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The Latest Breaking News from FCA

Watchdogs need to be bold to boost diversity in the City

City Comment: The FCA and PRA’s words today are welcome, but progress has been slow

Evening Standard

FCA draws up tougher rules to protect women from workplace abuse

Watchdog thought to be including guidance on its ‘fit and proper’ test for non-financial misconduct

The Guardian - UK

City watchdog finds no evidence for recent political 'debanking' – but private banks have been picky for centuries

After a row over the closure of his bank account earlier this year, former politician Nigel Farage has hit out at the UK financial regulator for saying it has found no recent evidence of customers being “de-banked” over their personal views.

The Conversation

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Record spike in insurance firms ripping off drivers over value of their car

Exclusive: Drivers of BMW, Mercedes and Land Rover cars are worst affected with underpayments of £1,000, according to research

The Independent UK

City regulator warns insurance firms to make sure they are offering fair value

The FCA has identified evidence that some guaranteed asset protection products, an add-on to motor cover, may be failing to provide fair value.

The Independent UK

Payment shock warning as half a million fixed mortgages to end around Christmas

Homeowners who are concerned about their ability to make mortgage repayments should contact their lender.

The Independent UK

City watchdog ex-chair says he faced ‘political pressure’ to let in crypto firms

Charles Randell says some of the exchanges the FCA was pressed to allow to trade in the UK are now being investigated in the US

The Guardian - UK

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Do you have a right to a bank account?

The regulator is taking a closer look at why people do not have a bank account and an apparent high range of declines for those seeking basic banking.

The Independent UK

City watchdog claims data review shows no banks have closed accounts ‘primarily’ due to political views

The FCA added that, unlike in some other jurisdictions, “there is no right to an account in the UK”

Evening Standard

FCA finds no evidence of customers being debanked over political views

Watchdog launched inquiry after row over Coutts’s handling of Nigel Farage’s account

The Guardian - UK

Oil hits $95 per barrel; CBI postpones annual meeting amid ‘cashflow challenges’ – as it happened

Rolling coverage of the latest economic and financial news, as Brent crude hits 10-month high and CBI puts annual meeting on hold amid financial woes

The Guardian - UK

Poor advice and misleading promotions found by FCA in later life mortgage review

The regulator said financial promotions can significantly influence consumers’ understanding of the market.

The Independent UK

Oil hits $90 per barrel as Saudi Arabia and Russia extend production cuts; UK business activity falls – as it happened

Rolling coverage of the latest economic and financial news, as Brent crude hits its highest level of 2023

The Guardian - UK

Explained | How the amended Forest (Conservation) Act imperils the Northeast

The Mizoram Assembly has passed a resolution opposing the Forest (Conservation) Amendment Act, 2023. Aside from special Constitutional protections in Mizoram and Nagaland, the Act is applicable in the rest of India’s Northeast. In 1996, the Supreme Court expanded the term ‘forest land’, such that the Forest Rights Act also…

The Hindu

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The Independent UK

FCA warns banks they will ‘act’ if politicians are wrongly denied services

The UK is one of more than 200 countries that have signed up to more financial checks on senior figures in the public eye.

The Independent UK

Direct Line to pay out £30m to customers overcharged on car or home insurance after rule breach

The insurer admitted to an ‘error’ in implementing new fair pricing rules

The Guardian - UK

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 Independent 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.

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Evening Standard

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

The Guardian - UK

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 Independent 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 Guardian - UK

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 Independent 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.

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