City Minister Quits

City Minister Quits

The UK’s City Minister, Tulip Siddiq, has resigned her position. She has been named in two corruption probes and linked to properties that may have been acquired using money stolen from Bangladesh by the former discredited administration. She explained that she did not want to become a distraction for the government. It should be stressed that she was cleared of breaching the ministerial code but was criticised for not properly considering the impact these events would have from a reputational perspective.

FCA Mistakenly Reveals Insurer

The Financial Conduct Authority mistakenly revealed the name of an insurance company that was the subject of a probe. The error occurred when the regulator advertised for a firm to pitch for the task of conducted section 166 work in connection with the insurer. Another unfortunate misstep.

Deregulatory Warning

The outgoing chair of the US Federal Deposit Insurance Corporation has warned that it is dangerous to deregulate. Martin Gruenberg Trump’s direction of travel could damage the longer health of the financials services sector. Hear hear.  

Musk Sued by SEC

The Securities and Exchange Commission has sued Elon Mush for allegedly failing to make timely disclosures on his purchases of Twitter shares in 2022. He apparently held a holding of more than 5 per cent in the company but delayed a month in the disclosure.