Category Archives: Regulators

Two in five inpatients in England report health decline while on NHS waiting list

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New CQC report also finds growing number of patients think there are too few nurses to care for them

Two in five people admitted to hospital for planned care in England last year had their health worsen while they were on the NHS waiting list, a major survey reveals.

The finding emerged in a new report by the Care Quality Commission (CQC) that also found that growing numbers of patients think there are too few nurses on duty to care for them.

39% of patients would like to have been admitted sooner.

Almost one in five (18%) felt they waited “far too long” to get a bed once they had been admitted – a big rise on the 8% who said that in 2020.

Only 52% thought there were always enough nurses on duty.

Discharge was often unsatisfactory for patients, with only 48% given enough notice about when they would leave and only 45% told how their post-hospital care would happen.

Hospital care was less good than before Covid struck in 2020, patients said.

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Costa Coffee recalls sandwiches and wraps amid fears they contain stones

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Retailer warns there may be ‘small stones’ in four products from its range and urges customers to return them for refund

Costa Coffee has recalled some of its range of sandwiches and wraps after it emerged that they could contain small stones.

The chain warned customers that four of its products could be affected, and that they could pose a choking hazard if they were eaten.

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Two-thirds of sexual assault support centres in England branded inadequate

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Inspectors find failures to protect victims and risks of contaminating forensic evidence

More than two-thirds of England’s specialist support centres for victims of sexual assault or abuse have been found to have flaws in the care they offer in their most recent full inspections, the Observer can reveal.

Almost half were found to be breaching their minimum legal obligations to victims in their last full inspection, with problems ranging from a failure to deal with suicide and self-harm risks, cleaning so bad it risked contaminating forensic evidence collected for criminal cases, and failures to do adequate background checks on the staff working with victims.

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Jeremy Hunt requests inquiry into ‘debanking’ of politicians

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Chancellor wants Financial Conduct Authority to investigate whether practice is ‘widespread’

Jeremy Hunt has asked the financial regulator to urgently investigate whether banks are barring politicians from accounts on a “widespread” basis, after Nigel Farage had his account shut down by private bank Coutts.

The chancellor said everyone must be able to express their opinions and people must have access to banking.

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Asda publishes daily petrol prices online after pressure from watchdog

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Other retailers say they are working with government on implementing industry-wide comparison service

Asda has begun publishing local fuel prices at its forecourts online, becoming the first retailer to launch the service following pressure from the competition watchdog and MPs over widened profit margins at the pump.

The Competition and Markets Authority (CMA) has called on the government to introduce legislation to ensure fuel retailers provide up-to-date pricing for a new industry-wide comparison service.

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Nigel Farage says new Coutts boss has offered to keep his accounts open

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Former Ukip leader is still taking legal action against bank demanding compensation and apology

Nigel Farage has said that the newly installed boss of Coutts has offered to keep his accounts there open, reversing a decision that triggered a scandal and the resignation of the private bank’s previous chief executive.

The former Ukip leader said he welcomed the offer but was still taking legal action against NatWest, which owns Coutts, demanding compensation, a full apology and a face-to-face meeting with the banking group’s bosses.

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Sciensus’s licence partly suspended after death of cancer patient

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Regulator acts after firm paid millions by NHS for healthcare gave patients wrong chemotherapy dose

Britain’s health regulator has partly suspended the manufacturing licence of Sciensus, a private company paid millions by the NHS to provide vital medicines, after the death of a cancer patient who was given the wrong dose of chemotherapy.

The Medicines and Healthcare products Regulatory Agency (MHRA) said it had taken “immediate” action under regulation 28 of the Human Medicines Regulations 2012 law “where it appears to the MHRA that in the interests of safety the licence should be suspended”.

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Heathrow failed to meet minimum accessibility standards, CAA report finds

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Airport only one to be rated as ‘poor’ and ‘needs improvement’ over all four quarters in year to March

Heathrow failed to meet the minimum accessibility standards for disabled passengers in the year to March, the sector’s regulator has said.

The airport was the only one in the UK to be rated as “poor” and “needs improvement” by the Civil Aviation Authority (CAA) over all four quarters in the period, according to the report.

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Financial firms must boost protections against AI scams, UK regulator to warn

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Financial Conduct Authority chief to highlight risks of ‘deepfake’ fraud as well as benefits of Artificial Intelligence

The head of the UK’s financial regulator is to warn that banks, investors and insurers will have to ramp up their spending to combat scammers using artificial intelligence to commit fraud.

Nikhil Rathi, the chief executive of the Financial Conduct Authority (FCA), will say that there are risks of “cyber fraud, cyber-attacks and identity fraud increasing in scale and sophistication and effectiveness” as artificial intelligence (AI) becomes more widespread, in a speech in London on Wednesday.

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Watchdog summons UK bank bosses to discuss weak savings rates

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Financial Conduct Authority to meet executives on Thursday as part of its investigation into savings market

UK bank bosses have been summoned to a meeting with the financial watchdog this week amid mounting concerns that they are profiting from rising interest rates by offering paltry savings rates to customers.

Executives from the big high street names Lloyds Banking Group, NatWest, HSBC and Barclays, as well as from smaller lenders, are due to attend a meeting at the Financial Conduct Authority (FCA) on Thursday to discuss concerns that savings rates are lagging far behind the soaring costs of mortgages and loans.

