FCA Sets Annual Reporting Rules To Monitor Retail Banking

By Alex Davidson

The Financial Conduct Authority has set rules for a new annual reporting regime for banks to help it detect where the market for retail customers is not working well.

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Wise Faces AML Probe Over €500M Suspicious Transactions

By William Janes

International fintech company Wise is under investigation over potential money laundering offenses after the business appeared in hundreds of criminal files involving more than €500 million ($581 million) in suspicious transactions, Belgian prosecutors said Monday.

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2.8M UK Workers Could Cut Pensions Saving Under Tax Cap

By Martin Croucher

Almost three million workers are expected to cut back on pension contributions because of the government's plan to cap tax-free salary-sacrifice arrangements, official figures revealed on Monday.

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2 Men Worked 'As A Team' In Illegal Arms Deals, Jurors Told

By Sophia Dourou

Two men "worked as a team" to illegally sell arms and military equipment to countries, including South Sudan, Libya and Syria, a prosecutor said in closing speeches of their trial Monday.

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Investment Co. Says Insurer Must Pay £40M For Failed Claims

By Eddie Beaver

A private investment company has sued an insurance company for more than £40 million ($53.8 million), alleging that it is entitled to payouts under thousands of after-the-event insurance policies linked to unsuccessful cavity wall insulation claims.

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Number Of Claims Firms Halved As FCA Tightens Oversight

By Martin Croucher

The number of claims management companies has plummeted by almost a half in the seven years since the Financial Conduct Authority took over supervision of the sector, official figures revealed Monday.

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Fintechs Say AI Rollout Is Slowed Most By Regulation

By Alex Davidson

Regulation may be the biggest factor holding back greater use of agentic artificial intelligence at financial technology companies such as digital-only banks, according to a report on the global financial technology sector published Monday.

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UK Fintech OpenPayd To Go Public Via $1.15B SPAC Deal

By Sydney Price

Allen Overy Shearman Sterling and Winston & Strawn LLP are steering a deal under which financial infrastructure platform OpenPayd will be acquired and taken public at an estimated equity value of $1.15 billion by Titan Acquisition Corp., a special purpose acquisition company purportedly focused on high-growth fintechs, the parties announced Monday.

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Brief

Investor Caledonian Completes Acquisition Of Fintech Aspire

By Irene Madongo

Investment company Caledonian Holdings PLC said Monday that it has completed its purchase of financial technology firm Aspire for a nominal cash consideration, implying an enterprise value of £9.33 million ($12.5 million).

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Brief

Howden Ireland Unit Snaps Up Financial Adviser

By Martin Croucher

A unit of insurance broker Howden Group has bought Dublin-based financial adviser Opes Private Clients Ltd.

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