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The Latest Breaking News from Financial Conduct Authority

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

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 Independent UK

Barclays drops court battle over 2008 Qatari deals to ‘draw line under’ issue

The bank had been due to challenge the Financial Conduct Authority’s (FCA) decision in the Upper Tribunal court in London this week.

Evening Standard

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Barclays fined £40m for ‘reckless’ Qatari deals during 2008 financial crash

The bank had been due to challenge the case brought by the Financial Conduct Authority in court this week.

Evening Standard

Banks urged to increase awareness of ‘no frills’ accounts

The Financial Conduct Authority is encouraging account providers to do more to support those who want a bank account but do not have one.

The Independent UK

Consumer duty already having ‘tangible impact’ on customer outcomes

Financial Conduct Authority boss Sheldon Mills was speaking a year after the launch of the measure to improve consumer protection standards.

The Independent UK

‘The key thing is to have a plan’: the former City watchdog now helping to guide Keir Starmer

Charles Randell, ex-chair of the Financial Conduct Authority, cut his teeth helping the Treasury fight the financial crisis and is now a Labour election policy adviser

The Guardian - UK

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Martin Lewis urges drivers to claim payout that ‘millions’ could be owed

Money expert Martin Lewis warned this could lead to a ‘PPI-type’ scandal as ‘millions’ of drivers could be owed financial compensation

The Independent UK

FCA to review whether car finance customers could be owed compensation

The Financial Conduct Authority will look at historical discretionary commission arrangements in the motor finance market.

The Independent UK

Scale of bullying and harassment of women in City ‘shocks and alarms’ MPs

Cross-party Treasury committee says its private hearings suggest there has been no improvement in 20 years

The Guardian - UK

Building societies top Which? mortgage provider consumer satisfaction survey

Nationwide, Skipton and Yorkshire building societies received the highest scores in the annual survey from Which?

The Independent UK

Komainu Secures FCA Approval, Expands Digital Asset Custody Services

Komainu gains UK regulatory approval as custodian wallet provider

Zenger

£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

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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

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 Guardian - 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 Independent 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.

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Daily Mirror

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

The Independent UK

‘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.

Wales Online

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

Evening Standard

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.

Chronicle Live

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

Daily Mirror

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

Birmingham Post

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

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