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The Financial Conduct Authority (FCA) is set to overhaul the complex documentation currently provided to investors, as it seeks to enhance confidence and stimulate investment. Jake Green, global head of financial regulatory at Ashurst, said the initiative represents "the biggest shift from EU (pre-Brexit) retail regulation to date." The FCA's proposal seeks to replace the existing standardised documents with a more flexible system tailored to the UK market, allowing firms greater discretion in how they communicate with clients. Simon Walls, interim executive director of markets at the FCA, said: "High quality product information will give consumers the confidence to invest; increased participation in this market will not only benefit consumers but will also provide capital to drive the economy and boost growth.” The consultation period will conclude in March.

 

Financial Times

Reuters

The Bank of England has decided to maintain interest rates at 4.75% following a split vote among its Monetary Policy Committee (MPC). While six members opted to keep rates unchanged, three advocated for a 0.25 percentage point cut due to concerns over stagnating economic growth. The MPC's new projections indicate zero GDP growth for the last quarter of 2024, a downgrade from previous forecasts. The Bank said changes to employment costs in the Budget had created significant uncertainty in the economy. “Most indicators of UK near-term activity have declined,” the BoE explained. This means there would be a gradual approach to interest rate cuts next year, BoE Governor Andrew Bailey added.

 

Financial Times

The Daily Telegraph

The Times

The Guardian

UK car manufacturing experienced its lowest output in November since 1980, with only 64,216 units produced, marking a 30.1% decline from the previous year. Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders (SMMT), said: "While a decline was to be expected given the extensive changes underway at many plants, manufacturing is under pressure at home and abroad." The production of electric and hybrid vehicles also fell by 45.5%, totalling 19,165 units, which is nearly a third of the overall output. SMMT has urged the Government to reconsider the 'ZEV mandate' regulation, which could impose nearly £6bn in costs on carmakers.

 

Daily Mail

Telecoms giant BT has successfully defended a £1.3bn class action alleging it “disproportionately overcharged” landline customers. The Competition Appeal Tribunal (CAT) ruled that BT's overall pricing was not unfair, saying there was “no abuse of dominant position.” The case, initiated by Mishcon de Reya on behalf of 3.7m landline customers in the UK, claimed excessive pricing for standalone fixed voice services, particularly affecting older customers. Despite BT's appeal against the certification of the proceedings, the Court of Appeal dismissed it, leading to a trial that concluded in March. The case is significant as it is the first to progress to trial since the collective proceedings regime was introduced in 2015. Claimants were represented by Mishcon de Reya's Sarah Houghton and Gwen Ballin-Reeler, while BT's defence was led by Simmons & Simmons partners Patrick Boylan and Satyen Dhana.

 

Financial Times

The Daily Telegraph

City AM

Daily Mirror

The Financial Conduct Authority (FCA) has announced an extension for companies to respond to motor finance complaints until 4 December 2025. The FCA said: “We have extended the time firms have to handle complaints to help prevent disorderly, inconsistent and inefficient outcomes for consumers and firms.” The decision comes after a review of historical discretionary commission arrangements (DCAs) and a landmark court case that highlighted the need for customer consent regarding commissions. Additionally, the FCA has extended the timeframe for consumers to refer non-DCA complaints to the Financial Ombudsman until 29 July 2026. The FCA plans to further outline its review of motor finance in May 2025.

 

The Times

City AM

London Evening Standard

The Guardian

The Financial Conduct Authority (FCA) has acknowledged its "material" failings in the Collateral investment scandal, inviting affected investors to claim compensation. The FCA admitted to allowing false information to remain on its register for two years, which misled nearly 1,200 investors, resulting in losses of approximately £17.9m. "The failure of the FCA . . . arises from missed opportunities to identify and amend that information," the regulator said. In response to over 300 complaints, the FCA is offering £500 to investors for its errors and an additional £200 for delays in handling complaints. However, a spokesman for Collateral P2P Lenders said the compensation is "a drop in the ocean" for many who lost significant amounts. The Currie brothers, directors of Collateral, were sentenced to a combined eight years in prison for their roles in the fraud.

 

Financial Times

The Times

The Financial Reporting Council has found that some 57% of audits completed by Tier 2 and 3 auditors needed ‘significant improvements’, up from only a third last year. In its annual audit quality inspection reports of 27 audit firms, the regulator said: “It is concerning that such a high proportion of audits were assessed in the poorest quality category.” Only three of the audits inspected were classified as ‘good or limited improvements’, compared to five last year.

 

Accountancy Daily

Boohoo has barred journalists from attending its AGM, where shareholders will vote on the contentious proposal to appoint Mike Ashley to its board. The meeting marks the climax of a protracted dispute between Boohoo and its largest shareholder, Frasers, which is owned by Ashley. Frasers aims to install Ashley and restructuring expert Michael Lennon while ousting co-founder Mahmud Kamani. Boohoo has accused Ashley of having "ulterior motives" and has urged shareholders to reject Frasers' proposal, claiming it could jeopardise its turnaround plans. Influential advisory groups, ISS and Glass Lewis, have sided with Boohoo, recommending a vote against Frasers' plan, saying that its governance commitments "fall short" of necessary protections.

