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The Latest Breaking News from the Financial Conduct Authority

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 Independent 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 Guardian - 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

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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

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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Digital wallets and Big Tech put under the spotlight by regulators

A call for information has been issued by the Financial Conduct Authority and the Payment Systems Regulator.

The Independent UK

City of London watchdog is making a fair point on ‘naming and shaming’

Disclosure of the identities of firms under investigation by FCA could be in the public interest

The Guardian - UK

The Guardian view on the cost of a cashless society: the most vulnerable will pay

Editorial: The pandemic accelerated the shift away from notes and coins. But China and others are realising that transition has a price

The Guardian - UK

Neil Woodford’s understanding of risk ‘defective’, FCA says

Watchdog issues warning notice to former star stockpicker over collapse of his fund in 2019

The Guardian - UK

Women are never quite the right age for promotion

City Voices: If Parliament and the Financial Conduct Authority take this seriously, there is a chance of genuine progressive change that will make workplaces better for everyone.

Evening Standard

Sexism and the City: MPs to release scathing report on culture of the Square Mile

A powerful Commons committee is poised to reveal the findings of a six-month investigation into sexism in the City which is likely to be scathing about the culture that still exists at major financial institutions.

Evening Standard

FCA’s pay levels ‘could force its staff to rely on hardship fund’

Members of Unite union reject UK regulator’s offer and say it is failing to deal with salary shortfall

The Guardian - UK

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The Guardian - 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 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 Guardian - UK

How to make the most of your cash savings in the UK

With interest rates on the up, your money can earn more – but only if it is held in the right account

The Independent UK

Signs of a more competitive savings market are emerging, City regulator finds

The Financial Conduct Authority said it will continue to closely monitor the savings market in 2024 to ensure that customers receive fair value.

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The Conversation

Young people’s reluctance to talk about money is putting them at risk – here’s how to help them

Credit is an everyday, and often essential, part of young people’s lives. Gaining access to credit for the first time is an important transition to adulthood that can enable you to study, earn and invest in your future.

The National (Scotland)

DWP £300 cost of living payment - Scots urged to be alert to scams

SCOTS have been urged to be alert to the risk of scams as cost-of-living support payments of £300 start arriving in bank accounts.

Evening Standard

What was the cap on bankers' bonuses and why was it scrapped? Labour has 'no intention of reinstating it'

Shadow chancellor says introducing the cap after the global financial crisis in 2008 was the right thing to do — 'but that has gone now'

The Independent UK

Ex Barclays chief executive Jes Staley fined £1.8m over relationship with paedophile Jeffrey Epstein

The Financial Conduct Authority found Mr Staley “recklessly approved” letter sent by Barclays to the regulator containing “two misleading statements”

The Guardian - UK

City watchdog ex-chair says he faced ‘political pressure’ to let in crypto firms

Charles Randell says some of the exchanges the FCA was pressed to allow to trade in the UK are now being investigated in the US

The Independent UK

Motor and buildings insurance complaints to ombudsman hit five-year high

From April to June, the Financial Ombudsman Service received 3,869 complaints about car and motorcycle insurance and 1,776 buildings cover cases.

The Independent UK

Fifth of buy now, pay later customers ‘have used the credit to fund essentials’

Some consumers have faced issues managing payments, been charged a late fee, or used a credit card to fund a repayment, according to research.

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