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The Latest Breaking News from FCA

9 Auto Manufacturers That Cut Corners on Crash Tests for Profit

When you buy a new car, you expect it to keep you and your loved ones safe. But what if the auto manufacturer behind your shiny new ride cut corners on crash tests just to boost their bottom line? It’s a troubling thought but more common than you might think.

Clever Dude

About £1bn in car loan compensation at risk because data deleted, lawyers warn

Lenders’ routine purging after six years means details of some car buyers due compensation may have been lost

The Guardian - UK

One in ten UK adults have zero savings - while millions suffer under credit card debt

A full 31 per cent of people have under £1,000 saved in case of emergencies

The Independent UK

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Millions ‘walking financial tightrope’ as one in four adults have low resilience

The Financial Conduct Authority estimates that 24% of UK adults have low financial resilience and one in 10 has no cash savings.

Evening Standard

FCA unveils plans to remove ‘outdated or duplicated’ insurance rules

The regulator said it will reduce regulatory costs and increase the competitiveness of the UK insurance sector.

Evening Standard

Proposals to make mortgage changes easier, faster and cheaper set out by FCA

The Financial Conduct Authority has launched a consultation into its proposals.

Evening Standard

Planned changes will make it easier for homeowners to modify their mortgages

Homeowners could find it easier to lower the total cost of their borrowing by reducing their mortgage term

The Independent UK

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UK preparing to ban consumers from buying crypto with borrowed funds

Soaring cryptocurrency values after Trump election has put pressure on financial regulator to take tougher line

The Guardian - UK

New rules on buying crypto in Britain as FCA aims to ‘protect’ investors

The FCA however maintains its stance that consumers ‘should be prepared to lose all their money’ if they invest in crypto

The Independent UK

Meta slowest to remove scam content, says City watchdog

FCA says Instagram and Facebook owner takes up to six weeks to act on warnings about finfluencer posts

The Guardian - UK

FCA bosses highlight risks of bad advice or fraud from some online influencers

People may lose some or all of their money, the Treasury Committee heard.

Evening Standard

The Guardian view on City deregulation: a recipe for recklessness

Editorial: The Treasury seems to think relaxing financial rules will boost growth. There’s little evidence for this idea – and every reason to believe it could exacerbate risks

The Guardian - UK

Cutting business ties with China would be ‘foolish’, Reeves says amid reports of US pressure

Chancellor supports economic ties with Beijing as she prepares to fly to US next week for trade deal talks

The Guardian - UK

Some banks ‘adding to stress’ of bereaved, warns regulator

The Financial Conduct Authority said some banks and building societies have clear policies and procedures but there are areas for improvement.

The Independent UK

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Evening Standard

Shein closer to London IPO after securing watchdog’s approval, reports say

The company has been in talks over an initial public offering (IPO) on the London Stock Exchange over the past year.

The Independent UK

Shein on course for London IPO after watchdog approval

It represents a significant milestone in the Chinese-founded company’s ambitions to list on the London Stock Exchange

Evening Standard

Financial Conduct Authority chief Nikhil Rathi reappointed for second term

The Treasury confirmed that Mr Rathi will keep the role for another five years after his current term ends in September.

The Independent UK

The insurance fine print that could see homeowners’ claims rejected

A Which? investigation has revealed potential loopholes in numerous policies

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Evening Standard

Some insurance claims may risk wrong-kind-of-weather rejection – Which?

The consumer group believes that some wording about floods and storms in policies could be potentially unfair.

The Guardian - UK

Ex-Metro Bank CEO says FCA ruling has left him unable to secure permanent job

Craig Donaldson challenging ruling by UK regulator, which accused him of misleading investors over £900m accounting blunder

The Guardian - UK

How looser affordability rules may widen home ownership in the UK

Mortgage lenders encouraged by regulator to loosen affordability tests so would-be homebuyers can borrow more

The Guardian - UK

Ex-Barclays boss ‘took a chance’ in lying about his links to Jeffrey Epstein, court hears

UK financial regulator claims Jes Staley feared telling the truth could end his career and fuel potential lawsuits by victims

The Independent UK

Former Barclays CEO ‘rolled the dice’ on misleading regulator, tribunal hears

The hearing is due to conclude on Thursday, with a ruling expected at a later date.

The Guardian - UK

Motor finance compensation ruling ‘goes too far’, says City regulator

Financial Conduct Authority tells supreme court the £44bn bill could spook businesses and threaten UK investment

The Independent UK

Motor finance compensation ruling ‘goes too far’, watchdog tells Supreme Court

Two lenders have taken a row over whether drivers could be entitled to money back on their hire-purchase agreements to the UK’s highest Court.

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