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The Latest Breaking News from the Financial Conduct Authority

Regulators tackle influencers promoting ‘rogue’ financial products as legal action begins

Three arrests have already been made in the UK

The Independent UK

Crackdown launched on ‘rogue financial promotions’ by some influencers

Many finfluencers act legitimately but others tout products or services illegally and without authorisation, the Financial Conduct Authority said.

Evening Standard

Struggling mortgage holders warned fake loophole claims could worsen problems

The Financial Conduct Authority is urging households who are struggling with their debts to speak to their lender, who can offer ‘real options’.

Evening Standard

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FCA unveils plans to remove ‘outdated or duplicated’ insurance rules

The regulator said it will reduce regulatory costs and increase the competitiveness of the UK insurance sector.

Evening Standard

Planned changes will make it easier for homeowners to modify their mortgages

Homeowners could find it easier to lower the total cost of their borrowing by reducing their mortgage term

The Independent UK

Proposals to make mortgage changes easier, faster and cheaper set out by FCA

The Financial Conduct Authority has launched a consultation into its proposals.

Evening Standard

The Guardian view on City deregulation: a recipe for recklessness

Editorial: The Treasury seems to think relaxing financial rules will boost growth. There’s little evidence for this idea – and every reason to believe it could exacerbate risks

The Guardian - UK

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Some banks ‘adding to stress’ of bereaved, warns regulator

The Financial Conduct Authority said some banks and building societies have clear policies and procedures but there are areas for improvement.

The Independent UK

Comparing deals could become easier for financial customers under regulator plan

The Financial Conduct Authority is exploring how firms’ communications can be simplified.

Evening Standard

First-time buyers look beyond London to get on property ladder

In 2023, 12.7 per cent of first-time buyer mortgages were taken out for homes located in London, down from 16.8 per cent a decade earlier

Evening Standard

Crispin Odey fined £1.8m and banned from City for ‘lack of integrity’

The Financial Conduct Authority said Mr Odey ‘repeatedly sought to evade and obstruct efforts to hold him to account’.

Evening Standard

Crispin Odey: Hedge fund manager fined £1.8million and banned for 'lack of integrity'

The Financial Conduct Authority said Crispin Odey ‘repeatedly sought to evade and obstruct efforts to hold him to account’

Evening Standard

Reeves to outline plan to cut regulation costs and boost growth

Chancellor will meet regulators after calling for action to restrict their scope in bid to save businesses billions

The Guardian - UK

Bombshells and revelations: how the Jes Staley evidence unfolded

Ex-Barclays CEO’s admission that he had sex with Jeffrey Epstein employee is among details to emerge in court

The Guardian - UK

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The Independent UK

Regulator seeks views on scrapping or increasing £100 contactless card limit

The Financial Conduct Authority said one option put forward is to allow firms to set their own limits.

Evening Standard

Staff at payments watchdog ‘told on Tuesday that organisation will be abolished’

Boss David Geale told MPs he is ‘hugely proud’ of how staff at the Payment Systems Regulator reacted, having been briefed on Tuesday.

The Guardian - UK

Top City watchdogs drop new diversity and inclusion rules for firms

FCA and Bank of England’s PRA join retreat from efforts to help underrepresented groups, citing ‘regulatory burdens’

Evening Standard

FCA drops plans to routinely ‘name and shame’ firms under investigation

The U-turn follows a widespread backlash after the Financial Conduct Authority announced the plans early last year.

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Evening Standard

Payment systems watchdog to be axed under move to cut ‘stranglehold’ on firms

The Payment Systems Regulator will be disbanded and merged within the Financial Conduct Authority.

Evening Standard

Staley sent client information to Epstein while at JP Morgan, tribunal told

Jes Staley is taking legal action against the Financial Conduct Authority at the Upper Tribunal in London.

Evening Standard

FCA likely to consult on motor finance redress if widespread failings found

Firms would need to offer ‘appropriate compensation’ if a redress scheme is set up, the Financial Conduct Authority said.

The Independent UK

Ex-Barclays boss had ‘close relationship’ with paedophile Jeffrey Epstein, according to Bank of England governor

The governor of the Bank of England Andrew Bailey gave evidence about Jes Staley’s relationship with Epstein

Evening Standard

Bank of England head had ‘clear impression’ that Staley was ‘close’ to Epstein

Andrew Bailey, who was chief executive of the Financial Conduct Authority from 2016 to 2020, appeared at the Upper Tribunal in London on Friday.

Evening Standard

Regulator pledges ‘swift action’ to support home ownership

Among the steps it is taking, the Financial Conduct Authority will open a public discussion on the future of the mortgage market in June.

Evening Standard

Vulnerable customers encouraged to seek support from financial services firms

The Financial Conduct Authority has highlighted examples of good practice by firms dealing with vulnerable customers and areas in need of improvement.

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