Latest news with #NikhilRathi
Yahoo
a day ago
- Business
- Yahoo
Social media giants can ‘get on' and tackle fraud cases, says City watchdog
Tech giants such as Meta do not need further guidance about tackling fraud on their platforms and can 'get on and do it', the boss of the UK's financial watchdog has said at it clamps down on so-called 'finfluencers'. Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said fraud is set to be one of the most 'profound issues' facing regulators over the next few years. The boss was asked by MPs on the Treasury Committee whether he would like to see stronger guidance to technology platforms about how to take down fraud and their responsibilities in relation to the Online Safety Act. 'I think they know what to do,' Mr Rathi told the committee. 'I don't think they need guidance. There's plenty of cases where they can get on and do it.' The Online Safety Act will require platforms to put in place and enforce safety measures to ensure that users, particularly children, do not encounter illegal or harmful content, and if they do that it is quickly removed. The FCA has stepped up its crackdown on financial influencers, or 'finfluencers', with numerous take down requests on social media platforms and a handful of arrests. The watchdog's boss was asked whether tech firms were too slow to tackle fraud on their platforms. 'We have to operate within our powers, we can't force the tech firms to take down promotions that we see as problematic and we rely on co-operation from them,' he said. 'I would not say that all tech firms don't co-operate. 'There are some that have invested very significantly, they are proactive, they are responsive and once they've decided to move we've seen significant improvements on their platform.' Referring to Facebook and Instagram owner Meta, he said the issue was both the speed at which harmful content was taken down and that new accounts were being created with 'almost identical content'. Mr Rathi said Ofcom – which oversees online platforms' safety systems – was 'understandably' prioritising child protection and sexual exploitation offences and would 'get to fraud next year'. Pressed further on tech giants being held to account on fraud, Mr Rathi said: 'I think this is going to be one of the most profound issues facing financial regulation for the next several years. 'We talk about big tech firms entering financial services, well many have already entered and provide systemic services adjacent to financial services.' Sign in to access your portfolio
Scottish Sun
2 days ago
- Business
- Scottish Sun
Watchdog slams social media giants for dragging heels over online scam crackdown
Scroll on for more bad news for bank customers - as one giant confirms it's closing 55 branches Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SOCIAL media giants such as Meta must stop dragging their feet and tackle online fraud, the UK's financial watchdog says. Financial Conduct Authority boss Nikhil Rathi criticised tech firms for being too slow to remove harmful content. Sign up for Scottish Sun newsletter Sign up 4 FCA boss Nikhil Rathi has hit out at tech giants for being too slow when removing harmful online content Credit: Houses of Parliament 4 Social media giants such as META have been told to stop dragging their feet and tackle online fraud Credit: Shutterstock Editorial Speaking to MPs, he urged companies to 'get on and do it' without waiting for further guidance. There is concern people are being fleeced by dodgy investments promoted by so-called 'finfluencers'. Last May, the watchdog charged nine suspects, including ex-Love Island and former The Only Way Is Essex stars, over a dubious online trading scheme promoted on social media. If convicted, they could face up to two years' jail. The trial is set for 2027. Consumer group Which? has also exposed a surge of misleading health adverts on Meta-owned Facebook and Instagram. These include false medical claims, fake endorsements and products that never arrive. One targeted diabetics with a fraudulent glucose monitor. Another promoted bee venom cream with bogus claims of medical approval. Mr Rathi said the FCA needs social media firms to cooperate to remove harmful content. Some are, but others are slow to act. The Online Safety Act should force platforms to remove illegal content. But Which? warned it could take until 2027 to fully implement. Facebook users bombarded with 'happy birthday posts' in bizarre glitch as people joke 'someone messed up' NATWEST SHUTS 55 MORE 4 NatWest will shut 55 more branches in the coming months, on top of 53 closures already announced for this year Credit: PA NATWEST is closing 55 more branches in the coming months, adding to 53 closures already planned this year. The move follows a shift towards online banking by customers. Since 2015, NatWest Group has shut more than 1,400 branches across the UK. NatWest said more than 80 per cent of current account holders now use digital banking. It plans to invest £20million to upgrade surviving branches and improve customer service. Pop-up services will support communities during 'branch transitions'. RENTALS COOL 4 Average rents for new leases rose 2.8% in April - from 6.4% recorded earlier in 2024 Credit: PA RENT rises have slowed to the lowest rate since the market was dealing with the impacts of the pandemic, figures show. Average rents for new leases in April increased by 2.8 per cent year-on-year, from the 6.4 per cent recorded in 2024. Average monthly rent is £1,287. Richard Donnell at property site ZOOPLA said: 'The average annual cost of renting is still over £2,500 higher than three years ago.' WATER BLOCK MILLIONS of households are being blocked from bill support due to a loophole in the WaterSure scheme. It helps the disabled and benefits claimants using lots of water, but requires a meter which many homes cannot install. Scope's Abdi Mohamed urged change, saying: 'Consumers cannot choose their supplier, and more needs to be done to ensure consistency and fairness.'
