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The Latest Breaking News from FCA

Raids across UK in crackdown on nuisance car finance texts

Laptops, phones and documents seized as information commissioner acts on messages about mis-selling scandal

The Guardian - UK

Why banks might contact you to talk about your money - and how it can help you build wealth

Some banks and financial service providers may get in touch with you to suggest a different use for your money

The Independent UK

Majority of losses clawed back after former Nasa scientist defrauded investors

John Burford was sentenced to two years in prison last year after admitting to defrauding more than 100 investors.

Evening Standard

From analysis to the latest developments in health,
read the most diverse news in one place.

India may see up to $85 billion in forex inflows after RBI's FCNR move: Report

India anticipates substantial Foreign Currency Non-Resident deposits, possibly reaching eighty to eighty-five billion dollars. Public sector banks are leading this significant mobilization effort, exceeding previous records. FCNR(B) deposits have already reached seventeen point forty-one billion dollars by mid-July. Higher interest rates are expected to encourage renewals of maturing FCNR deposits.…

The Economic Times

Motor finance customers do not need to pay to claim compensation – regulator

Some 59% of motor finance customers said they have made or are considering a claim, according to a survey for the FCA.

Evening Standard

Former Barclays CEO Jes Staley faces US congressional panel over Epstein ties

Staley is latest high-profile figure to testify before House amid investigation into Epstein, convicted sex offender

The Guardian - US

The Buy Now Pay Later rule changes you need to know - and the risks with using it

One in five people are estimated to use BNPL - but it’s important to treat even small amounts of borrowing like a loan

The Independent UK

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Major buy now pay later changes start today – what every shopper needs to know

New buy now pay later rules mean affordability checks, clearer information and stronger rights for Klarna, Clearpay and other BNPL customers

The National (Scotland)

How changes to ‘buy now, pay later’ rights affect you

Treasury says shoppers will get a ‘fairer deal’ as new rules for BNPL credit are introduced on Wednesday

The Guardian - UK

Stronger protections for buy now pay later customers come into force

Providers will come under the regulation of the Financial Conduct Authority and customers will have stronger support if something goes wrong.

Evening Standard

Buy Now, Pay Later rules are changing. Here’s what you need to know

Almost 11 million shoppers used BNPL services in the 12 months to May 2024

The Independent UK

Bank of England handed powers to regulate key tech firms including Amazon and Google

Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economy

The Guardian - UK

Firms improving design of products and services under Consumer Duty, FCA finds

People should be able to trust products and services are designed for them, monitored properly, and deliver expected outcomes, the regulator said.

Evening Standard

New funding to remove dangerous cladding from smaller buildings

Leaseholders in smaller buildings have faced expensive bills to fix safety issues

The Independent UK

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The Guardian - UK

City watchdog attacks consumer group in £9.1bn car loan payout battle

FCA clashes with Consumer Voice, alleging lack of transparency and conflict of interest

The Independent UK

Millions of UK investors in the dark about how much they pay in fees

Hidden charges can knock thousands of pounds off savings over a period of years

The Independent UK

The £10,000 question: When should cash savings become investments?

Cash is important to have for emergencies - but at a certain point investing is the better route to wealth-building

International Business Times

British Watchdog Wants To Regulate AI Models Giving Financial Advise. Millions Are Already Doing It.

The executive director of consumers and competition at the FCA said the government should examine whether general-purpose large language models should fall within the country's regulatory framework.

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The Economic Times

Global Market: UK regulator urged to consider rules for AI chatbots in financial advice

A UK regulatory review has recommended that the Financial Conduct Authority consider bringing AI models such as ChatGPT, Claude and Gemini within its regulatory framework as their influence on consumer financial decisions grows. The report also warned of systemic risks from increasing reliance on a handful of AI and cloud…

Evening Standard

Banks commit to improving basic bank account access after poor practice found

People with a poor credit history may struggle to access a standard current account, meaning a basic bank account can be vital to them.

The Guardian - UK

Boost City regulator’s powers to help protect UK consumers from AI, says watchdog

FCA’s review into how tech will reshape financial services warns about amplified risks of cyber-crime and fraud

Evening Standard

AI is set to ‘transform’ financial services by 2030, review finds

The technology could help people manage finances more effectively but fraud threats could also become more scalable and effective, the review said.

International Business Times UK

Millions Could Wait Longer for Car Finance Compensation—Here's What UK Drivers Should Do Now

Millions of UK motorists could wait longer for car finance compensation after a tribunal paused the FCA's redress scheme. Here's what drivers should do next.

The Guardian - UK

FCA ordered to partly suspend car finance compensation scheme

Court orders financial watchdog to halt parts of £9.1bn scheme until challenges are heard, delaying payouts

The Independent UK

UK drivers mis-sold car finance face longer wait for compensation payouts

The Financial Conduct Authority (FCA) is facing legal challenges from four companies

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