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The Latest Breaking News from FCA

Direct Line to pay £30m to overcharged car and home insurance customers

Company breached rules that state existing policyholders should not be charged more than new ones

The Guardian - UK

City regulator analysing savings providers’ ‘fair value’ assessments

Following concerns that not all savers are getting good deals, the FCA required nine firms to provide assessments of what value their savings offer.

The Independent UK

LSEG chief David Schwimmer hits back at critics of new trading venture

David Schwimmer talks to the Evening Standard about plans to shake-up the market

Evening Standard

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Account owned by serial killer Rose West kept open by Co-op Bank

It is understood the bank thought closing the account would cause problems for West’s daughter

The Guardian - UK

UK banks will have to ensure access to cash within three miles, ministers say

Treasury hints at concessions on guarantee but banks will face fines for falling below minimum service level

The Guardian - UK

Treasury plans assure access to cash facilities

The FCA has been given powers to protect the provision of cash access services.

The Independent UK

FCA: One in 10 interest-only mortgage holders may be ‘overly optimistic’ on debt

The Financial Conduct Authority said people should discuss options with their lenders.

The Independent UK

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City watchdog to contact MPs and other PEPs to ask if they have been debanked

Inquiry aims to find out extent of denial of banking services to politically exposed persons such as politicians and army leaders

The Guardian - UK

People urged to watch out for loan fee fraud as summer fuels financial pressures

Loan fee fraud, where someone pays a fee for a loan they never receive, typically results in a £260 loss, the Financial Conduct Authority said.

The Independent UK

UK banks to be given two weeks to explain closing of customer accounts

Regulator to write to more than 20 of largest lenders after Nigel Farage’s accounts were threatened with closure

The Guardian - UK

Confused about crypto? ICONOMI is a platform that lets you copy every move of the most skilled traders

lCONOMI’s copy trading platform aims to empower users to invest in cryptocurrencies like a pro

The Independent UK

‘Up all night worrying’: 92-year-old debanked by NatWest after move to Jamaica

Last year’s decision left Philip Cato, who moved ‘home’ in 1990s after 30 years working in the UK, cut off from his state pension

The Guardian - UK

Energy bill help unlikely this winter, Grant Shapps suggests

The Government doesn’t want to ‘constantly pay energy bills’ but plans to ‘absolutely’ cut taxes, he said

Evening Standard

Bank of England governor backs regulator plan to ensure ‘fairness’ for savers

The Financial Conduct Authority said it will take action if firms offering the lowest savings rates are unable to justify how they offer fair value.

The Independent UK

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The Guardian - UK

Jeremy Hunt requests inquiry into ‘debanking’ of politicians

Chancellor wants Financial Conduct Authority to investigate whether practice is ‘widespread’

Evening Standard

Debanking poses threat to free speech, Jeremy Hunt says as he asks regulator for probe

The Chancellor has asked the Financial Conduct Authority to look into account closures and report back to him next month

The Independent UK

Interest rate hike adds £24 a month on to average tracker mortgage payment

The 0.25 percentage point rise will add on £23.71 on average to monthly tracker payments, adding up to nearly £285 per year.

The Guardian - UK

Buy now, pay later firms stay unregulated – and Britons are racking up debt

Estimates suggest one in 10 consumers who use companies such as Klarna and Clearpay end up with debt collectors as no safeguards in place

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The Independent UK

£250bn sits in accounts earning no interest as regulator tackles poor rates for savers

‘Progress has been made ... but this needs to speed up’

The Guardian - UK

Nigel Farage says new Coutts boss has offered to keep his accounts open

Former Ukip leader is still taking legal action against bank demanding compensation and apology

The Independent UK

£250bn in savings held in accounts which earn no interest

Around three in 10 adults do not have a savings account of any type, the Financial Conduct Authority said.

Evening Standard

Watchdog is right to squeeze banks on savers’ behalf

City Comment: Let’s hope the FCA sticks to its guns and kick-starts a revival of savings

The Independent UK

How will the regulator’s cash savings action plan help savers?

Here is a look at the impacts of the 14-point action plan for the cash savings market, which has been set out by the Financial Conduct Authority.

The Guardian - UK

Banks with lowest savings rates to face ‘robust action’, warns UK financial watchdog

FCA gives banks four weeks to justify savings rates as it lays out 14-point plan to monitor treatment of customers

The Independent UK

Action plan to ensure savers are offered fair value drawn up by regulator

The Financial Conduct Authority has set out a 14-point plan to ensure banks and building societies are passing on interest rate rises appropriately.

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