STORY-TRÅD·ekonomi

China grows at one of lowest rates on record; Thames Water has funds to survive to year end – business live

Thames Water says it has £515m cash in the bank as its debts swell to £18.5bnThe CEO of the Financial Conduct Authority has taken a fresh swipe at challengers to the motor finance scandal compensation scheme through the courts, and called for anti-money laundering regulation for the claims management industry, saying he had concerns about their “integrity”,. Nikhil Rathi told MPs on the Treasury Committee said the FCA was dealing with two groups who had their own interests in mind:On one side: lenders who perhaps didn’t always want to acknowledge that they had harmed consumers and have been seeking to minimize the compensation. And the other side: a claimants management ecosystem, which is largely seeking, I think, to generate as much profit as they can.We are concerned about the integrity of the claims management market, the ecosystem, and that is everything from lead generators who secure referrals for law firms or claims management companies, the claims management companies and law firms and some of their conduct, and indeed those who fund and ensure that activity.One of the things that the Civil Justice Council recommended was, at the very least for those who fund high volume consumer claim activity - whether that’s CMC’s or law firms - they should at least be subject to money laundering registration with the FCA. We would support that. And we think, at the very least, that should now move forward as quickly as possible. Continue reading...