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The Latest Breaking News from FCA

Millions of motorists to be paid compensation over car finance scandal

Compensation for unfair motor finance deals will be paid out at around £700 each, the Financial Conduct Authority has said

Evening Standard

Car loan scandal victims may get average £700 payout from 14m loans, FCA says

City regulator unveils compensation scheme for motorists who bought cars via discretionary commission deals from 2007 to 2024

The Guardian - UK

Compensation payouts due on 14m unfair car loans, watchdog says

The Financial Conduct Authority estimated its redress scheme could cost lenders £8.2 billion in compensation.

Evening Standard

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Millions of drivers to get £700 compensation from car mis-selling scandal

Motor finance firms broke the law by not properly informing customers about commission paid by lenders to car dealers

The Independent UK

UK regulators step up crackdown on firms chasing cut of car finance payouts

Some claims companies shut down, others told to stop taking on clients and misleading ads ordered to be pulled

The Guardian - UK

Christmas on credit: one in seven ‘using buy now pay later to fund festivities’

Nearly half of people find buy now, pay later attractive as a way to spread the cost of Christmas, according to a survey for banking app thinkmoney.

Evening Standard

FCA faces battle over £1m ad campaign rejecting car loan claims firms

City watchdog aims to tell drivers they will not need to use companies to apply for share of £18bn compensation scheme

The Guardian - UK

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Budding investors warned high-risk products could be behind ‘glossy promotions’

People selling high-risk, unregulated investments often use enticing websites, marketing campaigns and social media promotions, the FCA said.

Evening Standard

One in five people in NI lost their local bank within three years, report says

The Finance Committee has delivered a report into the banking landscape.

Evening Standard

Which? super-complaint made over ‘serious failings’ in home and travel insurance

The consumer group highlighted customers’ confusion over what is covered by policies and ‘frustrating and substandard treatment’ when people claim.

Evening Standard

BMW sets aside more than £200m for UK motor finance scandal

The financial regulator, the Financial Conduct Authority (FCA), is currently consulting on an industry-wide redress scheme.

The Independent UK

Car insurers to pay 270,000 drivers share of £200m compensation

FCA review finds motorists were short-changed when their vehicle was stolen or written off

The Guardian - UK

Hundreds of thousands to receive compensation for car insurance claims

The Financial Conduct Authority (FCA) said that approximately 270,000 drivers are affected

The Independent UK

Around 270,000 motorists to receive compensation after being ‘short-changed’

Insurers have overhauled their claims processes in line with the Financial Conduct Authority’s Consumer Duty.

Evening Standard

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The Independent UK

Communities are using rules to successfully maintain access to cash – regulator

Monmouth in Wales is the 121st banking hub to open in 12 months, with new Financial Conduct Authority rules having come into force a year ago.

The Independent UK

Why UK savers withdrew £70bn from retirement pots over the last year

Some finance experts have urged savers to speak to advisors about their pension pots

Evening Standard

More than £70bn withdrawn from retirement pots in 2024/25 – FCA figures

Some finance experts suggested that speculation around potential tax changes could have influenced some pension savers.

The Guardian - UK

‘A lack of care’: how big companies still fail bereaved customers

Those trying to report a death can face bureaucracy, costly delays and other shocking mistakes

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Evening Standard

UK watchdog launches £1m car finance campaign to warn of unnecessary fees

The Financial Conduct Authority has brought in influencers to help spread its message to consumers in the coming months.

The Guardian - UK

MPs raise concerns over Asda’s link to app offering high-interest loans to staff

Retailer’s owner has stake in Wagestream, which offers workers loans of up to £25,000

Evening Standard

Potential contactless card changes could give abusers green light, charity fears

Surviving Economic Abuse raised concerns over ‘coerced debt’ but UK Finance said it does not expect immediate changes to the £100 contactless limit.

The Independent UK

Contactless payment limit could be scrapped by next year

IN FULL

The Guardian - UK

Rachel Reeves tells private equity bosses she plans to shut down more regulators

Chancellor stopped short of saying which regulators were in government’s crosshairs

The Independent UK

Contactless card payments could become unlimited under plan to scrap £100 cap

The Financial Conduct Authority announced plans to scrap the £100 cap on contactless card payments

The Guardian - UK

UK contactless payments could go above £100 or become unlimited

Financial watchdog says proposals to allow providers to set own limits would be more convenient for shoppers

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