Regulation News
Shares in UK digital banking startup Fiinu have plunged after the lender had its restricted banking licence withdrawn in the face of challenging market conditions.
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – today released a consultation document on its proposal to introduce a new standard condition for certain financial market licence holders.
UK chancellor Jeremy Hunt says he was refused a bank account by Monzo when he was a backbencher last year, claiming he was subject to differential treatment as a 'politcally exposed person'.
The Bank of England (BoE) and Financial Conduct Authority (FCA) have met their phase one commitments in ongoing delivery of the Transforming Data Collection (TDC) joint transformation programme.
Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.
China's central bank has fined fintech behemoth Ant Group $985 million for violating a host of laws and regulations.
