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The Latest Breaking News from FCA

Some firms need to step up preparations for new consumer duty – City regulator

New rules come into force on July 31 2023 which will set higher standards of consumer protection across financial services.

The Independent UK

Lanarkshire foster carer says looking after kids 'changed her perspective on life'

Linda Dickie has been fostering children for nearly 20 years and credits the youngsters for 'changing her perspective on life' and inspiring her with their resilience.

Glasgow Live

GM Asks US Supreme Court To Review Racketeering Case Against FCA

The original lawsuit was filed pre-Stellantis in 2019, and GM's most recent appeal was rejected in August 2022.

Motor1

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GM appealing to Supreme Court in case against FCA

General Motors Co. is asking the U.S. Supreme Court to review its racketeering lawsuit against Fiat Chrysler Automobiles, now known as Stellantis NV, according to a filing this month with the high court.

Tribune News Service

Named and shamed: Insurance firms that reject almost half of all claims

One in four claims on average are rejected but insurers argue the real figure is lower as they don't understand their policies

Chronicle Live

Ex-Charlton Athletic footballer Richard Rufus jailed for £8m investment scam

Rufus ‘deliberately deceived those who were close to him and those who trusted him to scam them out of substantial sums of money’, police said.

The Independent UK

More than 750,000 households at risk of mortgage default, regulator warns

The figures were included in Financial Conduct Authority correspondence published by the Treasury Committee

The Independent UK

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Regulator consults on protections for insurance customers struggling financially

The FCA is proposing to update guidance introduced during the pandemic.

The Independent UK

Extra 570,000 mortgage holders ‘at risk of payment shortfall in next two years’

The figures were included in Financial Conduct Authority correspondence published by the Treasury Committee.

The Independent UK

Nigeria’s GT Bank fined in UK over money-laundering failures

Financial watchdog says GT Bank, a repeat offender, has not disputed the findings and agreed to settle.

Al Jazeera

Rule changes take the FTSE into a new diversity dawn

The financial watchdog’s new regime is bringing a harder edge to voluntary schemes for race and gender representation

The Guardian - UK

Pensions expert shares seven things to consider before retiring during cost of living crisis this year

A single person will need about £11,000 a year to achieve the minimum standard of living in retirement.

Daily Record

Martin Lewis' 2023 cost of living advice including energy bills, mortgages and Universal Credit

The MoneySavingExpert founder has issued advice to households on what to expect this year and the financial help and support that is available

Chronicle Live

TSB fined £48million over computer meltdown that left customers unable to access accounts

The issue occurred when TSB attempted to move customer data to a new computer system managed by Spanish owner Sabadell from the old one supplied by Lloyds Banking Group.

Daily Mirror

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Insider UK

TSB fined £48.7m over 2018 IT meltdown that left customers unable to access services

FCA said bank 'failed to plan for the IT migration properly' - TSB apologises again

The Guardian - UK

TSB fined £48m over ‘serious failings’ in IT meltdown

FCA penalises bank after millions of customers were locked out of their accounts for weeks

The Guardian - UK

TSB fined £48m over IT migration meltdown; UK house prices ‘could fall 5%’ in 2023 soft landing – as it happened

Nationwide says a ‘relatively soft landing’ in housing market is possible, while TSB is penalised for operational failings over botched move to new IT platform in 2018

The Independent UK

Regulators say pensions system needs change after mini-budget turmoil

The Pensions Regulator said that there are important lessons to be learned in how schemes invest the money of pension holders.

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Wales Online

Christmas shoppers warned about rising risk of loan fee scams

Victims of the fraudsters stand to lose an average of £260

The Guardian - UK

Metro Bank fined £10m for misleading investors

FCA also penalises two of challenger bank’s former top executives

Chronicle Live

Martin Lewis warns of 'huge payment shock' for mortgage holders in the spring

The MoneySavingExpert founder attended a Mortgage Summit in Downing Street to talk to lenders about what they can do to help to homeowners

Daily Mirror

Martin Lewis warns of ‘huge payment shock’ for millions of homeowners

The MoneySavingExpert founder has warned Brits on cheap fixed deals to brace themselves for sky-high mortgage rates - as many will come off deals taken out when average rates were as little as 2.34% last year

Daily Mirror

Santander fined £100million for money laundering failures - with 560,000 accounts affected

The Financial Conduct Authority (FCA) the bank "failed to properly oversee and manage" systems aimed at verifying information - with more than 560,000 business customers affected

The Guardian - UK

Santander UK fined £108m over anti-money laundering failings

Financial Conduct Authority found ‘serious and persistent gaps’ in bank’s controls

Evening Standard

Santander hit with fine over ‘serious and persistent’ money laundering failures

SANTANDER was today whacked with a £108 million fine for what the Citywatchdog called “serious and persistent” money laundering failures.

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