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The Latest Breaking News from FCA

Financial watchdog urges consumers struggling with rising prices to seek help

Sheldon Mills, executive director of consumers and competition at the FCA, told the PA news agency the organisation and lenders have to be proactive.

The Independent UK

Provident confirms payouts for mis-sold loans will hit bank accounts from this week

Customers of short-term lender Provident will be getting back just 4.25% of what they hoped for mis-sold loans, with brands Glo, Greenwood and Satsuma also affected

Daily Mirror

Experts issue urgent warning amid circulating loan scam targeting 'financially vulnerable'

Experts have issued an urgent warning amid as scam that has been on the go for the last year targeting people who are in need of financial help - many of which have seen hundreds if not thousand being drained from their banks.

Edinburgh Live

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Drivers issued with urgent warning amid car insurance scam 'too good to be true'

There's a well-known saying that if something is 'too good to be true' then there's a good chance that it is and therefore you should avoid it and instead start doing your research - now experts have said one type of scam is on the rise.

Edinburgh Live

Drivers warned of cheap car insurance scams that are 'too good to be true'

Drivers are being targeted by 'ghost brokers' who claim to offer insurance deals that are cheaper than anything they've seen before. But new research has found these are in fact too good to be true and puts drivers at risk.

Glasgow Live

More UK households are turning to high-cost lenders, says charity

Warning comes as Amigo plans lending comeback offering loan with annual interest rate of 49.9%

The Guardian - UK

What exactly is the FCA investigating about Kristo Käärmann’s tax records?

And why did it take so long to act over Wise co-founder’s unpaid tax bill from 2017-18?

The Guardian - UK

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How Wise co-founder went from tech darling to tax list of shame

FCA could bar Kristo Käärmann from senior role after claim he failed to pay £720,000 in tax

The Guardian - UK

City watchdog opens probe into tax affairs of Wise founder Kristo Käärmann

Company says entrepreneur “intends to cooperate fully” with the investigation.

Evening Standard

FCA investigates Wise cofounder after tax default

Kristo Käärmann was included on HMRC’s list of deliberate tax defaulters in September 2021

The Guardian - UK

UK housing market is 'house of cards', says property expert

Average annual house prices in Britain have risen again, new ONS data shows

Birmingham Post

Martin Lewis warns buy now, pay later crackdown won't protect families from 'bleak winter'

Martin Lewis has hit out at the “painfully slow” process of regulating the buy now, pay later (BNPL) sector. The MoneySavingExpert said families face a “bleak winter” as the new measures to protect people from taking on debt they can’t afford won’t

Daily Mirror

Mortgage affordabilty tests: Bank of England abandons ‘stress test’ recommendation for mortgage approvals

The change could help some borrowers get loans but strict loan-to-income limits remain in place

Evening Standard

Martin Lewis frustrated at slow pace of buy now, pay later rules

Government outlines two-year wait for curbs on multibillion-pound industry as consumers face ‘bleak winter’

The Guardian - UK

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The Guardian - UK

UK banks must be more flexible to help struggling borrowers, says City watchdog

FCA calls for payment holidays and waiving interest charges for customers hit hardest by cost of living crisis

Daily Mirror

World's richest Bitcoin investor loses £5BILLION as cryptocurrency crashes

A mystery billionaire cryptocurrency trader with the world's biggest stack of Bitcoin has seen their fortune halved as the price of the digital currency takes a battering

Daily Mirror

Bitcoin prices crash to 18-month low - what experts think will happen next

Bitcoin prices are falling after a series of blows, and now financial professionals say cryptocurrencies could crash even further as investors stand to lose even more money

Daily Mirror

High-cost lender TFS Loans told to repay £800,000 - your rights explained

Essex-based guarantor lender TFS Loans has been given a huge fine by the Financial Conduct Authority, but customers who have lost out have to wait before getting any cash

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The Guardian - UK

Buy now, pay later boom ought to worry UK regulators

Increase in consumers juggling and shuffling debts calls for swift action before it is too late

Birmingham Post

Bank of England chief economist Huw Pill says fintech will not displace cash

He said many entrepreneurs were reliant on credit cards and not equity investment to get started.

Tribune News Service

FCA pleads guilty in emissions fraud case, to pay $300M total in settlement

DETROIT — The U.S. division of Stellantis NV on Friday pleaded guilty for cheating on government emissions testing on Jeep and Ram vehicles and will pay a total of nearly $300 million in penalties and forfeitures.

Chronicle Live

Warning over pre-pay funeral plans after Safe Hands collapse

Watchdog warns families to be careful about buying plans until pre-pay funeral industry is regulated later in the year

Edinburgh Live

Couple fear they have lost £60k after investing in Edinburgh businessman

Chris Sheppard and his wife Elaine invested gave the money to businessman Michael Haston, who was once at the centre of a fraud investigation and has warnings placed on him by the FCA

The Guardian - UK

Car insurance firms use loopholes to keep costs high for loyal customers

It is banned from charging more for renewals than new deals, but the industry still has some tricks up its sleeve

Chronicle Live

Safe Hands customers warned they will lose most of their cash after firm collapsed

45,000 elderly people were told to expect only 10% of their cash back, after the pre-pay funeral company went into administration in March

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