Latest news with #FinancialRegulation
Reuters
5 days ago
- Business
- Reuters
UK watchdog to tighten rules for payment firms from May 2026
LONDON, Aug 7 (Reuters) - Britain's Financial Conduct Authority (FCA) said on Thursday it would roll out stricter rules for electronic payment firms from May 2026 to better safeguard customers' money. The regulator, which first laid out proposed reforms for payment firms in September, said companies would be required to keep customer money separate from their own funds, so that it could be returned if the firm fails. The payments sector has come under greater scrutiny as more consumers have become exposed to the risk of poor safeguarding. Between 2017 and 2022, the use of current accounts with online money and payment institutions - rather than traditional banks - has surged five-fold, a FCA survey shows, opens new tab. Under the tighter rules, larger payment firms will be subject to monthly reporting and annual audits, and they will be required to conduct daily checks to ensure the right amount of money is being safeguarded to protect customers. The rules will apply to payment institutions, e-money institutions (EMIs) and credit unions that issue e-money, the regulator said. EMIs flooded London over the last decade, benefiting from a lighter regulatory burden compared to banks. Last month foreign exchange broker Argentex, an e-money institution (EMI) since 2018, fell into special administration after succumbing to market volatility following a decline in the company's liquidity position. Failed payment firms had average shortfalls of 65% of their customers' funds over a five-year period to mid-2023, the FCA said. "People rely on payment firms to help manage their financial lives. But too often, when those firms fail, their customers are left out of pocket," said Matthew Long, director of payments and digital assets at the FCA. "We'll be watching closely to see if firms seize the opportunity and make effective improvements that their customers rightly deserve – this will help us to determine whether any further tightening of rules is necessary." UK Finance, a lobby group for the finance industry, said it was important that the new safeguarding rules were assessed for their impact and effectiveness before any further changes were made. "We support a robust and effective safeguarding regime that protects customers without placing unrealistic demands on businesses, particularly smaller firms," a spokesperson said. "Getting the balance right means having rules that are practical, proportionate, and internationally competitive."
CNN
31-07-2025
- Business
- CNN
Jamie Dimon and Trump finally had a meeting after battling for years
Donald Trump Interest rates Investing Federal agenciesFacebookTweetLink Follow President Donald Trump met at the White House last week with a powerful business leader he's repeatedly clashed with in the past: JPMorgan Chase CEO Jamie Dimon. During the Oval Office meeting, Trump and Dimon discussed the economy, trade, financial regulation and the Federal Reserve, a person familiar with the matter told CNN. The meeting, first reported by The Wall Street Journal, follows years of tensions between two of the most powerful people on the planet. According to the Journal, Dimon and Trump have met twice in the past two months, and the meeting last week included Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Dimon has also, during a separate conversation with Trump, defended Fed Chair Jerome Powell and stressed that history shows political attempts to force interest rates down often backfire, the source told CNN. A White House spokesperson said officials don't comment on private meetings that may or may not have happened. JPMorgan also declined to comment. Dimon and Trump have scuffled over multiple topics over the years, and the insults have been personal. In 2023, Dimon said Trump doesn't understand the debt ceiling, saying it's 'one more thing he doesn't know very much about.' After Dimon urged business leaders to support Nikki Haley in the GOP presidential primary, Trump called Dimon a 'highly overrated globalist.' In 2018, Trump said Dimon doesn't have the 'smarts' to be president, adding that he's a 'nervous mess.' Asked during a CNBC interview on Thursday about the reports of an improving relationship, Dimon declined to get into specifics but stressed he believes it's important to meet with varying leaders. 'We reach out to the administration all the time. They reach out all the time. I think it's a good thing,' Dimon told CNBC. The Powell-led Fed kept interest rates steady on Wednesday for the fifth meeting in a row, refusing to bow to White House pressure to dramatically slash borrowing costs. Trump responded on Thursday by attacking Powell in a Truth Social post as 'TOO ANGRY, TOO STUPID & TOO POLITICAL' to lead the Fed. Powell, a Republican, was nominated by Trump himself for the crucial role. Powell was then reappointed by President Joe Biden. Asked about the latest Trump attack against Powell, Dimon said he's 'not going to agree with all that language,' but noted he's 'never seen a president ever say they want higher interest rates.' Politicians often favor low rates from the Fed in the hopes they will make it cheap to borrow and speed growth. But if central banks keep rates too low, they can unintentionally boost prices. 'I think Jay Powell is a professional. I think independence is important. I think independence actually keeps interest rates lower,' Dimon said, alluding to historical examples of political pressure on central banks that backfired by fueling inflation. 'The president gets the chance to pick a new Fed chair eight months from now,' Dimon said, when Powell's term expires in May 2026. 'I think they're kind of doing the right thing. The economy has been chugging along. …. If inflation comes down and the economy continues to do well, they'll probably reduce rates shortly.' Investors are losing confidence the Fed will cut rates at the next meeting. The chance of a rate cut in September has dropped from about 65% earlier this week to 39% on Thursday, according to the CME FedWatch Tool. Dimon sounded the alarm about Trump's tariffs in early April as markets plummeted, warning the historically high levies 'will slow down growth.' However, the JPMorgan boss struck a more positive tone on Thursday, noting Trump's tariffs have been 'greatly moderated' and are being 'more carefully done' than during the administration's initial rollout. 'Some is being passed on and some is not,' Dimon said, referring to businesses raising prices. 'We just don't know yet. You may see more effect down the road. We'll have to wait and see.'
Zawya
31-07-2025
- Business
- Zawya
CBUAE revokes licence of Gomti Exchange
Abu Dhabi: The Central Bank of the UAE (CBUAE) has revoked the licence of Gomti Exchange, an Exchange House operating in the UAE, and struck its name off the Register, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments. The licence revocation was imposed based on the results of the findings of examinations conducted by the CBUAE, which revealed that the Exchange House had significant failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem.
Zawya
30-07-2025
- Business
- Zawya
CBUAE revokes licence of Al Nahdi Exchange
Abu Dhabi: The Central Bank of the UAE (CBUAE) has revoked the licence of Al Nahdi Exchange, an Exchange House operating in the UAE, and struck its name off the Register, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and its amendments. The licence revocation was imposed based on the results of the findings of examinations conducted by the CBUAE, which revealed that the Exchange House had significant failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem.
Khaleej Times
30-07-2025
- Business
- Khaleej Times
UAE Central Bank revokes licence of Al Nahdi Exchange
The Central Bank of the UAE (CBUAE) has revoked the licence of Al Nahdi Exchange, an Exchange House operating in the UAE, and struck its name off the Register, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The licence revocation was based on the CBUAE's examination findings, which revealed significant failures by the Exchange House to comply with the Anti-Money Laundering, Combating the Financing of Terrorism and Illegal Organisations, and Sanctions framework. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem.
