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The Latest Breaking News from the Financial Conduct Authority

Millions of people could get more support with their pensions under FCA plans

The Financial Conduct Authority expects to consult next summer on new rules to give pension savers targeted support.

Evening Standard

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

UK’s financial watchdog is ‘incompetent’ and ‘dishonest’, MPs and peers claim

A cross-party parliamentary group, comprising 30 MPs and 14 peers, produced the damning report after examining the Financial Conduct Authority.

Evening Standard

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Estimated 7m UK adults own cryptoassets, says FCA

Some 12% of UK adults own crypto, up from 10% in 2022, according to research for the Financial Conduct Authority.

Evening Standard

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

Life insurers must avoid unnecessary delays with claims, says City regulator

The Financial Conduct Authority said many firms have further to go to meet its expectations.

Evening Standard

Many will be vulnerable to ‘loan sharks’ without regulations, Labour MP says

Stella Creasy criticised the Government’s plan to implement the regulations in 2026, claiming they should be put in place sooner.

Evening Standard

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One in 10 cash machines in UK closed since 2021, figures show

Rutland has fared the worst of any area in the country, losing half of the 18 cash machines it had in June 2021.

Evening Standard

Issues with mass financial complaints to be put under spotlight

Sudden and significant increases in complaints can cause firms to struggle to effectively respond, delaying any customer redress, the ombudsman said.

Evening Standard

UK watchdog to urge Supreme Court to act quickly in car finance mis-selling case

The Financial Conduct Authority also said it was preparing to give lenders more time to deal with an expected flurry of customer complaints.

Evening Standard

NatWest has banned staff from using Facebook Messenger and WhatsApp to communicate

One of Britain’s biggest banks is cracking down on off-channel communications by banning WhatsApp.

TechRadar

City watchdog warns Crispin Odey it will punish him for his ‘lack of integrity’

FCA says financier showed reckless disregard for rules over inquiry into alleged sexual misconduct

The Guardian - UK

Could you be entitled to a payout after court ruling on car finance?

After ‘secret’ commissions paid to dealers by lenders were ruled unlawful, billions might be available in compensation

The Guardian - UK

Wise boss Kristo Käärmann fined £350,000 by City watchdog over tax blunder

Fintech boss failed to tell the FCA about his earlier fine from HMRC for failing to disclose a CGT liability

Evening Standard

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Evening Standard

Wise boss fined £350,000 over failure to report ‘significant tax issue’

The Financial Conduct Authority said Kristo Kaarmann failed to initially notify the regulator about a previous tax issue and fine.

The Guardian - UK

City firms rarely dock pay for misconduct, FCA survey finds

Watchdog found 40% rise in alleged bad behaviour, including sexual harassment and bullying, last year

The Independent UK

Finfluencers need to check they are not breaking the law, City regulator warns

Social media influencers must ensure they are not putting their followers’ livelihoods and life savings at risk, the FCA said.

The Independent UK

Social media influencers warned that they could be breaking the law

The warning comes as 20 unnamed influencers are being interviewed voluntarily by the Financial Conduct Authority

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The Independent UK

Study to probe whether people who borrow to pay for insurance receive fair deals

The Financial Conduct Authority has launched a competition market study into premium finance for home and motor insurance.

The Independent UK

TSB fined £10.9m for ‘woeful’ systems leaving customers at ‘risk of harm’

The Financial Conduct Authority said the bank had inadequate processes between 2014 and 2020 for customers in arrears.

The Guardian - UK

Minister urges UK financial regulator to rethink ‘naming and shaming’ plan

Tulip Siddiq says she will make a decision after Financial Conduct Authority reports back to her

The Independent UK

Watchdog warns of ‘uphill battle’ without better financial education in schools

Nikhil Rathi, chief executive of the Financial Conduct Authority, called for action to tackle the ‘root causes of financial exclusion’.

The Independent UK

Nationwide to complete £2.9bn Virgin Money takeover next month

The lenders have received approval from the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority.

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

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

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