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The Latest Breaking News from FCA

Banks set for meeting with financial regulator over ‘profiteering’ claims

High street banks will meet the Financial Conduct Authority over concerns high interest rates are not being passed on to to savers.

The Independent UK

Watchdog summons UK bank bosses to discuss weak savings rates

Financial Conduct Authority to meet executives on Thursday as part of its investigation into savings market

The Guardian - UK

MPs accuse banks of ‘blatant profiteering’ as savings rates remain low

Commons Treasury committee writes to four largest banks, saying they risk falling foul of incoming City rules

The Guardian - UK

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Insurers warned about support provided to struggling customers

The Financial Conduct Authority said it has found too many examples of customers not getting the service they are entitled to.

The Independent UK

Almost 13 million adults now struggling to pay bills, debt charity warns

Cost of living crisis and rising interest rates forcing more people to become ‘trapped in poverty’

The Guardian - UK

Direct Line ordered to review five years of car claims after underpayments

Insurer told to reassess vehicle write-offs to identify any unfair settlements

The Guardian - UK

Newcastle superclub and pub The Lofts and The Hustle closed with £7m deficit, documents show

The venues closed after becoming involved in an ongoing FCA investigation into a separate business owned by company director John Dance

Birmingham Post

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Financial Conduct Authority enables firms to provide mortgage breathing space

Lenders should make the options available to borrowers clear and accessible and struggling customers should contact their lender, the FCA said.

The Independent UK

Direct Line to pay compensation after underpaying drivers - are you due cash?

The Financial Conduct Authority (FCA) issued a notice this week saying Direct Line "must carry out" a review of the total losses of vehicles between September 2017 and August 2022

Daily Mirror

UK watchdogs agree on ‘action plan’ to prevent consumers being ripped off

Measures are aimed at preventing companies using rampant inflation to hike prices during cost of living crisis

The Guardian - UK

The mortgage crunch: what happens if you fall behind on your home loan?

Lenders have agreed to be more flexible towards struggling mortgage borrowers amid concerns about rising interest rates.

The Week

He lost $340,000 to a crypto scam. Such cases are on the rise

He thought he was investing in cryptocurrency. In fact, he was being swindled out of his life savings. There has been a 900% increase in such cases since the pandemic began, federal regulators say.

WEKU

Mortgage pressures will not tip UK into wave of repossessions, FCA says

After a meeting between Jeremy Hunt and bankers at No 10, Nikhil Rathi says there will be ‘no repeat’ of 2008

The Guardian - UK

Why are UK banks taking so long to pass higher interest rates on to savers?

Delay is under intense scrutiny from City watchdog – but it may not be simple profiteering

The Guardian - UK

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The Independent UK

What can you do if you’re worried about paying your mortgage or rent?

Whether a mortgage deal is ending soon, or you’re concerned about keeping up with existing payments, options are available. By Vicky Shaw.

The Independent UK

Starmer says subsidy for mortgage holders not right approach to crisis

The Labour leader said ‘next month it’s going to feel a lot worse’ for homeowners.

The National (Scotland)

Labour rule out subsidies for mortgage holders as interest rates rocket

Rachel Reeves has ruled out Labour backing plans that would see subsidies or financial support for mortgage holders, as struggling homeowners brace…

The Independent UK

Subsidy for mortgage holders not right approach to crisis, says Labour

Shadow chancellor Rachel Reeves said her plans would instead see banks forced to help homeowners struggling with payments.

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The Guardian - UK

Labour piles pressure on Sunak with plan to prevent ‘mortgage catastrophe’

Shadow chancellor Rachel Reeves says party would force banks to take a range of steps to protect borrowers

The Independent UK

Labour would force banks to help struggling borrowers to diffuse ‘mortgage bomb’

Chancellor Jeremy Hunt was accused by his Labour shadow Rachel Reeves of ‘standing by’ as millions struggle.

Reason

Roaming Polansky and the Constitutionality of Qui Tam

Three decades later, the George H.W. Bush SCOTUS strategy finally has three votes.

Evening Standard

The FCA is tying itself in knots on non-financial misconduct

The FCA should pull back and let the police and courts do their work

The Guardian - UK

Crispin Odey’s hedge fund disbanding after sexual misconduct allegations

Odey Asset Management forced into move by investors pulling funds in response to claims against Tory donor

TechRadar

Meta urged to act on rising consumer fraud scams

Heightened fraud sees British bank outline steps for Meta to regain control of scams on its platforms.

The Guardian - UK

More women on UK boards but number of female bosses flatlines

Proportion of women on boards of 585 FTSE all-share listed companies rises from 36% to 40%, data shows

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