 

The Daily Telegraph

Shareholders of Playtech have expressed strong disapproval of a proposed £100m cash bonus scheme for top executives, with 32.6% voting against it at the recent general meeting. The plan, linked to the €2.3bn sale of Snaitech to Flutter Entertainment, has been labelled by activist investor Jeremy Raper as "the most egregious case of shareholder value expropriation in the history of UK public markets." Playtech aims to return between €1.7bn and €1.8bn to shareholders from the sale proceeds, yet over 38% of investors also rejected a new "transformation plan" for future bonuses. Despite the opposition, Playtech can proceed as only 50% approval is needed. Playtech's shares fell 1.8% to close at 718p after rising over 60% this year.

 

The Times

Tulip Siddiq, the UK's economic secretary, is facing allegations of embezzlement linked to a nuclear power project in Bangladesh. Court documents reveal that Siddiq is named alongside her aunt, the former prime minister of Bangladesh Shaikh Hasina. The family is accused of siphoning off £3.9bn from the Rooppur nuclear power plant, allegedly in collusion with Russian officials. The deal was signed in the Kremlin in 2013. Photos show that Siddiq was present, standing alongside Hasina and Russian President Vladimir Putin. Downing Street has insisted Prime Minister Sir Keir Starmer has full confidence in Siddiq but senior officials are reportedly nervous over the claims. Shaikh Hasina’s regime has been accused of authoritarianism, human rights abuse and rampant corruption. An arrest warrant was recently issued for the former PM.

 

Sky News

Financial Times

The Guardian

The Dutch government plans to enhance its investment screening law by including technologies such as biotech and AI. Economy Minister Dirk Beljaarts said: "The international security situation has deteriorated rapidly in recent years," as he pointed to the need to protect Dutch entrepreneurs and innovations. The updated law will also include nanotechnology, sensor and navigation technology, advanced materials, and nuclear technologies for medical use, with implementation expected in the second half of 2025.

 

Reuters

The UK Information Commissioner's Office (ICO) has condemned Google's decision to allow advertisers to track users through digital "fingerprints" from mid-February next year. Google had previously said using digital fingerprints “subverts user choice and is wrong” but has now reversed its position. Stephen Almond, the ICO's executive director for regulatory risk, said: “We think this change is irresponsible. Businesses do not have free rein to use fingerprinting as they please. Like all advertising technology, it must be lawfully and transparently deployed – and if it is not, the ICO will act.”

 

The Guardian

The government is set to introduce new legislation targeting AI companies that create software which can produce child abuse images. Baroness Jones of Whitchurch, the online safety minister, announced that measures will be brought forward in the current session, with an announcement expected in the new year. The Internet Watch Foundation has reported alarming statistics revealing that one forum had over 20,000 AI-generated images posted in a month, with more than 3,000 depicting criminal acts.

 

The Times

Corporate Britain is poised for a wave of takeovers in 2025, with a third of AIM companies identified as vulnerable to bids, according to Peel Hunt. The investment bank warns of "barbarians at the gate" and urges boards to prepare for potential bids. Peel Hunt’s report indicates that AIM stocks are particularly at risk due to low liquidity and depressed valuations.

 

Daily Mail

EY will be biotech group Qiagen's new auditor from January, despite a ban on the firm winning audit mandates from listed German companies in the wake of the Wirecard scandal. 

 

Financial Times

Luxembourg Times

Pizza Express is set to open its first restaurant in the United States, partnering with Purple Square Management to launch in Florida next year. The move is part of the company's ambitious plan to reach 1,000 restaurants globally by 2030. Chris Holmes, chief development officer at Pizza Express, said: "This marks a major milestone in our global journey," emphasising the brand's aim to "raise the bar for pizza" in the US. With nearly 360 branches in the UK and 100 international locations, Pizza Express also boasts a retail business that generated revenues of £454.6m in 2023. Founded in 1965, the chain has undergone various ownership changes, currently controlled by debt funds since 2020.

 

The Times

Labour MP Lee Barron has led a debate at Westminster Hall for a change in the law to create additional employment protection for people who have been told they have less than six months to live. Barron said a "loophole" meant some employers were able to dismiss workers who were terminally ill. However, responding on behalf of the government, a minister in the Department of Business and Trade said a change was not needed. Justin Madders told the debate that the "flexible approach we currently have is the right one." But Barron, a supporter of the Dying to Work campaign, said calls for change would not go away. He said: "If you have been given a terminal diagnosis, the last thing you should be worrying about is taking your workplace to an employment tribunal. [The debate] is about our values as a society and our values are of compassion and fairness. Those values shouldn't stop at the front door of your workplace."

 

BBC News