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The Latest Breaking News from FCA

Former Barclays CEO Jes Staley faces US congressional panel over Epstein ties

Staley is latest high-profile figure to testify before House amid investigation into Epstein, convicted sex offender

The Guardian - US

The Buy Now Pay Later rule changes you need to know - and the risks with using it

One in five people are estimated to use BNPL - but it’s important to treat even small amounts of borrowing like a loan

The Independent UK

Major buy now pay later changes start today – what every shopper needs to know

New buy now pay later rules mean affordability checks, clearer information and stronger rights for Klarna, Clearpay and other BNPL customers

The National (Scotland)

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How changes to ‘buy now, pay later’ rights affect you

Treasury says shoppers will get a ‘fairer deal’ as new rules for BNPL credit are introduced on Wednesday

The Guardian - UK

Stronger protections for buy now pay later customers come into force

Providers will come under the regulation of the Financial Conduct Authority and customers will have stronger support if something goes wrong.

Evening Standard

Buy Now, Pay Later rules are changing. Here’s what you need to know

Almost 11 million shoppers used BNPL services in the 12 months to May 2024

The Independent UK

Bank of England handed powers to regulate key tech firms including Amazon and Google

Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economy

The Guardian - UK

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Firms improving design of products and services under Consumer Duty, FCA finds

People should be able to trust products and services are designed for them, monitored properly, and deliver expected outcomes, the regulator said.

Evening Standard

New funding to remove dangerous cladding from smaller buildings

Leaseholders in smaller buildings have faced expensive bills to fix safety issues

The Independent UK

City watchdog attacks consumer group in £9.1bn car loan payout battle

FCA clashes with Consumer Voice, alleging lack of transparency and conflict of interest

The Guardian - UK

Millions of UK investors in the dark about how much they pay in fees

Hidden charges can knock thousands of pounds off savings over a period of years

The Independent UK

The £10,000 question: When should cash savings become investments?

Cash is important to have for emergencies - but at a certain point investing is the better route to wealth-building

The Independent UK

British Watchdog Wants To Regulate AI Models Giving Financial Advise. Millions Are Already Doing It.

The executive director of consumers and competition at the FCA said the government should examine whether general-purpose large language models should fall within the country's regulatory framework.

International Business Times

Global Market: UK regulator urged to consider rules for AI chatbots in financial advice

A UK regulatory review has recommended that the Financial Conduct Authority consider bringing AI models such as ChatGPT, Claude and Gemini within its regulatory framework as their influence on consumer financial decisions grows. The report also warned of systemic risks from increasing reliance on a handful of AI and cloud…

The Economic Times

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Evening Standard

Banks commit to improving basic bank account access after poor practice found

People with a poor credit history may struggle to access a standard current account, meaning a basic bank account can be vital to them.

The Guardian - UK

Boost City regulator’s powers to help protect UK consumers from AI, says watchdog

FCA’s review into how tech will reshape financial services warns about amplified risks of cyber-crime and fraud

Evening Standard

AI is set to ‘transform’ financial services by 2030, review finds

The technology could help people manage finances more effectively but fraud threats could also become more scalable and effective, the review said.

International Business Times UK

Millions Could Wait Longer for Car Finance Compensation—Here's What UK Drivers Should Do Now

Millions of UK motorists could wait longer for car finance compensation after a tribunal paused the FCA's redress scheme. Here's what drivers should do next.

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The Guardian - UK

FCA ordered to partly suspend car finance compensation scheme

Court orders financial watchdog to halt parts of £9.1bn scheme until challenges are heard, delaying payouts

Evening Standard

Payouts on UK watchdog’s car finance compensation scheme paused by tribunal

Lenders will no longer need to calculate or pay compensation to people owed money until a legal process concludes.

The Independent UK

UK drivers mis-sold car finance face longer wait for compensation payouts

The Financial Conduct Authority (FCA) is facing legal challenges from four companies

Evening Standard

Firms must do more for customers in older pensions, says FCA

Under the Consumer Duty, firms should be able to show that products deliver fair value.

AAP

Aussies face 'poverty premiums' on insurance payments

At a time when households face higher insurance premiums across the board, the industry is being warned not to penalise customers paying monthly or quarterly.

The Guardian - UK

Crypto firms operating in UK to be subject to sweeping new rules

City regulator will require booming industry to prove its resilience to risk from October next year

The National (Scotland)

Labour ask finance watchdog to probe Nigel Farage over billionaire's secret £5m gift

LABOUR have asked the UK financial watchdog to investigate whether Nigel Farage’s support for cryptocurrency has benefitted the billionaire donor…

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