Finextra
2 days ago
- Business
- Finextra
FCA appoints deputy chief executive
Sarah Pritchard has been appointed deputy chief executive of the Financial Conduct Authority (FCA). 0 The new role has been created to reflect the FCA's expanding remit, with the integration of the Payment Systems Regulator, regulation of stablecoin and crypto firms as well as buy now pay later activities. As deputy chief executive, Sarah will also support the FCA's increasingly international focus, given its role supporting UK growth and competitiveness. Sarah joined the FCA in June 2021 to jointly lead the supervision, policy and competition division. Sarah has most recently been responsible for consumers and competition, having previously led the FCA's markets function. Sarah also has executive responsibility for the FCA's international work and personally spearheaded recent G20/Financial Stability Board work on leverage in non-bank financial institutions. Nikhil Rathi, chief executive of the FCA, said: 'Since joining us, Sarah helped bring together our supervision, policy and competition functions and has led some of our most high-profile work, for example the once-in-a-generation overhaul of the listing rules and landmark work on financial advice and guidance. 'Delivering our ambitious new strategy - to deepen trust, rebalance risk, support growth and improve lives - is a collective endeavour and relies on continued reform. Sarah's breadth of experience, in both public and private sectors, makes her ideally placed to help me drive this.' Ashley Alder, chair of the FCA, said: 'The international environment is complex, our remit is growing and expectations of us continue to evolve. The board fully support Sarah taking on the role of deputy chief executive to help Nikhil lead the FCA day-to-day and cultivate our key relationships. Sarah has proven her ability to drive reform and deliver bold proposals at pace.' Sarah Pritchard, deputy chief executive of the FCA, said: 'The last 4 years has been marked by significant reform. I am looking forward to working even more closely with Nikhil so there is no let up in the pace of change, and to ensure we have the right relationships, domestically and internationally, to deliver our ambitious strategy.' Sarah has already taken up the deputy chief executive role. There will be no immediate change to her areas of responsibility. Sarah joined the FCA in June 2021. In addition to the responsibilities detailed above, Sarah is the executive director sponsor for the FCA's Edinburgh office. Since she joined, the number of FCA colleagues based in its Edinburgh office has nearly tripled. Prior to joining the FCA, Sarah was the director of the National Economic Crime Centre (NECC), a multi-agency partnership housed in the National Crime Agency (NCA), created in late 2018 to deliver UK system leadership on economic crime. Before then, she was general counsel/legal director for the NCA as well as leading the NCA's transformational people programme. Her career has involved investigative, operational and legal roles in a range of government departments and in the private sector. Within the private sector, she led global financial crime compliance and reputational risk teams at HSBC and qualified as a commercial litigator with Dechert LLP.
Bloomberg
2 days ago
- Business
- Bloomberg
Flight From UK Markets Is Broader Than Listing Rules, Rathi Says
The exodus of companies from the London stock market is driven by volatility in the pound, tax and pension policies as well as the 'sheer size of the US market,' rather than its listing rules, according to the Financial Conduct Authority Chief Executive Officer Nikhil Rathi. 'I'm not hearing that it's regulatory, I'm hearing that it's much wider in terms of what's happening in UK, European and indeed certain other non-European capital markets,' Rathi told the Treasury select committee on Tuesday.
North Wales Chronicle
2 days ago
- Business
- North Wales Chronicle
Social media giants can ‘get on' and tackle fraud cases, says City watchdog
Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said fraud is set to be one of the most 'profound issues' facing regulators over the next few years. The boss was asked by MPs on the Treasury Committee whether he would like to see stronger guidance to technology platforms about how to take down fraud and their responsibilities in relation to the Online Safety Act. 'I think they know what to do,' Mr Rathi told the committee. 'I don't think they need guidance. There's plenty of cases where they can get on and do it.' The Online Safety Act will require platforms to put in place and enforce safety measures to ensure that users, particularly children, do not encounter illegal or harmful content, and if they do that it is quickly removed. The FCA has stepped up its crackdown on financial influencers, or 'finfluencers', with numerous take down requests on social media platforms and a handful of arrests. The watchdog's boss was asked whether tech firms were too slow to tackle fraud on their platforms. 'We have to operate within our powers, we can't force the tech firms to take down promotions that we see as problematic and we rely on co-operation from them,' he said. 'I would not say that all tech firms don't co-operate. 'There are some that have invested very significantly, they are proactive, they are responsive and once they've decided to move we've seen significant improvements on their platform.' Referring to Facebook and Instagram owner Meta, he said the issue was both the speed at which harmful content was taken down and that new accounts were being created with 'almost identical content'. Mr Rathi said Ofcom – which oversees online platforms' safety systems – was 'understandably' prioritising child protection and sexual exploitation offences and would 'get to fraud next year'. Pressed further on tech giants being held to account on fraud, Mr Rathi said: 'I think this is going to be one of the most profound issues facing financial regulation for the next several years. 'We talk about big tech firms entering financial services, well many have already entered and provide systemic services adjacent to financial services.'
