British Business Bank (BBB) is a government-owned entity designed to support small businesses in the UK through a fund with 1 billion British pounds ($1.27 billion); it currently has 85 million British pounds ($108 million) invested in the P2P lending industry; the Financial Conduct Authority's release of an update on the crowdfunding market last week noting a number of factors for further investigation has caused taxpayers to question the large allocation to the P2P lending sector; specifically John O'Connell, chief executive of the TaxPayers' Alliance, has said, "This is extremely concerning and taxpayers will want to know how this can be good use of their money."; according to a Freedom of Information request reported on by Business Insider, the allocations from BBB include 60 million British pounds ($76 million) invested with Funding Circle, 15 million British pounds ($19 million) invested with MarketInvoice and 10 million British pounds ($13 million) invested with RateSetter. Source
The UK’s Financial Conduct Authority found that the number of crypto and forex fraud claims tripled in the last year...
European fintech companies and politicians expect there will be a push for increased regulation of fintech companies in response to...
The long awaited changes to P2P lending regulations in the UK are finally here. Today, the Financial Conduct Authority (FCA)...
The Financial Conduct Authority is proposing new rules for those that offer cash savings; under the plans, financial institutions will...
The Financial Conduct Authority’s thinker in chief was named interim Chief Executive with Andrew Bailey moving on to become the...
The UK’s Financial Conduct Authority plans to move forward with overdraft changes in April which would allow for banks to...
The UK based Financial Conduct Authority is proposing new rules to simplify the savings market; banks will be able to...
The UK’s financial watchdog, the Financial Conduct Authority, issued a warning to investors regarding initial coin offerings (ICOs); in particular they warned of the “high risk, speculative” nature of the new capital raising method; financial regulators worldwide have begun cracking down on ICOs in recent months, China has banned them and the SEC in the US issued a similar warning as the UK. Source
The Financial Conduct Authority (FCA) has released their annual Sector Views report; it warned of high-risk retail investments, calling out...