UK competition authority requires Metro Bank to refund £11.4 million of overdraft fees

The UK Competition and Markets Authority (CMA) has told Metro Bank to refund £11.4 million of overdraft fees to its customers because the bank did not provide adequate warning to its customers about these overdraft charges. Around 130,000 Metro Bank customers will receive refunds. Metro Bank is a UK-based retail and commercial bank. It was… Continue reading UK competition authority requires Metro Bank to refund £11.4 million of overdraft fees

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FCA consults UK firms on payment freeze on loans

The Financial Conduct Authority, the UK’s financial services regulator, is consulting firms on proposals to try and help UK consumers during the current covid-19 economic stress. The consultation period runs until Monday 6th April. And if implemented, the proposed measures would come into force on Thursday 9th April. The proposals include for firms to allow… Continue reading FCA consults UK firms on payment freeze on loans

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New lobby group for UK peer-to-peer lenders (36H Group)

A new lobby group for UK peer to peer lenders – named 36H – has been formed by Innovate Finance. Innovate Finance is an independent fintech industry organisation in the UK – funded by membership fees from its members. The name 36H refers to article 36H of the Financial Services and Markets Act (FSMA) –… Continue reading New lobby group for UK peer-to-peer lenders (36H Group)

UK Issues Consultation Paper on Cryptoassets

<![CDATA[ Executive Summary The Financial Conduct Authority (FCA) released a consultation paper outlining the types of cryptoassets and how they fit under the FCA’s regulatory perimeters. Details The FCA categorises cryptoassets into three types of tokens: exchange tokens, security tokens and utility tokens. Exchange tokens are assets not issued or backed by a central authority,… Continue reading UK Issues Consultation Paper on Cryptoassets

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UK-based Revolut secures Singapore and Japan payments licences

<![CDATA[ Executive Summary UK payments fintech company Revolut has been granted payments licences in Singapore and Japan. Details Revolut has been granted a Remittance Licence and Stored Value Facility approval by the Monetary Authority of Singapore (MAS) and a Fund Transfer Licence by the Japan Financial Services Agency (FSA). It is one of very few… Continue reading UK-based Revolut secures Singapore and Japan payments licences

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