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The Latest Breaking News from FCA

Reeves tells City regulator to encourage more risk-taking in financial sector

New remit given to FCA by chancellor raises fears of a weakening of rules brought in to avert another financial crisis

The Guardian - UK

One in 10 cash machines in UK closed since 2021, figures show

Rutland has fared the worst of any area in the country, losing half of the 18 cash machines it had in June 2021.

Evening Standard

Issues with mass financial complaints to be put under spotlight

Sudden and significant increases in complaints can cause firms to struggle to effectively respond, delaying any customer redress, the ombudsman said.

Evening Standard

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Martin Lewis issues update to drivers who bought cars before 2021

Business automobiles and static caravans are not covered by the potential compensation

Evening Standard

UK watchdog to urge Supreme Court to act quickly in car finance mis-selling case

The Financial Conduct Authority also said it was preparing to give lenders more time to deal with an expected flurry of customer complaints.

Evening Standard

New probe launched after car dealers got busted charging secret commission – here’s what it could mean for you

Finance companies had been charging secret commissions, called discretionary agreements

The Independent UK

NatWest blocks apps including WhatsApp from work devices

The British bank said it wants its employees to stick to ‘approved channels’ for work-related communication.

Evening Standard

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Metro Bank fined nearly £17m for failure to monitor potential money laundering

Problems were raised by junior staff three years before they were completely resolved, says FCA

The Guardian - UK

Metro Bank fined £16.6m for failings over money laundering checks

The lender, which has about three million UK customers, failed to check for money laundering on millions of transactions up to 2020.

Evening Standard

UK grocery inflation picks up to 2.3%; unemployment rises while regular wage growth slows – as it happened

Consumers started their Christmas shopping early, Kantar says; UK jobless rate rises to 4.3% while wage growth excluding bonuses is at a two-year low

The Guardian - UK

FTSE 100 Live 12 November: Vodafone and AstraZeneca results fail to revive shares, Metro Bank fined £16m

Cracks are appearing in the labour market after the unemployment rate today rose to 4.3%.

Evening Standard

In no great rush to get back to the office? UK home workers may not have a choice

Supermarket chain Asda has joined the growing number of firms demanding staff return to the workplace. Does this signal the end for remote working or is it a new battle line?

The Guardian - UK

UK finance regulator wants businesses to better prepare for IT meltdowns

An over-reliance on unregulated third parties has led to operational disruption

TechRadar

City watchdog warns Crispin Odey it will punish him for his ‘lack of integrity’

FCA says financier showed reckless disregard for rules over inquiry into alleged sexual misconduct

The Guardian - UK

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Evening Standard

Financial watchdog warns it will ‘take action’ against Crispin Odey

The FCA said Mr Odey’s response to allegations of sexual misconduct breached its rules and ‘lacked integrity’.

The Guardian - UK

Lloyds shareholders could take £1bn hit over car finance crisis

Analysts forecast bank will have to halve £2bn buyback plan, as ex-boss of City regulator blames watchdog for crisis

The Guardian - UK

Could you be entitled to a payout after court ruling on car finance?

After ‘secret’ commissions paid to dealers by lenders were ruled unlawful, billions might be available in compensation

The Guardian - UK

Lloyds suspends commission payments after ‘seismic’ ruling on UK car finance

Industry and Treasury hold urgent talks after court of appeal rules consumers were mis-sold loans

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The Guardian - UK

Santander UK delays results as it considers landmark car loan ruling

Some analysts say court of appeal ruling on mis-selling could cost the bank £1.1bn

Motor1

Stellantis to Pause Production of Durango, Grand Cherokee Amid Slow Sales

For at least a few days, the manufacturing facilities at FCA's large Detroit Assembly Complex—Jefferson will fall silent. Stellantis notified workers of a temporary shutdown and subsequent layoffs today, according to a report from Mopar Insiders. The shutdown will occur this week.

The Guardian - UK

Lloyds ‘assessing’ impact of landmark court ruling on car loans

Lender holds about £15bn in loans through Black Horse and could have to pay compensation for mis-selling

The Guardian - UK

Wise boss fined £350,000 for not telling FCA he had failed to pay tax

Kristo Käärmann failed to notify City regulator of fine from HMRC related to share sale

Evening Standard

Wise boss Kristo Käärmann fined £350,000 by City watchdog over tax blunder

Fintech boss failed to tell the FCA about his earlier fine from HMRC for failing to disclose a CGT liability

Evening Standard

Wise boss fined £350,000 over failure to report ‘significant tax issue’

The Financial Conduct Authority said Kristo Kaarmann failed to initially notify the regulator about a previous tax issue and fine.

The Guardian - UK

Consumers win UK car finance case that could lead to billions in compensation

Judges in test case rule it was unlawful for lenders to pay commission to car dealers without borrowers’ knowledge

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