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The Latest Breaking News from FCA

City watchdog extends motor finance complaints deadline to next December

The extension follows a landmark Court of Appeal ruling in October.

The Independent UK

Racehorse owner John Dance charged with nine offences in ‘serious’ fraud probe

Dance is accused by the Financial Conduct Authority of transferring more than £64 million from client accounts.

Evening Standard

66% of young investors ‘take less than 24 hours to make investment decisions’

Some £550 is being spent on hyped investments on average, according to research for the Financial Conduct Authority.

Evening Standard

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Private stock market Pisces moves forward as consultation launched

Pisces will allow investors to trade shares in private firms in a style similar to a public exchange like the FTSE 100.

Evening Standard

Economists and policy experts warn Reeves against City deregulation

Nobel laureate Joseph Stiglitz among 50 signatories of statement that points to risks to Labour’s wider aims

The Guardian - UK

Millions of people set to get more support with their pensions under new plans

A survey found 75% of over-45s do not have a clear plan for how to take money from their pension

The Independent UK

Millions of people could get more support with their pensions under FCA plans

The Financial Conduct Authority expects to consult next summer on new rules to give pension savers targeted support.

Evening Standard

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Finance watchdog warns ‘we can’t stop everything’ if chancellor’s plan unleashes more fraud

Chancellor Rachel Reeves used her speech to the City last month to say that regulation designed to avoid a repeat of the great financial crisis in 2007/8 had “gone too far”

The Independent UK

Supreme court grants permission for appeal against UK car finance ruling

Two lenders can challenge October decision that undisclosed commission paid to car dealers is unlawful

The Guardian - UK

Car finance scandal could be as big as PPI, City regulator says

FCA lawyer admits scale of compensation could be larger than first thought, and as big as PPI, which cost banks £50bn

The Guardian - UK

Cutting red tape could attract more bad actors in finance sector, says FCA boss

Nikhil Rathi told MPs on the Treasury Select Committee that there will be increased risk-taking as part of proposed changes by Government.

Evening Standard

Claims management companies circle after UK court ruling on mis-sold car finance

Specialist law firms and CMCs could be in line for massive payday with their cuts from consumer compensation

The Guardian - UK

Cutting finance red tape in pursuit of growth poses ‘top risk’ to consumers

Consumer groups warned MPs that a push for regulators to prioritise economic growth could do more harm than good for ordinary people.

Evening Standard

Head of financial watchdog defends performance after critical report from MPs

Financial Conduct Authority chief executive Nikhil Rathi has defended the organisation after the report by MPs and peers.

The Independent UK

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The Independent UK

UK finance watchdog softens ‘name and shame’ plans after City pressure

The Financial Conduct Authority said it is making changes, having ‘heard the strength of feedback’ about its original plans.

The Guardian - UK

City regulator offers to water down ‘name and shame’ rules after pressure

FCA proposes giving 10 days’ notice before revealing identities of firms under investigation and will consider market impact

The Independent UK

City watchdog branded ‘incompetent’ and ‘toxic’ by its own staff

The FCA has been subject to increased scrutiny after a number of high-profile incidents, including the collapse of a number of controversial investments

The Guardian - UK

Senior UK bankers will get bonuses years earlier under plan to relax rules

PRA and FCA propose changes to bonus deferrals in bid to drive growth and improve UK competitiveness

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The Independent UK

Top bankers to access bonuses quicker under plans to relax City rules

Proposed changes will see the period that bonus payments can be deferred for the most senior bankers reduced from eight years to five years.

The Guardian - UK

FCA fines Macquarie Bank £13m for fictitious trades amid ‘serious failings’

Trader was able to record more than 400 fictitious trades over a period of 20 months, says watchdog

Evening Standard

Macquarie fined £13m by City watchdog after fake trades

Fake trades were not detected earlier because of ‘significant weaknesses’ in the bank’s systems and controls, the regulator said.

Evening Standard

UK’s financial watchdog is ‘incompetent’ and ‘dishonest’, MPs and peers claim

A cross-party parliamentary group, comprising 30 MPs and 14 peers, produced the damning report after examining the Financial Conduct Authority.

The Guardian - UK

FCA is ‘incompetent at best, dishonest at worst’, claim MPs and peers

Financial watchdog needs a radical shake-up after scandals and failures, says all-party group’s report

Evening Standard

Estimated 7m UK adults own cryptoassets, says FCA

Some 12% of UK adults own crypto, up from 10% in 2022, according to research for the Financial Conduct Authority.

The Guardian - UK

Barclays’ retreat over regulator’s Qatari finding is a cop-out

Bank still does not accept FCA finding that payments of £322m to Qatari entities should have been disclosed

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