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The Latest Breaking News from Financial Conduct Authority

£250bn in savings held in accounts which earn no interest

Around three in 10 adults do not have a savings account of any type, the Financial Conduct Authority said.

The Independent UK

Action plan to ensure savers are offered fair value drawn up by regulator

The Financial Conduct Authority has set out a 14-point plan to ensure banks and building societies are passing on interest rate rises appropriately.

The Independent UK

New consumer duty sets higher and clearer standards for financial firms

Overseen by the Financial Conduct Authority, it aims to ensure consumers are at the heart of what companies do.

The Independent UK

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Banks recognise savers need more help accessing best rates, says City regulator

The Financial Conduct Authority said it had held a ‘constructive’ meeting with savings providers.

The Independent UK

More women on UK boards but number of female bosses flatlines

Proportion of women on boards of 585 FTSE all-share listed companies rises from 36% to 40%, data shows

The Guardian - UK

Crackdown on firms marketing cryptoassets to be introduced by City regulator

Crypto firms will also have to place appropriate risk warnings in marketing, and a cooling-off period will be introduced under the plans.

The Independent UK

Ban on John Dance's horses running lifted by racing chiefs as FCA probe continues

A statement from the British Horseracing Authority said that funds have been released to cover the costs of John Dance's racing interests. Gold Cup second Bravemansgame was one of his best horses

Daily Mirror

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‘Harm to loyal savers will have increased with interest rate rises’

Financial Conduct Authority chief executive Nikhil Rathi was responding to the Treasury Committee, which has been looking into savings rates.

The Independent UK

Martin Lewis says plan to help struggling mortgage borrowers 'lacks meat'

The Financial Conduct Authority believes an additional 356,000 people will struggle to pay their mortgage by June 2024

Wales Online

Beleaguered London fintech Railsr agrees rescue sale in bid to avoid collapse

Struggling fintech Railsr is set to be rescued from collapse after it agreed a sale to a consortium of investors.

Evening Standard

Klarna joins Laybuy and Clearpay in charging a fee to late payers

New £5 charge from March 16 will reduce the likelihood of borrowers falling behind, according to Klarna boss

Chronicle Live

Martin Lewis calls for urgent help for mortgage prisoners trapped on 'inescapable' rates

Martin Lewis has been campaigner for help for mortgage prisoners, a term used for homeowners who have been trapped on high rates since the 2008 financial crisis

Daily Mirror

The equity release myths and your questions

Peter McGahan, chief executive of Cornwall-based Worldwide Financial Planning, addresses ‘a few old tales’ circulating around equity release

Birmingham Post

Charity slams insurers for refusing to cover losses suffered during lockdown

'The insurers seem to be saying we should have carried on regardless'

Daily Mirror

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Evening Standard

Neil Woodford funds scandal moving to an end as Waystone bids for Link

The UK fund industry has learnt the lessons of the Woodford disaster, says Waystone boss

Evening Standard

New buy now pay later regulations will be a wake-up call for lenders

City Comment: Some consumers don’t understand the potential dangerous implications of entering into multiple BNPL agreements

Birmingham Post

Crackdown on illegal crypto currency ATM operators in Leeds

The Financial Conduct Authority has previously warned operators of UK crypto ATMs to shut down or face enforcement action

The Guardian - UK

Watchdog and West Yorkshire police raid crypto ATM operators in UK first

Raids target machines hosted around Leeds believed to be offering to buy or convert traditional currencies

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news in one place.

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Daily Mirror

Buy now, pay later firms set for major crackdown under new rules to protect borrowers

A new consultation has launched today and will look at how buy now, pay later (BNPL) products could be brought under Financial Conduct Authority (FCA) regulation

The Guardian - UK

Sub-prime lender Amigo avoids £73m fine after claiming hardship

FCA finds company put customers at high risk of harm by failing to assess whether they could repay loans

Evening Standard

“Awful… ineptitude” — what went wrong with the Mayor’s solar power scheme?

The Solar Together scheme was meant to kickstart the capital’s switch to solar power but instead has been beset by delays, leaving many out of pocket and trying to escape the situation. By Anthony France

The Independent UK

Life insurance firm slammed for using killer doctor Harold Shipman in advert

Many have urged the Financial Conduct Authority and the Advertising Standards Authority to take action

Daily Mirror

Life insurance firm slammed for 'despicable' ad featuring serial killer Harold Shipman

Life insurance company DeadHappy have been reported to the Financial Conduct Authority as well as the advertising watchdog following their 'absolutely disgusting' Harold Shipman advertising campaign

The Independent UK

Life insurance firm slammed for using killer doctor Harold Shipman in advert

Many have urged the Financial Conduct Authority and the Advertising Standards Authority to take action

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

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