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The Latest Breaking News from FCA

Voices: Young people! Here’s what you need to know about ‘buy now, pay later’ loans

COMMENT: They’ve exploded in popularity particularly with 25 to 34-year-olds. But do they really know what they’re getting into – and is new regulatory oversight helping them make the right decisions, asks James Moore

The Independent UK

New ‘buy now, pay later’ affordability checks may cover even smallest loans

City watchdog publishes details of its plans to regulate the BNPL market, which has now grown to £13bn

The Guardian - UK

Use buy now pay later? Expert tips to avoid getting into debt

New proposals by the Financial Conduct Authority will give buy now pay later shoppers more protection

The Independent UK

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Buy now, pay later lenders will soon have to check shoppers can repay loans

Lenders are urged to enforce stronger checks on buy now, pay later affordability

The Independent UK

Buy now, pay later consumer protections proposed by Financial Conduct Authority

Borrowers will have more transparency over their loans and be able to complain to the ombudsman if something goes wrong, under the proposals.

Evening Standard

Barclays fined £42m over poor handling of financial crime risk

FCA fines bank for failures relating to money-laundering risk linked to two businesses

The Guardian - UK

Barclays fined £42m by watchdog over money laundering checks

The Financial Conduct Authority fines relate to separate failings linked to the WealthTek and Stunt & Co businesses.

Evening Standard

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Tread carefully with reform of bank ringfencing, chancellor

Ditching the regulation in its entirety risks another financial crisis. Stamp duty on shares remains the background drag

The Guardian - UK

Voices: Will Rachel Reeves’ mortgage bombshell do more harm than good?

COMMENT: The chancellor is right to woo the City – she can’t risk alienating them when she needs their support, writes James Moore. But I’m not convinced her plan to win them over will work

The Independent UK

UK cuts stock market red tape in bid to aid Chancellor’s growth plans

The FCA said UK firms will be able to raise cash and list on London stock markets more quickly and easily.

Evening Standard

How mortgage market changes could help first-time buyers onto the property ladder

Stress test rules and lending limits being changed are positives - but a balance still needs to be struck

The Independent UK

Car finance: Drivers using claims firms could face 36% add-on charge on compensation payouts

As the FCA warns over claims firms, here are the options if you’ve been a victim of motor loan mis-selling

The Guardian - UK

US pollution measurement practices raise questions about reliability of data

Guardian analysis heightens concerns on whether the air around many large factories is, or will be, safe to breathe

The Guardian - US

MPs sound alarm over reports Shein is pushing UK listing rules to be relaxed

The Business and Trade Committee said it would be ‘deeply concerned’ by changes to the disclosure rules to pave the way for Shein to list in the UK.

Evening Standard

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The Independent UK

Voices: Can London really afford to shun Shein’s £50bn float?

COMMENT: With the super-fast fashion brand reportedly filing for an IPO in Hong Kong, rather than the UK – where the business model has faced regulatory hurdles over ethical and environmental concerns – James Moore asks if the City is wise to be so sniffy

Evening Standard

Boost for first-time buyers as ‘mortgage lending reins loosened’

One mortgage expert said the Bank of England had made a ‘welcome and pragmatic move’.

The Independent UK

How to spot a get-rich-quick scam on social media

Be wary of promises of easy money with low risk, high returns and minimal effort.

Evening Standard

More than half of people who acted on social media financial advice ‘lost money’

TSB is urging people to do their research to check that content is accurate, before acting on money advice.

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International Business Times UK

Monzo Fined £21M After Customers Use Buckingham Palace as Their Address

FCA mentioned that Monzo's address verification controls were inadequate, as they failed to verify all beneficial owners and politically exposed persons (PEPs).

The Independent UK

The false customer addresses that landed Monzo with £21m in fines

IN FULL

The Independent UK

UK bank hit with huge fine for ‘anti-financial crime’ failures

IN FULL

Evening Standard

Monzo fined after customers put Buckingham Palace and No 10 as home addresses

The Financial Conduct Authority found customers were allowed to register bank accounts to addresses including PO Boxes and London landmarks.

The Independent UK

Major bank fined £21m after allowing customers to register from Buckingham Palace and Downing Street

The FCA said Monzo’s financial fraud systems and controls ‘failed to keep pace’ with its rapid growth in customers numbers in recent years.

The Guardian - UK

Monzo fined £21m after customers used No 10 and Buckingham Palace as addresses

FCA finds digital bank failed to employ adequate controls when signing up new clients

Evening Standard

Monzo fined over £21m after financial crime controls ‘fell far short’

The FCA said Monzo’s financial crime systems and controls ‘failed to keep pace’ with its rapid growth in customers numbers in recent years.

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