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The Latest Breaking News from Sheldon Mills

Communities given new powers to help protect access to cash

Residents, businesses, local representatives and charities who feel there is a gap in cash access can request a review under new rules.

The Independent UK

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

City watchdog raises concerns over £4bn life insurance market

FCA to launch market study into pure protection products to discover if they ‘provide fair value’ to consumers

The Guardian - UK

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Financial watchdog to review pure protection insurance market

Around £4 billion was paid out in pure protection insurance claims in 2022, according to the FCA

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

Consumer duty applies to older ‘off-sale’ financial products from Wednesday

From July 31 2024, the duty applies to older products that were sold before July 31 2023 and have not been marketed or sold to new customers since.

The Independent UK

Banks closing branches will have to protect customers’ access to cash – watchdog

The Financial Conduct Authority said new rules will come into effect from September 18.

The Independent UK

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FCA warns investment firms over interest earned on customers’ cash balances

The regulator is concerned that some practices may not be offering fair value to customers and may not be understood or properly disclosed.

The Independent UK

New rules to help maintain cash access set out by FCA

The FCA said its powers will not prevent bank branches from closing, but the rules will have an impact where branches are a key local source of cash.

The Independent UK

FCA finds significant increase in number of people buying now and paying later

The regulator said it wants to ensure that consumers, particularly those in vulnerable circumstances, have adequate protections.

The Independent UK

FCA changes rules for insurers of leasehold buildings after Grenfell

Insurance premiums have soared since the fire claimed the lives of 72 people in the London tower block.

The Independent UK

£250bn sits in accounts earning no interest as regulator tackles poor rates for savers

‘Progress has been made ... but this needs to speed up’

The Independent UK

Nigel Farage says new Coutts boss has offered to keep his accounts open

Former Ukip leader is still taking legal action against bank demanding compensation and apology

The Guardian - 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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Evening Standard

NatWest boss Dame Alison Rose quits after admitting Nigel Farage leak to BBC

An emergency board meeting was called late on Tuesday, with the announcement of Dame Alison Rose’s resignation a few hours later

The Independent UK

NatWest boss Alison Rose quits after admitting Farage leak to BBC

Nigel Farage says the entire NatWest Board ‘needs to go’ following Dame Alison Rose’s resignation

The Independent UK

Mortgage rates could surpass mini-Budget peak to hit 15-year high, experts warn

Two-year fixed-rate residential mortgage reaches 6.63 per cent on Monday

The Independent UK

Average two-year fixed mortgage rate close to surpassing post-mini-budget peak

The typical two-year fixed-rate residential mortgage on the market has reached 6.63%, Moneyfactscompare.co.uk said.

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The Independent UK

Financial Conduct Authority enables firms to provide mortgage breathing space

Lenders should make the options available to borrowers clear and accessible and struggling customers should contact their lender, the FCA said.

Birmingham Post

From Ely in Cardiff to being at the heart of regulating UK financial services

Sheldon Mills was told by a teacher to forget about ever becoming a lawyer

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.

Birmingham Post

The huge number of people in Wales struggling to pay their bills

Financial services sector regulator the FCA said that borrowers can get help from their lenders

The Independent UK

FCA bans referral fees for debt packagers to help people struggling with debt

Existing debt packager firms will need to develop a new way of doing business by October 2 or face regulatory action, the financial watchdog said.

The Independent UK

New rules proposed to strengthen protections for struggling borrowers

The Financial Conduct Authority is proposing to make requirements for lenders that were put in place during the pandemic permanent.

The Independent UK

More than 10 million UK adults struggling with bills and credit repayments

Number admitting to struggle grows by 3 million in one year

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