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Exclusive: UK water giants recruit top staff from regulator Ofwat

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Demands for an end to the ‘revolving door’ as ex-Ofwat directors are hired by key firms

Two-thirds of England’s biggest water companies employ key executives who had previously worked at the watchdog tasked with regulating them, the Observer can reveal.

Cathryn Ross, the new interim joint chief executive of Thames Water and a former head of watchdog Ofwat, is one of several ex-employees working for water companies in senior roles such as strategy, regulation and infrastructure.

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Thames Water could delay accounts as turmoil in water industry grows

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Firm refuses to say when it will publish annual report; pressure builds on regulator Ofwat

Thames Water has refused to say when it will publish its annual report and accounts, which had been expected by investors next week, as concerns mount over the company’s financial viability.

The risk of delay will add to the turmoil engulfing England’s 11 privatised water companies, after a day in which board directors, ministers and regulators scrambled to restore calm as discussions continued over a potential temporary nationalisation of Thames Water.

The Environment Agency (EA) announced it was sending specialist investigators into water companies across England to secure evidence in the biggest criminal investigation into illegal sewage dumping since privatisation.

The experienced City troubleshooter Sir Adrian Montague was parachuted in to take over as chairman of Thames, a role he will take up on 10 July.

The prime minister’s spokesperson said it was for Ofwat “in the first instance” to monitor the financial resilience of water companies, adding to pressure on the regulator.

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SSE to pay near-£10m penalty over licence breach

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Sum follows Ofgem inquiry into firm’s power generation arm earning ‘excessive payments’ from National Grid

The energy regulator has said the power generation arm of Scottish energy company SSE will pay a near-£10m penalty for breaching the terms of its licence.

Ofgem said a detailed investigation had found that SSE Generation had secured “excessive payments” from the National Grid, the electricity system operator (ESO), during periods of what is known as “transmission constraint”.

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AI should be licensed like medicines or nuclear power, Labour suggests

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Exclusive: party calls for developers without a licence to be barred from working on advanced AI tools

The UK should bar technology developers from working on advanced artificial intelligence tools unless they have a licence to do so, Labour has said.

Ministers should introduce much stricter rules around companies training their AI products on vast datasets of the kind used by OpenAI to build ChatGPT, Lucy Powell, Labour’s digital spokesperson, told the Guardian.

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Cryptocurrency exchange Binance hits back at SEC lawsuit, saying allegations ‘simply wrong’ – as it happened

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This blog is now closed. You can read the full report here: Binance accused of mishandling funds

Here’s a quick summary of what happened today:

The US Securities and Exchange Commission filed a lawsuit against Binance, the largest cryptocurrency exchange, the most serious action taken by US regulators against the company.

The SEC said that Binance operated a shell company, Binance.US, to skirt federal regulators, along with diverting customer funds to outside entities.

Binance issued a response to the SEC’s lawsuit saying that it had been complying with regulators’ “questions” and was looking to negotiate a settlement with the agency.

In the aftermath of news of the complaint, the price of Bitcoin fell below $26,000 for the first time since March.

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South West Water under investigation over leaks and usage figures

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Shares in owner Pennon Group fall as it says Ofwat has launched inquiry into South West Water

South West Water is being investigated by the industry regulator over whether it accurately reported leaks and figures showing how much water is used by its customers.

Pennon Group, which owns South West Water and Bristol Water Group, told its shareholders Ofwat had announced an investigation into the company’s operational performance during 2021 and 2022.

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UK competition watchdog launches review of AI market

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CMA to look at underlying systems of artificial intelligence tools amid concerns over false information

The UK competition watchdog has fired a shot across the bows of companies racing to commercialise artificial intelligence technology, announcing a review of the sector as fears grow over the spread of misinformation and major disruption in the jobs market.

As pressure builds on global regulators to increase their scrutiny of the technology, the Competition and Markets Authority said it would look at the underlying systems, or foundation models, behind AI tools such as ChatGPT. The initial review, described by one legal expert as a “pre-warning” to the sector, will publish its findings in September.

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‘Unprepared’ Twitter among tech firms to face tough new EU digital rules

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Designation as ‘very large online platform’ along with 16 other major names means big penalties for breaches

Twitter is among the tech firms that will face the toughest level of scrutiny under a new European Union regulatory regime for monitoring digital platforms, after warnings from Brussels that the Elon Musk-owned platform is unprepared for the new rules.

The company, which Musk bought in October 2022, has been designated a “very large online platform” under the bloc’s Digital Services Act, which means complying with measures such as publishing an independent audit of its compliance with the legislation.

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Major tech firms face hefty fines under new digital consumer bill

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Global companies like Google, Apple and Amazon could have to pay penalties of up to 10% of their global turnover as government gives competition watchdog more power

Major tech firms face the threat of multibillion-pound fines for breaching consumer protection rules under new legislation that will tackle issues including fake online reviews and subscriptions that are difficult to cancel.

The digital markets, competition and consumers bill will empower the UK’s competition watchdog to tackle the “excessive dominance” that a small number of tech firms hold over consumers and businesses.

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EY plan to break up consultancy and audit divisions blocked by US office

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Accountancy firm confirms work has stopped on radical scheme after internal concerns about structure

EY has scrapped plans for a radical breakup of its global operations after internal disputes over the potential structure of the new businesses.

The company started laying the groundwork for separating its audit and advisory businesses – under the codename Project Everest – last year, as the big four accounting firms faced mounting criticism about conflicts of interest between the two divisions.

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