Tilney, part of wealth management and Financial Planning group Tilney Smith & Williamson, had established a new investment management team at its Newcastle office.

The speech on transforming to a forward-looking, proactive regulator, delivered by Financial Conduct Authority chief executive Nikhil Rathi at the launch of the FCA’s 2021-22 Business Plan this morning:

Over the next 18 months Financial Planners can expect to see a Financial Conduct Authority (FCA) that looks and feels different, according to the regulator’s chief executive Nikhil Rathi.

The Financial Conduct Authority (FCA) is looking to open three new regional offices by the end of 2021.

The regulator announced the move in its 2021-22 Business Plan released this morning, saying that it is developing a national location strategy as it looks to promote its role as a “regulator for the whole of the UK”.

At present the FCA has offices in London and Edinburgh.

The FCA said it is exploring opening an office in Leeds with at least 100 staff based there in the first phase. The regulator said it is currently working on what functions and precise numbers the Leeds office will have.

The Bank of England is also looking to open an office in the city, moving some of its London staff to create a new hub. The Treasury also recently announced plans in the Spring Budget to create a new campus in Darlington and make Leeds the headquarters for the UK’s new infrastructure bank. 

The regulator added that it plans to establish a presence in Belfast and Cardiff for the first time by the end of the year.

The regulator also plans to double its headcount in Edinburgh to over 200 over the next 2 years.

In its business plan the regulator also announced that it will begin a review of the scope and coverage of Financial Service Compensation Scheme (FSCS). 

The regulator said its review of the FSCS will be just one of many changes as part of its commitment to be a more innovative, adaptive and assertive regulator.

The Financial Conduct Authority (FCA) has announced that it will begin a review of the scope and coverage of Financial Service Compensation Scheme (FSCS).

The FCA has banned former IFA Matthew Creed, a director of financial advisory firm AAA Management Ltd, from performing any regulated activity following an investigation into his bankruptcy.

The Australian-owned wrap platform Praemium, used by a number of UK Financial Planners, is to sell off its UK and international operations after receiving approaches from potential buyers.

The CPI (Consumer Prices Index) measure of inflation jumped to 2.5% in June from 2.1% in May.

Stephen Allen has pleaded guilty to forgery after the Financial Conduct Authority pursued him to recover money investors lost in a £16.9m Unauthorised Collective Investment Scheme (UCIS).

Total household wealth has increased by almost £900bn during the pandemic, a 6% increase on pre-pandemic levels, according to a new report.