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The Latest Breaking News from FCA

Global taskforce releases draft framework for social disclosure

In this week’s edition of Economy and Society:

Ballotpedia

Revealed: How much you need to earn in top UK cities to get on the housing ladder

Average salaries are far below what is needed to get a mortgage in many places

The Independent UK

Neil Woodford’s W4.0 platform ‘rejects’ FCA characterisation amid legal threat

The FCA alleged on Monday that former fund manager Mr Woodford and his business had been providing unauthorised investment advice.

Evening Standard

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Car finance payouts could be delayed by years over legal challenges, says FCA

Complaints-led approach could pile £6bn of extra costs on to lenders, says City watchdog

The Guardian - UK

Car finance payouts likely to be delayed until at least 2027, warns watchdog

The Financial Conduct Authority said it has already spent more than £20 million developing the plans and that further costs lie ahead.

Evening Standard

FCA aims to help more people such as first-time buyers to access mortgages

The regulator said it believes that some creditworthy people may be currently underserved by the market.

The Independent UK

City watchdog sues Neil Woodford for allegedly offering unauthorised investment advice

Move comes months after the FCA announced plans to ban the former investment star from holding senior City roles after collapse of popular equity fund

The Guardian - UK

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FCA seeks injunction against Neil Woodford and investment platform

It comes after the financial regulator provisionally fined Mr Woodford and banned him as a fund manager last year.

Evening Standard

Will AI really make banking better for customers?

AI is changing how people bank, save, borrow and ask for help. It could make finance faster, cheaper – and even more personal. But if customers cannot understand decisions, challenge mistakes or reach a human when things go wrong, “smart” finance may simply become a more efficient way to frustrate…

The Conversation

Global Markets: UK financial regulator softens proposed change to UK money market fund rules

In May the government said it would ‌impose tougher ⁠rules ⁠on money market funds, which were hit by heavy redemptions during a COVID-19-induced "dash for cash" and have been a focus of regulators since.

The Economic Times

FCA’s Palantir deal could expose UK financial data to Trump’s US, critics fear

Exclusive: MP and campaigners say sensitive citizen and company data could be subject to US disclosure laws

The Guardian - UK

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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Evening Standard

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.

The Independent UK

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

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Evening Standard

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

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

The Guardian - UK

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’

Evening Standard

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.

The Guardian - UK

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 Independent 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

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