more.
PRA
FinTech Futures: Top five news stories of the week – 2 February 2024
Our pick of the top fintech news stories this week includes Lloyds, HSBC, PayPal, Santander and more.
UK’s PRA fines HSBC £57m for “historic depositor protection failings”
The PRA says the fine is the second-largest issued by the regulator to date.
Global enforcement fines rise to $5.65bn in Q3 2023
The first two quarters of this year saw global enforcement fines amount to $1.5bn and $2.27bn, respectively.
Former CIO of TSB Bank fined £81k by PRA over 2018 IT disruption
The PRA says Carlos Abarca breached its senior manager conduct rules.
Griffin secures UK banking licence with restrictions from PRA
Griffin will now be able to operate as a bank in the UK with deposit-taking restrictions.
UK regulators fine TSB £48.6m over “operational resilience failings”
The FCA says technical failures in TSB’s IT system led to customers being unable to access banking services.
FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal
The investigation found that GSI breached a number of FCA and PRA principles and rules.
UK regulators take aim at banks’ IT failures
The FCA, PRA and Bank of England have published a paper on operational resilience
Citigroup fined record £43.9m for ‘widespread’ regulatory reporting failures
Citigroup fell “fell significantly below the standards expected”.
PRA warns insurers over work culture
Staff must feel able to speak up about their concerns.
PRA grants Allica its banking licence
It’s now planning for a full launch and will ultimately offer working capital solutions and cash management.
Raphaels fined £1.9m by FCA and PRA for outsourcing mismanagement
The bank didn’t properly manage the outsourcing of payment services.
UK regulators unleash new insurer start-up unit
Will help firms apply and get authorised for insurtech action.
UK regulators want banks to offer resilience brilliance
BoE, PRA and FCA call for feedback from firms and financial market infrastructures.
BBA calls on Bank of England to protect challenger banks
The BBA has called for regulators to do more to improve competition in UK retail banking by making changes to the way payments, capital, access to funding and proportionality of regulation are handled and opening up more opportunities for challenger banks.
Fair treatment of customers lies at heart of future says FCA director
New UK regulator the Financial Conduct Authority has made a good start in its first year of life and has helped to contributed to a “sea change” in the way conduct is viewed and treated by financial institutions, according to Clive Adamson, director of supervision at the FCA.
Banning foreign banks from the UK? What about the technology?
The Prudential Regulatory Authority has set out a series of requirements for non-EU banks who want to do business in the UK.
In addition to the regulatory system changes, what would the technological and infrastructure challenges of such a ruling be?
FSA’s swansong opens a fast track for new entrant banks
In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.
