Analysis

FCA's Mortgage Rules Revamp Could Boost Misselling Risk

By Alex Davidson

The Financial Conduct Authority's proposed rewrite of mortgage rules within its consumer duty regime, designed to protect households from taking risky financial action, could lead home buyers to make poor decisions and expose them to misselling traps, according to legal experts.

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Visa, Mastercard Face Class Actions Over Swipe Fees

By Isabel Jackson

Visa and Mastercard are facing class actions potentially worth billions of pounds for allegedly charging unlawful transaction fees, the law firms bringing the claims said Monday.

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FCA Tells Banks To Speed Up Services For Defense Cos.

By Tom Fish

The FCA said Monday that banks must speed up account-opening processes for defense businesses, warning that unnecessary delays and complex compliance checks can hinder small companies from supplying the U.K.'s military.

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Mercuria Says Baltic Kept Flawed Rate Amid Hormuz Crisis

By Joanne Faulkner

Energy trader Mercuria accused the Baltic Exchange on Monday of keeping an unreliable benchmark running to avoid losing business to a rival, despite internal warnings that disruption in the Strait of Hormuz had made its assessments meaningless.

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Forged Deed Fueled $15M Court Judgment, Developer Says

By Eddie Beaver

A property developer is seeking to overturn a judgment against him of almost $15 million, alleging that his former business partner's company used a fraudulent agreement bearing a signature in his name to persuade a court that he owed millions under a financing deal.

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Catching Up With Delaware's Chancery Court

By Jarek Rutz

The Delaware Chancery Court last week approved a $250 million settlement of litigation over Microsoft Corp.'s acquisition of Activision Blizzard Inc., while Albertsons Cos. Inc. accused Kroger Co. of rejecting changes that could have saved their $24.6 billion merger, and the Delaware Supreme Court ordered Verisk Analytics Inc. to keep pursuing a $2.35 billion acquisition.

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Bank Of England Warns Of Rising AI Risks In Finance

By Tom Fish

The growing use of artificial intelligence across the U.K.'s financial services could amplify systemic risks as firms become increasingly exposed to cyberattacks and ever more reliant on a concentrated cluster of technology providers, the Bank of England warned Monday.

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Watchdog Floats Future Pensions Reporting Overhaul

By Dawood Fakhir

The U.K.'s actuarial watchdog on Monday floated changes to the way pension schemes calculate retirement projections, reflecting higher government bond yields.

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Bank Surcharge Hike Could Raise £5.8B, Think Tank Says

By Josh White

The U.K.'s Labour government could raise £5.8 billion ($7.7 billion) by restoring the bank surcharge to 8% in the autumn budget, a think tank said Monday.

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