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The Latest Breaking News from FCA

Poorer drivers more likely to miss out on car finance payouts, lawyers say

Around 1.1 million low-value car finance agreements will not be eligible for redress, consumer law firm Slater and Gordon found.

Evening Standard

The ‘ghost broking’ trend that’s scamming young drivers for car insurance

IN FULL

The Independent UK

The ‘ghost broking’ car insurance scam targeting young drivers on social media

A warning has been issued to motorists about ‘ghost brokers’ selling bogus insurance policies through social media and messaging platforms

The Independent UK

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Young drivers urged to steer clear of ‘ghost broking’ insurance scams

The Financial Conduct Authority is urging motorists to be wary of offers that sound too good to be true.

Evening Standard

Reforms aim to help make consumer credit rules ‘fit for digital age’

The Consumer Credit Act was written for a different era, Economic Secretary to the Treasury and City minister Rachel Blake said.

Evening Standard

Review will check if investment firms offer bereaved customers adequate support

The FCA will look at the experience customers have from when firms are told about a bereavement, through to the settlement or transfer of investments.

Evening Standard

Revealed: The five high street banks with the most customer complaints

In total banks paid out £236.2m to complainants, with the average pay-out totalling £215

The Independent UK

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Regulator to review claims management companies amid ‘poor practices’ concerns

Consumers were being let down ‘too often’, the Financial Conduct Authority said.

Evening Standard

UK regulator launches review of ‘aggressive’ claims management firms amid compensation concerns

FCA focuses on marketing, misleading ads, unfair exit fees and people being signed up without their permission

The Guardian - UK

New free financial advice plan aims to help Britons build savings

‘Targeted support’ means certain banks and financial institutions can offer free extra help with investments and pensions

The Guardian - UK

FCA faces four lawsuits over £9.1bn compensation scheme for car loan victims

Watchdog says legal challenges from Consumer Voice and three lenders ‘create fresh uncertainty for millions of consumers’

The Guardian - UK

Watchdog warns millions face ‘fresh uncertainty’ over car finance compensation

Three lenders and a consumer group have launched legal challenges to the Financial Conduct Authority’s redress scheme.

Evening Standard

Canada to create powerful financial crimes agency as US weakens its approach

Cryptocurrency ATMs also face ban, after public inquiry found Canada lacked anti-money-laundering strategy

The Guardian - UK

Mercedes-Benz among firms to challenge FCA car finance compensation scheme – here’s what to know

It comes days after several of the UK’s biggest lenders said they had decided not to pursue a challenge

The Independent UK

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Evening Standard

Mercedes-Benz among firms to challenge FCA’s car finance compensation scheme

It comes days after several of the UK’s biggest lenders said they had decided not to pursue a challenge.

Evening Standard

City regulator reviewing whether APRs help consumers understand borrowing costs

The Financial Conduct Authority said that to help people navigate their financial lives, it is asking for views on whether there is a better way.

Motor1

Stellantis Is Focusing On The Four Brands That 'Really Matter:' Report

When Stellantis was created in 2021 following the PSA-FCA mega-merger, Carlos Tavares vowed to keep all 14 brands and secure their future through investment. The Portuguese executive has since left the automotive conglomerate before his five-year contract expired, and his replacement is reportedly about to shake things up. Although Antonio…

Evening Standard

Path clears for city watchdog to proceed with £9.1bn car finance payout scheme

The Finance and Leasing Association said it had ‘concerns’ about the programme but that it was choosing not to raise a legal challenge.

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Evening Standard

Santander agrees to pay compensation on mis-sold car loans

Payouts are due on about 12.1 million mis-sold deals from various lenders at an average of £829 each, the Financial Conduct Authority said.

Evening Standard

UK regulator part of international crackdown on finfluencers acting illegally

The Financial Conduct Authority is among 17 regulators worldwide to have taken part in a week of action.

The Independent UK

Meet Savvy the Squirrel - the government’s answer to get you investing

A survey for one campaign indicated that 10.1m savers are interested in learning more about investing

Evening Standard

Industry-backed campaign aims to boost UK’s investment culture

A survey for the Invest For The Future campaign indicated that 10.1 million savers are interested in learning more about investing.

Evening Standard

City watchdog faces legal action over £9.1bn car finance compensation scheme

Consumer Voice is to apply to the upper tribunal for a review of the scheme.

The Guardian - UK

City watchdog faces legal action over £9.1bn compensation scheme for car loan victims

Exclusive: Lawyers for group Consumer Voice notified FCA they are challenging redress scheme as inadequate

The Guardian - UK

Carmakers scramble to plug £3bn shortfall for UK loan scandal payouts

Filings suggest manufacturers’ lending arms have massively underestimated bill from FCA’s £9.1bn redress scheme

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