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The Latest Breaking News from FCA

Wise boss fined £350,000 for not telling FCA he had failed to pay tax

Kristo Käärmann failed to notify City regulator of fine from HMRC related to share sale

The Guardian - UK

Wise boss Kristo Käärmann fined £350,000 by City watchdog over tax blunder

Fintech boss failed to tell the FCA about his earlier fine from HMRC for failing to disclose a CGT liability

Evening Standard

Wise boss fined £350,000 over failure to report ‘significant tax issue’

The Financial Conduct Authority said Kristo Kaarmann failed to initially notify the regulator about a previous tax issue and fine.

Evening Standard

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Consumers win UK car finance case that could lead to billions in compensation

Judges in test case rule it was unlawful for lenders to pay commission to car dealers without borrowers’ knowledge

The Guardian - UK

City firms rarely dock pay for misconduct, FCA survey finds

Watchdog found 40% rise in alleged bad behaviour, including sexual harassment and bullying, last year

The Guardian - UK

Sexual harassment and discrimination claims soar at City firms, finds survey

After a sharp rise in misconduct claims, Treasury Committee chief Dame Meg Hillier said that culture at finance firms may be ‘going backwards’.

Evening Standard

Volkswagen to Pay $34.9 Million for Sketchy Lending Practices

A total of $28 million will go to customers in the United Kingdom. The company will also pay a $6.9 million fine to the UK government.

Motor1

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Regulators urged to examine UK business dealings with Bangladeshi ex-minister

HMRC and FCA asked to look into property deals by Saifuzzaman Chowdhury now under investigation in Dhaka

The Guardian - UK

UK watchdog interviews 20 social media ‘finfluencers’ under caution

People interviewed voluntarily as FCA seeks to clamp down on unlawful touting of financial services products

The Guardian - UK

Finfluencers need to check they are not breaking the law, City regulator warns

Social media influencers must ensure they are not putting their followers’ livelihoods and life savings at risk, the FCA said.

The Independent UK

Social media influencers warned that they could be breaking the law

The warning comes as 20 unnamed influencers are being interviewed voluntarily by the Financial Conduct Authority

The Independent UK

Stellantis Selling Its Massive Arizona Proving Grounds

It will end operations at the 4,000-acre facility by the end of the year.

Motor1

VW fined £5.4m for mistreating vulnerable UK car finance customers

Company must also pay £21.5m to 110,000 victims after taking vehicles away with little warning

The Guardian - UK

FCA Recalls Hornet and Tonale for Brake Pedal That Could 'Collapse'

If it happens, the recall notice advises drivers to use the electronic emergency brake to slow down.

Motor1

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Evening Standard

Christmas buy-now-pay-later warning by Money Saving Expert Martin Lewis ahead of new rules

New clampdown on buy now pay later won’t come into force until January 2026

The Guardian - UK

New ‘buy now, pay later’ rules to protect UK shoppers from 2026

Firms such as Klarna to be required to do affordability checks, but campaigners question delay in new rules

The Independent UK

Study to probe whether people who borrow to pay for insurance receive fair deals

The Financial Conduct Authority has launched a competition market study into premium finance for home and motor insurance.

The Independent UK

TSB Bank suffers outage as regulators separately fine it for ‘woeful systems’

Customers were left unable to make or receive payments on Thursday, on the same morning that TSB was fined £10.9 million by the financial watchdog.

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The Independent UK

TSB fined £10.9m for ‘woeful’ systems leaving customers at ‘risk of harm’

The Financial Conduct Authority said the bank had inadequate processes between 2014 and 2020 for customers in arrears.

The Independent UK

How to find ethical options when it comes to saving and spending

Four-fifths of adults would like their investments to do some good, so here’s how to seek out options that can help both people and the planet.

The Guardian - UK

Starling Bank is simply not fit to float

Damning report into financial crime controls revealed a shambles at the top and surely ends any dream of a flotation soon

The Guardian - UK

Starling Bank fined £29m for ‘shockingly lax’ financial crime controls

Challenger bank apologises after City regulator says lack of checks ‘left system wide open to criminals and those subject to sanctions’

The Independent UK

Annuity sales jump amid improved rates ‘as pension savers rush for security’

Annuities sales increased by 38.7% between 2022/23 and 2023/24.

The Guardian - UK

Minister urges UK financial regulator to rethink ‘naming and shaming’ plan

Tulip Siddiq says she will make a decision after Financial Conduct Authority reports back to her

The Guardian - UK

Lack of City of London oversight hurting efforts to halt dirty money, FCA warns

Bodies responsible for monitoring accounting and legal sectors not doing enough to stop money laundering, watchdog says

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