Latest news with #NikhilRathi
Daily Mail
5 days ago
- Business
- Daily Mail
Boost for City Norwegian tech giant Visma eyes £16bn London stock market debut
A Norwegian software firm has provisionally chosen London to host its £16billion stock market debut in a major boost to the City. Visma, owned by British private equity firm Hg, has reportedly opted for the capital rather than Amsterdam. The initial public offering (IPO) is expected to take place early in 2026, the Financial Times reports. It provides a glimmer of hope for London as its status as a listing venue diminishes. The UK market has been hit by an exodus of firms to New York – with fintech Wise most recently choosing to cross the pond – as well as takeovers of tech firms such as Alphawave by foreign predators. Hopes of another blockbuster UK float, by fast fashion giant Shein, have faded amid reports that it will instead opt for Hong Kong. A victory over Amsterdam would even the scores after the City lost out on the spin-off of Unilever's ice cream company to the Dutch city's Euronext market. Visma, which provides small and medium-sized businesses with software including accounting and payroll systems, was previously valued at £380million when it left the Oslo Stock Exchange in a take-private deal by Hg in 2006. Its decision to plump for a London IPO was reportedly helped by Financial Conduct Authority (FCA) reforms to make listing easier. And, yesterday, in comments unrelated to the Visma reports, the FCA's boss Nikhil Rathi insisted that 'things are not as bleak as some headlines' and warned against 'relentlessly' talking down the UK. 'Investor demand for UK assets is growing,' he said, adding: 'If we keep telling ourselves – and the world – that London has become second-rate, that risks becoming a self-fulfilling prophecy. 'This is the moment to reset the psychology. Put aside British modesty and celebrate our raw strengths.' Visma and Hg did not comment last night. Evidence of London's grim start to the year was published yesterday by financial markets platform Dealogic. The figures showed UK share issuance fell by 53 per cent in the first half of 2025, compared to the same period last year – the largest drop recorded across the world. Recent figures showed London has seen 30 of its listed firms subjected to takeover bids so far this year.
The Guardian
5 days ago
- Business
- The Guardian
Rules that protect UK homeowners from repossessions may be scrapped
The City watchdog is considering scrapping rules meant to protect struggling homeowners from having their homes repossessed, in the latest sign of regulators reacting to pressure from the chancellor, Rachel Reeves, to remove red tape for businesses. The chief executive of the Financial Conduct Authority (FCA), Nikhil Rathi, said the much-lauded mortgage charter was up for review as the body tries to show it is addressing accusations that its rules have hindered economic growth. Repealing the newer charter, introduced only two years ago under the former Conservative government, would mean homeowners would no longer have a safety net that granted a 12-month grace period before potentially losing their home. 'The chancellor sees the regulatory system as having regulated for risk, not growth. So we're engaging seriously with this feedback, and we continue to make changes at pace,' Rathi told TheCityUK annual conference in London on Thursday. 'Take mortgages: I have raised with the prime minister and the chancellor the mortgage charter. It was designed for a period of sharply rising interest rates. But could it now be retired, with the [consumer] duty in place, repossessions lower, the maturing risk mindset?' Rathi asked. 'Do we need this duplicative approach, with the added reporting burdens it brings? So as we at the FCA review the mortgage market fundamentally, what signal does it send about political risk tolerance if the charter is retained?' Although relatively new, the mortgage charter is now one of a number of regulatory measures being reconsidered, as ministers order watchdogs to make the UK more attractive to businesses and investors. Reeves threw down the gauntlet in November, saying that consumer-friendly regulations put in place after the global financial crisis had 'gone too far'. She ordered financial watchdogs to encourage more risk-taking and roll back rules that may have been curbing the growth and competitiveness of City firms. The FCA is now looking at how it could ease home loan rules, including those that were tightened after the banking crisis, in order to boost property ownership. The mortgage charter was introduced amid fears that millions of people could be at risk of losing their homes amid soaring UK interest rates, which hit 5.25% in August 2023. The surge resulted in much higher monthly payments for households due to sign on to new fixed-term contracts, as well as those on trackers, where contract rates move in lockstep with the base rate. Ultimately, 49 lenders, including HSBC, Lloyds Banking Group, NatWest, Santander and Nationwide, signed the charter, agreeing that: Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion No home would be repossessed within 12 months of the first missed payment. Customers could seek advice from their lender without it affecting their credit score. Customers could switch to an interest-only deal for six months; or extend their mortgage term and revert back within six months if they want. Neither option requires an affordability check or will affect their credit score. Rathi said it was important for the government to be transparent about the amount of risk it was willing to take as part of its growth drive. 'One of the reasons I've consistently called for an open debate on risk appetite and metrics for tolerable failures alongside metrics for competitiveness growth and operational performance, is to ensure that as we shift to this stance, it will endure over time. 'We want to … give firms and consumers long term confidence to invest, while building greater coherence between government, industry, parliament, and regulators.'
Times
20-06-2025
- Business
- Times
AI developing faster than market regulator can make rules, FCA warns
Ever-faster artificial intelligence trading 'bots' may make it harder for regulators to monitor markets and prove when rules are being breached, the boss of the City regulator has warned. Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA) since 2020, said the rising use of AI in the financial world meant that 'clean markets' could be more difficult to achieve in the future. 'What will clean markets mean in the future with more autonomous agents operating, trading at phenomenal speeds across the globe, and how can you prove abuse in that environment? I think that's something that's going to hit us in the next few years,' he said. A 'clean market' is one in which prices are set by genuine supply and demand forces, not by cheating or manipulation. In a clean market every participant — whether that is big banks, hedge funds or retail investors — play by the same rules, have timely access to accurate information and cannot secretly distort prices through tricks such as insider trading, spoofing orders or spreading false rumours.
Yahoo
11-06-2025
- 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
10-06-2025
- 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.'
