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The Latest Breaking News from FCA

TSB fined £48.7m over 2018 IT meltdown that left customers unable to access services

FCA said bank 'failed to plan for the IT migration properly' - TSB apologises again

Insider UK

TSB fined £48m over ‘serious failings’ in IT meltdown

FCA penalises bank after millions of customers were locked out of their accounts for weeks

The Guardian - UK

TSB fined £48m over IT migration meltdown; UK house prices ‘could fall 5%’ in 2023 soft landing – as it happened

Nationwide says a ‘relatively soft landing’ in housing market is possible, while TSB is penalised for operational failings over botched move to new IT platform in 2018

The Guardian - UK

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Regulators say pensions system needs change after mini-budget turmoil

The Pensions Regulator said that there are important lessons to be learned in how schemes invest the money of pension holders.

The Independent UK

Christmas shoppers warned about rising risk of loan fee scams

Victims of the fraudsters stand to lose an average of £260

Wales Online

Metro Bank fined £10m for misleading investors

FCA also penalises two of challenger bank’s former top executives

The Guardian - UK

Martin Lewis warns of 'huge payment shock' for mortgage holders in the spring

The MoneySavingExpert founder attended a Mortgage Summit in Downing Street to talk to lenders about what they can do to help to homeowners

Chronicle Live

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Martin Lewis warns of ‘huge payment shock’ for millions of homeowners

The MoneySavingExpert founder has warned Brits on cheap fixed deals to brace themselves for sky-high mortgage rates - as many will come off deals taken out when average rates were as little as 2.34% last year

Daily Mirror

Santander fined £100million for money laundering failures - with 560,000 accounts affected

The Financial Conduct Authority (FCA) the bank "failed to properly oversee and manage" systems aimed at verifying information - with more than 560,000 business customers affected

Daily Mirror

Santander UK fined £108m over anti-money laundering failings

Financial Conduct Authority found ‘serious and persistent gaps’ in bank’s controls

The Guardian - UK

Santander hit with fine over ‘serious and persistent’ money laundering failures

SANTANDER was today whacked with a £108 million fine for what the Citywatchdog called “serious and persistent” money laundering failures.

Evening Standard

Martin Lewis issues mortgage 'payment shock' warning as banks consider aid measures

Money Saving Expert says families will face being unable to pay for their homes

Nottingham Post

Santander hit with huge fine over 'ineffective' failings

The financial watchdog penalised the major bank over gaps in its anti money laundering controls

Liverpool Echo

Santander fined £107 million for anti-money laundering failures

More than half a million UK business banking customers were subject to poor account oversight

Insider UK

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Wales Online

Santander fined £107.8m by finance watchdog over money laundering failings

The failures impacted the oversight of more than 560,000 business customers

Daily Record

Mortgage ‘summit’ to discuss payment support for homeowners next year

Chancellor Jeremy Hunt met banking CEOs along with Martin Lewis and the FCA to discuss the issue.

Daily Mirror

One in four home insurance claims are turned down, worrying figures reveal

Almost a quarter of buildings and contents insurance claims are not accepted and paid out by insurers, according to new stats published by the Financial Conduct Authority

Daily Record

Warning issued over Facebook and Instagram ads which give misleading financial advice

Consumer experts found a number of investment ads which it says could 'mislead' Facebook and Instagram users.

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The Guardian - UK

Hunt to urge banks to aid mortgage borrowers amid cost-of-living crisis

Exclusive: Chancellor to meet heads of UK’s major lenders and consumer champion Martin Lewis on Wednesday

The Independent UK

Stronger rules proposed to protect people from rogue financial promotions

Proposals will ensure firms approving adverts have the appropriate expertise and are held accountable for the promotions they sign off, the FCA said.

The Guardian - UK

Insurers told to stop shortchanging UK drivers by undervaluing write-offs

City watchdog says firms have broken rules as consumers grapple with cost of living crisis

The Independent UK

Insurers warned they must offer fair settlements when cars are written off

The Financial Conduct Authority has seen evidence some people are being offered a price lower than the vehicle’s fair market value.

Evening Standard

The “gamification” of the stock market -- why watchdogs are worried

The City regulator is worried about the “gamification” of the stock market. What does that mean?

The National (Scotland)

HSBC announces Dundee branch among more than 100 bank closures across the UK

HSBC has said that around 100 staff could leave the bank as a result of plans to axe 114 UK branches from April next year.

The Independent UK

Proposals to make financial advice more accessible set out by City regulator

Some 4.2 million people in the UK hold more than £10,000 in cash and are open to investing some of it.

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